Latest news with #QuonticBank
Forbes
a day ago
- Business
- Forbes
The Metaverse Was Suppose To Change How We Bank — What happened?
NANCHANG, CHINA - OCTOBER 19: A visitor experiences VR headset and hand controllers during an expo ... More of 2023 World Conference on VR Industry on October 19, 2023 in Nanchang, Jiangxi Province of China. (Photo by Zhu Haipeng/VCG via Getty Images) The metaverse was supposed to be transformative. In March 2022, Meta CEO Mark Zuckerberg called it 'the next chapter of the internet overall.' Three years ago, Satya Nadella, CEO at Microsoft, wrote on LinkedIn, 'The metaverse is here, and it's not only transforming how we see the world but how we participate in it — from the factory floor to the meeting room.' Back then, everyone was talking about it. And then, they stopped. The banking industry embraced the metaverse at the height of its hype, with some institutions even launching their own initiatives. Coastal Community Bank developed Coastal World, for example, a digital banking 3D game and marketplace, while Quontic Bank created an outpost in Decentraland. But, as it did elsewhere, the metaverse eventually lost its luster in financial services. These ecosystems still exist; they haven't been shuttered, but there haven't been any obvious updates lately. And rarely does the metaverse come up in conversations among bank executives anymore. So, what happened? Is the metaverse dead? Is there still any opportunity to be had? Overall, the technology industry took a hit in the last few years as macroeconomic conditions deteriorated and private capital contracted. This is likely at least partly to blame. But beyond that, the metaverse ran into two distinct challenges: limited utility and a lack of societal readiness. In short, there weren't any killer use cases (outside of gaming, which is quite niche) and people were not ready to, as Tesla and SpaceX CEO Elon Musk put it, strap 'a frigging screen to their face all day.' However, the metaverse opportunity may still exist — albeit in a less flashy, less monumental way. This is especially true in the context of two current 'hot' trends: artificial intelligence, including the rise of AI agents, and stablecoins. Here are a few ways that elements of the metaverse could play out as the banking industry grapples with the implications of these two technologies: Supercharged, generative AI-powered customer service is on the horizon. While the technology is not quite ready for primetime with bank customers, it's getting there. The form factor for such interactions today is a chat interface, but that may not always be the case. As agents transform into avatars, a metaverse-like environment may make more sense, especially if it takes the form of a virtual lobby or bank branch. Generative AI is already getting incorporated into learning and development initiatives at community banks. LemonadeLXP, for instance, is a learning platform that uses generative AI to help bank employees create trainings and courses. Over time, such materials could evolve into a virtual setting. According to CEO John Findlay, 'Historically, the issue with 3D experience training is cost. If AI makes 3D environments affordable, it could become an excellent tool for teaching soft skills and situation training such as customer service or sales, and leadership and conflict resolution.' Stablecoins are demonstrating potential utility in areas like online gaming, e-commerce, and cross-border payments. However, users need to be able to convert these digital assets to fiat currency and back again. Banks are well positioned to provide the on and off ramps necessary to facilitate these transactions. And that includes in virtual environments. Banks can also offer secure custody services. These are only a few examples — there are likely many more. Particularly when it comes to AI, any place where there is a chatbot today could benefit from an avatar in the future. And avatars need somewhere to live. As these virtual assistants grow more and more human-like, where they reside may grow more and more world-like. It's unlikely that the metaverse will regain its past momentum. Generally, once a buzzword dies, it stays dead. But that doesn't mean the spirit of the metaverse doesn't continue to present possibilities, for banks and for others. As society further experiments with advanced robots, digital currencies, and other new technologies, virtual ecosystems could emerge as an important mode for interaction. Most likely, though, they'll have a new name.
Yahoo
13-05-2025
- Business
- Yahoo
Alkami to Host Webinar on Innovating Onboarding and Account Opening featuring Quontic Bank
Experts from Alkami, MANTL, and Quontic Bank to share strategies for boosting conversions and enhancing the account holder experience PLANO, Texas, May 13, 2025 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., today announced an upcoming webinar, "Innovating Account Opening & Onboarding with Alkami + MANTL," taking place on Tuesday, May 20 at 12:00PM CT. The webinar will feature experts from Alkami, including MANTL–an Alkami solution team–as well as Quontic Bank, who will explore how financial institutions can modernize onboarding and account opening to drive growth in a highly competitive market. According to recent research1 commissioned by Alkami, digital banking Americans would be extremely or very interested in obtaining a debit card or checking account (58%), or savings account (35%), in the next twelve months if they currently don't have them. Digital disruptors are continuing to capture greater market share, pushing financial institutions to transform their onboarding and account opening experiences to attract and retain retail and business account holders. As consumer expectations quickly evolve, financial institutions must offer a seamless journey across all channels, whether in-branch, online, through the call center, or with a relationship manager, so that individuals receive exceptional and individualized service wherever and however they engage. During the webinar, attendees will hear from industry experts, including: Taylor Adkins, vice president of product management, Alkami; David Carlson, vice president of sales, MANTL; and Grace Pace, senior vice president of digital banking, Quontic Bank. "In 2024, Quontic Bank raised over $150M in net new deposits using MANTL for deposit account opening," said Grace Pace, senior vice president of digital banking at Quontic Bank. "As a customer using both MANTL and Alkami's Digital Banking Platform, the synergy between these two innovative technologies has played a pivotal role in accelerating our growth. The combined power of MANTL and Alkami has fortified our ability to scale quickly, maintain industry-leading fraud prevention measures, and deliver an exceptional customer experience that drives long-term success," she continued. The panelists will discuss the exponential power of having a digital sales and service platform, giving banks and credit unions the technology to onboard, engage, and grow their account base. Alkami's acquisition of MANTL has combined two industry-leading solutions to empower financial institutions in multiple ways: Seamlessly convert applicants with a median retail account opening experience of 5 minutes and a median 8-minute account opening experience for business deposit accounts Deliver comprehensive, omnichannel experiences both in-branch, online, with a relationship manager, and through the call center Leverage automation to reduce fraud, streamline operations, and increase efficiency Deepen wallet share with existing account holders To register for the webinar, click here. To learn more about Alkami's Digital Banking Platform, visit here. To learn more about MANTL, visit here. Alkami has been certified by J.D. Power in 2024 and 2025 for providing "An Outstanding Mobile Banking Platform Experience."2 About AlkamiAlkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, onboarding and account opening, payment security, and data and marketing solutions. To learn more, visit About QuonticQuontic is the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances. Quontic's innovative banking platform reimagines traditional banking with adaptive lending and innovative deposit products that transcend legacy banking inequities. Quontic's mission to break the system for financial empowerment stands in the face of big banks and proves there is a better and more equitable way to put the customer first. The bank focuses on truly understanding and serving the underdogs, entrepreneurs, gig-economy workers, immigrants, and more with a curated banking experience as opposed to a one-size-fits-all banking approach. Quontic is a privately held company based in New York, New and connect with Quontic on LinkedIn, Facebook and Instagram. Media Relations ContactsVestedalkami@ Marla Center for Generational Kinetics research, commissioned by Alkami. Fifteen hundred U.S. PARTICIPANTS (AGES 22-65). Survey was conducted online from February 24, 2025, to March 14, 2025 2J.D. Power 2025 Mobile App Platform Certification ProgramSM recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit View original content to download multimedia: SOURCE Alkami Technology, Inc.
Yahoo
07-02-2025
- Business
- Yahoo
Quontic Bank review (2025)
Summary: Quontic Bank is a New York-based digital bank founded in 2009. This bank offers four types of deposit products with competitive interest rates: checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Quontic also offers a suite of traditional mortgages, such as conventional and FHA loans, as well as nontraditional mortgages, such as bank statement loans and foreign national loans. It also offers mortgage refinancing. Quontic currently offers the following products and account options: High-interest checking: Quontic's high-interest checking account currently offers an annual percentage yield (APY) of over 1% on all balance tiers when you make at least 10 qualifying debit card point-of-sale transactions of $10 or more per statement cycle. If you don't meet the qualifying transactions requirement, you'll earn 0.01% on your balance. You'll need to make a minimum deposit amount of $100 to open a Quontic checking account. Once your account is open, interest will be compounded daily and paid monthly. Cash rewards checking: This account rewards users with 1% cash back on all eligible debit card purchases to earn up to $50 in cash back per statement cycle. The minimum amount needed to open this account is $100. High-yield savings account: Quontic's high-yield savings account is currently boasting a high APY of 4.00% with no monthly service fees and a $100 minimum balance to get started. Interest on this account is compounded daily and credited to your account monthly. Money market account: For an even higher savings rate, Quontic offers an online money market account with a 4.75% APY. This account comes with a free debit card and check-writing privileges. Like Quontic's other deposit accounts, this one also requires a $100 minimum opening deposit. Certificates of deposit: Quontic Bank CDs require a $500 minimum opening deposit and offer terms from three months to 60 months. Early withdrawals will result in a penalty of up to two years' worth of interest, depending on your CD term. Mortgages: Quontic offers loans for home purchases and loans for current homeowners who hope to secure a more favorable rate through mortgage refinancing. Quontic also offers mortgages geared toward foreign nationals, self-employed individuals, and real estate investors. Here's a closer look at the account and transaction fees Quontic customers can expect to pay: High-interest checking account fee: $0 High-yield savings account fee: $0 Overdraft fee: $0 ATM fee: $0 Outgoing wire transfer fee (domestic): $25 Incoming wire transfer fee: $0 Outgoing wire transfer fee (foreign): $35 Returned deposited item: $10 Dormant account fee: $5 per month Account research fee: $20 per hour Account reconciliation: $30 per hour There are a few major pros and cons customers should note before banking with Quontic. Pros: No overdraft or monthly maintenance fees: Quontic doesn't require any monthly fees for account maintenance, and it also doesn't charge customers overdraft fees. Sizeable network of free ATMs: Quontic offers an ATM network with over 90,000 locations where you can withdraw funds from your bank account free of charge. Rewards checking: Quontic's most basic checking account option is a rewards account that allows users to earn interest on their checking account balance, which could be a major perk for customers who want to give their bank account a boost. Cons: Limited product offering: Quontic currently offers two checking account options, two savings account options, and CDs. It does not offer any credit cards, personal loans, auto loans, retirement accounts, or kids' bank accounts. No physical branches: Quontic is an online-only bank with a few loan offices, but no physical branches for customers to visit and open or manage their accounts. No cash deposits: Quontic does not accept cash deposits to fund your account. Instead, you'll need to transfer money from your existing Quontic account, transfer money from an external account via ACH, or use a third-party app. Quontic customers can reach a service representative via telephone, Monday through Friday from 9 a.m. to 6 p.m. ET. It also offers a live chat feature on its website and an audio call feature that customers can access right from their computer. Quontic's mobile app is available for Apple and Android users on the App Store and Google Play. It has a rating of 4.8 and 4.7, respectively. Customers can use the app to check account balances, deposit checks, pay bills, view payment activity, set up account notifications, monitor their credit score, and more. Quontic supports local and national organizations like City Harvest, Eden Reforestation Projects, Give Directly, and the UN's World Food Program USA. In its annual community impact report, Quontic reports planting 3,996 trees, providing 3,470 meals for children, and 588 nights of safe shelter for people in poverty. In 2015, Quontic was awarded the title of Certified Community Development Financial Institution (CDFI), which is a government designation given to specialized organizations that provide financial services in low-income communities and to people who lack access to financing. Quontic Bank was first established as a community bank in 2009. Yes, Quontic is a member FDIC-insured online bank. Quontic Bank has a few loan offices around the country, but it does not have physical branches for in-person banking.
Yahoo
27-01-2025
- Business
- Yahoo
Best money market account rates today: January 27, 2025 (earn up to 4.75% APY)
Money market accounts (MMAs) can be a great place to store your cash if you're looking for a relatively high interest rate along with liquidity and flexibility. Unlike traditional savings accounts, MMAs typically offer better returns, and they may also provide check-writing privileges and debit card access. This makes these accounts ideal for holding long-term savings that you want to grow over time, but can still access when needed for certain purchases or bills. The national average interest rate for money market accounts is just 0.64%, according to the FDIC. However, the best money market account rates often pay around 4.5% to 5% APY — similar to the rates offered on high-yield savings accounts. Here is a look at some of today's best money market account rates: Quontic Bank Money Market Account: 4.75% APY Brilliant Bank Surge Money Market Account: up to 4.70% TotalBank Online Money Market Deposit Account: 4.67% APY (on balances of $2,500 and up) First Foundation Bank Online Money Market Account: 4.50% APY VIO Cornerstone Money Market Savings Account: 4.46% APY Zynlo Money Market Account: 4.40% APY Prime Alliance Bank Personal Money Market Account: 4.15% APY Interested in earning the best possible interest rate on your savings balance? Here is a look at some of the best savings and money market account rates available today from our verified partners. Money market account rates have fluctuated significantly in recent years, largely due to changes in the Federal Reserve's target interest rate. In the wake of the 2008 financial crisis, for example, interest rates were kept extremely low to stimulate the economy. The Fed slashed the federal funds rate to near zero, which led to very low MMA rates. During this time, money market account rates were typically around 0.10% to 0.50%, with many accounts offering rates on the lower end of that range. Eventually, the Fed began raising interest rates gradually as the economy improved. This led to higher yields on savings products, including MMAs. However, in 2020, the COVID-19 pandemic led to a brief but sharp recession, and the Fed once again cut its benchmark rate to near zero to combat the economic fallout. This resulted in a sharp decline in MMA rates. But starting in 2022, the Fed embarked on a series of aggressive interest rate hikes to combat inflation. This led to historically high deposit rates across the board. By late 2023, money market account rates had risen substantially, with many accounts offering 4.00% or higher. As of 2024, MMA rates remain high by historical standards, though they've begun a downward trajectory following the Fed's most recent rate cuts in September, November, and December. Today, online banks and credit unions tend to offer the highest rates. When comparing money market accounts, it's important to look beyond just the interest rate. Other factors, such as minimum balance requirements, fees, and withdrawal limits, can impact the total value you get from the account. For example, it's common for money market accounts to require a large minimum balance in order to earn the highest advertised rate — as much as $5,000 or more in some cases. Other accounts may charge monthly maintenance fees that can eat into your interest earnings. However, there are several MMAs available that offer competitive rates without any balance requirements, fees, or other restrictions. That's why it's important to shop around and compare accounts before making a decision. Additionally, ensure that the account you choose is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which guarantees deposits up to $250,000 per institution, per depositor. Most money market accounts are federally insured, but it's important to double-check in the rare case the financial insitution fails. Read more: Money market account vs. high-yield savings account: Which is best for you?
