Grasshopper Bank is working with account origination solution provider Mantl to make credit more easily available to the bank’s small business clients.  

The New York-based digital bank’s clients asked for a simpler way to access credit in “a more efficient, technology-oriented way,” Grasshopper Bank Chief Executive Mike Butler told Bank Automation News. 

This year the bank plans to roll out an automated small business product that provides simplified access to credit, Butler said, noting that the bank worked with Mantl on the application part of the product. 

Loans and deposits

The bank’s strategy is to lead with deposits and follow with loans, Butler said.  

“We’re a little bit different than a lot of banks when it comes to loans and deposits. … Many banks lead with loans and follow with deposits,” he said. 

For example, the bank has 9,000 clients on the deposit side and it wants to be able to offer loans to its established client base, he said.  

The loan product, which is in testing, is “something that we think will also add value to our small business offering,” Butler said.  

Bank innovations

In addition to the small business product this year, Grasshopper invested in the following solutions in 2023: 

• In June, Grasshopper integrated digital business solutions provider Numerated to automate document processing; and 
• In October, the bank launched cash management solution Accelerator Checking.  

In 2024, the bank is looking to apply AI to enhance employee and customer experience.  

Grasshopper Bank’s Director of Product Luther Liang will speak at Bank Automation Summit U.S. 2024 on Monday, March 18, at 3:15 p.m. CT, in Nashville, Tenn. 

Get ready for the Bank Automation Summit U.S. 2024 in Nashville on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.