uMonitor, the innovative financial solution services provider for banking customer acquisition and retention, today announced a 60 percent growth in revenue for 2007. In response to this, the company moved to a larger facility and increased the number of employees. Additionally, uMonitor has embarked on several new partnerships, along with upgrades to software, and the company has seen more demand for its technology services from financial institutions.
“The past year was very significant for uMonitor in terms of our growth in both revenue and capacity,” explained Dinesh Sheth, CEO for uMonitor. “We deployed twice as many systems as the previous year, processed 50 percent more ACH transactions and 50 percent more new account applications for our customers resulting in 100 percent growth in dollars transferred through uTransfer™ and 300 percent more money invested in new accounts via uOpen and uFund™. We currently have several work orders in process that position us for additional 35 percent growth in our staffing going into 2008. We see strong future revenue growth from our partners and growth in service usage from current and new customers.”
uMonitor suite of solutions include uOpen & uFund™, uTransfer™, uSwitch™, uBenefit™, uView™, uAdvise™, uPresent™, uVerify™ and uDocument™. Driving the growth are the uOpen & uFund, the online account opening and funding service and uTransfer, the online money movement service. The number of financial institutions deploying these solutions grew by 100 percent and 25 percent respectively in 2007.
uMonitor technology is currently being used by banks and credit unions nationwide, ranging in size from $50 million in assets to more than $50 billion in assets. Customers like BECU and First Tennessee Banks continued to expand their uMonitor offerings and realized full benefits from next generation technologies driving their operational excellence and customer delight.
uMonitor has been fully integrated with most widely deployed core platforms such as Open Solutions, Fidelity National Information Systems, FiServ and Symitar. In the credit union space, the largest customers of five such different core platforms are also uMonitor customers.
Sheth continued, “uMonitor has come to be recognized by technology leaders in the financial technology space as shown by our expanding partnerships. Seven major financial technology providers now refer their customers to uMonitor solutions when they need help with account opening and fund transfer services. uMonitor's solutions are the most cost effective answer to any financial institution’s online needs. Our solutions are based on industry expertise and commitment to deliver a delightful customer experience.”
To accommodate the growth, uMonitor moved to an office with more than double the former space at 3197 Players Club Parkway in Memphis. While as before, the core management and technical team at uMonitor has remained intact for yet another year (five plus years strong).
“We are a rapidly growing company that employs cutting-edge technologies to innovate and help our customers solve their problems,” Sheth added. “As financial institutions continue to look for operational improvements and embrace Web-based efficiencies, uMonitor is there to help them stay competitive by providing resources, sharing industry knowledge, building capacity and forging partnerships.”
About uMonitor
uMonitor financial technologies offer a wide range of online solutions specifically designed to help financial institutions provide the most up-to-date services. These highly configurable and customizable solutions enable financial institutions to increase profitability, generate revenue, improve regulatory compliance, and improve employee productivity while reducing costs.