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uMonitor uOpen & uFund
In November 2008, uOpen & uFund, uMonitor’s online account opening and funding solution, was supplemented with uSwitch, an online switch kit as part of a major upgrade to the platform for Release 5.0. The combination greatly enhances the online banking experience by giving customers the ability to not only set up new deposit accounts, apply for credit cards and complete loan applications via the Internet, but also allow them to switch various relationships from different financial institutions to their preferred provider. With a most comprehensive list of integrations with many core systems, loan systems and authentication platforms, uMonitor can completely automate and streamline a community bank’s deposit, savings, loan and credit card applications into one unified application, eliminating the need for multiple processes. With the latest release the workflow optimization, back-office management and reporting enhancements, the operational efficiency gains and reduction in costs, community banks can now lead in services against largest banks positioning them to win in the market place and delight their customers.
Recognizing the increased need for a solution that increases core deposits, while tightening customer relationships with added accounts, uMonitor executives introduced three diverse deployment options to meet any community bank’s business model. The new release of the Go-to-Market Solution, the Plus Solution, and the Total Solution give financial institutions the flexibility to implement the solution that works best for their business strategy.
The GS option is the fastest and easiest to implement online account opening and funding with full switch kit functionality. It allows a user to deploy the service and gives the customer a full online service experience with real time account approval and funding, taking advantage of best practices from the industry. The PS option is the next step to complete back-end integration with core platform as application volume grows and a financial institution begins to grow its deposit base. And the TS option takes a highly configurable offering to next level of customization, positioning financial institutions to gain the highest level of efficiencies in the back office and integrate internal systems and services in a new work environment.
uOpen & uFund continues to break ground as one of community banking’s most innovative solutions for several reasons:
1. The timely positioning of an online switch kit offers new customers instant satisfaction from moving other relationships to your bank while completing new account processes, thus enabling banks to become their primary financial institution.
2. By introducing three diverse deployment options with migration ability as usage grows, uOpen & uFund enables community banks to compete with larger institutions while staying within their business models.
3. By completely automating and streamlining the account opening and funding process, community banks will save money and time, in addition to boasting the highest level of security. The advanced management console with its analytics will help banks improve cross-sell and give data mining abilities previously only available to institutions with large technology investments.
4. uOpen & uFund produces advanced, efficient and cohesive Internet banking options that attracts young and affluent individuals.
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