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uMonitor Experiences 30 Percent Growth in 2008 |
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Financial Technology Company Continues Rapid Growth and Expands Team |
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MEMPHIS, Tenn., January 13, 2009 - uMonitor, the innovative financial solution services provider for banking customer acquisition and retention, today announced that it ended 2008 with more than 30 percent revenue growth and over 60 percent increase in its employee base. The company continues to thrive in uncertain economic times due to the nature of its solutions, which help financial institutions gain market share, grow deposits and delight customers. |
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According to uMonitor executives, its customers’ new account applications have increased more than 90 percent in 2008. The company’s uOpen & uFund®; solution allows financial institutions to provide a self service way for their customers to open a new account and fund it, which has been expanded to also include uTransfer®, a solution enabling customers to move money between accounts instantaneously. The ACH account-to-account transfers have grown more than 30 percent in 2008, and the amount of money transferred increased 40 percent "Today’s market has helped financial institutions recognize the important need to take further advantage of their online channel to onboard new customers," explained Dinesh Sheth, CEO of uMonitor. "We are confident there will continue to be strong future revenue growth from our partners as well as growth in service usage from current and new customers for 2009." uMonitor has embarked on several new partnerships, accompanied by upgrades to software. The company has also seen more demand for its technology services by banks and credit unions nationwide, ranging in size from $50 million in assets to more than $50 billion in assets. New clients in 2008 include Sovereign Bank, Glacier Bancorp, Arvest Bank and Visions Federal Credit Union, to name a few. uMonitor also continued to build its relationships with strategic partners including Equifax, Fidelity, Open Solutions, Experian, TransUnion, Fiserv, ACI and NCR. In addition to adding core and financial industry vendors to its list of partners, uMonitor began working with a new accounting firm, Decosimo, to provide a more in-depth accounting and auditing structure. Decosimo worked with uMonitor to renew its SAS 70 certification. Responding to the strong demand the company was receiving from its financial institution customers last year, uMonitor expanded the options for uOpen & uFund. There are now three diverse deployment selections available - the Go-to-Market Solution (GS), the Plus Solution (PS) and the Total Solution (TS) - giving financial institutions the flexibility to implement the solution that works best for their business strategy. "To remain competitive in today’s banking environment, financial institutions need to increase efficiency while continually improving service," Sheth continued. "The uMonitor line of solutions unifies all business channels for financial institutions. We truly believe that our solutions will see even greater acceptance in 2009 accelerating our growth and our customers’ success." The company’s growth and successes were recognized in 2008 by its inclusion in the 2008 Inc. 5000, BusinessTN’s Hot100 and the Memphis Business Journal’s 28th Annual Small Business Awards. |
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About uMonitor - Parsam Technologies (www.umonitor.com) For more information on uMonitor or its solutions, contact Gillian Smoot at gsmoot@umontitor.com, call 901.757.1212 ext. 7115 or visit the company on the Web at www.umonitor.com |
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Parsam Technologies , LLC Third party trademarks, trade names, product names, and logos are the property of their respective owners |
