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Coastal FCU Opens 1,100 New Accounts with uMonitor's uOpen & uFund.

Transfers $12 million into existing accounts with uTransfer

MEMPHIS, Tenn. -- uMonitor, the innovative financial solution services provider for operational excellence with member acquisition and retention, announced that Raleigh, N.C.-based Coastal Federal Credit Union successfully launched a suite of uMonitor's online solutions to provide better service via its Web channel. The credit unions is leveraging uOpen & uFund([R]), uMonitor's online account opening and funding solution with an integrated switch kit, and uTransfer([R]), a money transfer platform enabling members to easily move money in a highly secure online environment.

Coastal began live operations with uOpen & uFund in March 2009 and opened more than 1,100 new member accounts in the first six months. During that period, 13 percent of all new members were attributed to using the new solution. The credit union also implemented uTransfer in November 2008 and in less than one year members have deposited more than $12 million from outside institutions with the service and increased the credit union's holdings by more than $6 million.

Founded in 1967 to serve IBM employees, $2.2 billion Coastal continues to have a very technology-advanced member base throughout North Carolina's Research Triangle and Charlotte markets. Being computer-oriented and Internet savvy, Coastal's members have high expectations for Web experiences, including ease of use as well as having the ability to fund and transfer funds to new and existing accounts. Coastal selected uMonitor's uOpen & uFund and uTransfer solutions to meet this need because of its industry reputation and existing integration with its core processor and online banking platform.

"uMonitor offers an advanced, efficient and cohesive Internet channel solution that provides our tech-savvy members with the most up-to-date services available and draws new members to the credit union because of the service and convenience," said Kristopher Kovacs, Vice President of e-Commerce technology at Coastal. "What is more, the solutions enable us to offer a variety of services from any location - which is extremely beneficial for our charter that focuses on many International companies."

"Coastal did an exemplarily job of listening to members and then providing the services and conveniences that they requested," Dinesh Sheth, CEO at uMonitor, said. "As a result, the credit union has been able to expand its touch-points and increase wallet size with existing members while alluring new members to open accounts. This is another good example of how financial institutions achieve a quick rate of return with uMonitor solutions, even during economic downturns."

About uMonitor (www.umonitor.com)

uMonitor 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, improve employee productivity while reducing costs and delight customers. uMonitor solutions include New Account Setup and Online Funding with Switch Kit, New Loan Application Processing, Funds Transfer Service, Bill Presentment and Payment Solutions, Premium Account Management Service, Advisor-Client Relationship Management, and other services. The company's growth and success were recognized by its inclusion on the Inc. 5000 list in 2008 and 2009.

For more information contact Gillian Smoot at gsmoot@umonitor.com, call 901.757.1212 ext. 7115, or visit www.umonitor.com.
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Publication:Business Wire
Date:Nov 9, 2009
Words:529
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