Northwest Jumps on the Online Account Train
Bank Technology News | October, 2009
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FeedbackOnline account opening has become the great leveler for mid-market banks looking to nab consumers who feel they’ve been failed by the too big to fail—and Northwest Savings Bank is the latest to tap new software to allow consumers to open and fund on the Internet.
“There may be a lot of customers that may be coming over from the larger banks, and they’re going to want the service level of a larger bank,” says Dinesh Sheth, CEO of uMonitor, the service provider for Northwest, a $7 billion bank with operations in Pennsylvania, New York, Ohio, Maryland and Florida.
Via this deployment, the bank will be able to automate and streamline deposit, loan and credit card applications into a single form, eliminating the need for multiple processes.
uMonitor isn’t alone in the account opening space, as Andera, MeridianLink, Metavante and others look to tap a market of more than 9,000-institutions strong, with about 600 deployments marketwide so far.
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