National Republic Bank of Chicago has selected uMonitor's online account opening solution uOpen, funding solution uFund and a CD (certificates of deposit) reinvestment platform uReinvest, to enhance its online financial services.
uOpen and uFund will offer The National Republic Bank of Chicago’s customers 24×7 access to CD products and allow them to fund their new CD using any external account via automated clearing house.
uReinvest solution helps the bank to directly market to customers when their CDs mature, allowing them to reinvest the funds from the mature CD into a new CD. The solution also offers additional investment of funds with the CD reinvestment from an outside account and the option to reinvest interest from the CD or transfer these funds to the funding account, according to the uMonitor.
Hiren Patel, chairman at National Republic Bank of Chicago, said: “We are going to promote our CD programs nationwide. Our customers will not only be able to invest in a great product, but they will also receive notifications when their CDs reach maturity, enabling them to easily reinvest their CD online with uReinvest.
“Additionally, we believe this will make our CD offering very attractive to individuals who are not currently with our bank and are looking for sound banking investments for the future.”
Dinesh Sheth, CEO of uMonitor, said: “We are excited to offer uReinvest as one of the newest service in our line of offerings to delight customers and improve reinvestment of CDs.”