Companies Mentioned in this Press Release:
Business Categories Mentioned in this Press Release:
Company increases client base, releases new solution, receives industry recognition
February 17, 2010
Zoot, a leading provider of advanced instant credit decisioning and loan origination solutions, announced announced the company experienced client growth and remained profitable in one of the most difficult years the financial industry has faced. Additionally, the company launched a new risk management solution and was recognized as a technology company to watch by Forrester Research, Inc.
CEO and Founder of Zoot Enterprises, Chris Nelson, said, “2010 marks Zoot’s 20th year working with the top financial institutions in the country and we remain focused on helping our clients fulfill their unique technology needs, reduce costs and address regulatory changes. Zoot’s tools and services approach enables our solutions to evolve with our clients when their business strategies, compliance requirements or consumer expectations change.”
In 2009 Zoot’s client roster increased by more than 20 percent, including the addition of Thrivent Financial Bank. Other new clients include a top retail bank, a leading U.S. based insurance and financial services organization and an innovative retail payment solution provider. Zoot also acquired LA Pro, LLC, a well established loan servicing software provider, to better meet new market demands.
Zoot’s annual client survey showed an increase in client satisfaction from 4.27 in 2008 to 4.45 in 2009 (on a scale of 1-5). This demonstrates the company’s commitment to incorporating client feedback to drive positive performance results. Clients indicated they are most satisfied with their ability to make rapid criteria changes using Zoot’s solutions, Zoot’s responsiveness to issues and the quality of Zoot’s production support.
In 2009 Zoot implemented the first client deployment of a loan origination systemusing its patent pending ZUI SM (Zoot User Interface) Application Design Tool. The tool reduces application page development time by 90 percent compared to traditional development processes, significantly reducing the cost of deployment. ZUI allows business users to create and modify every aspect of the screens within an origination solution, including design elements, data fields, and external actions without IT or programming staff.
Zoot also launched zEnvision SM credit risk lab, a solution designed to give credit risk managers the ability to rapidly respond to changing market and consumer behavior. zEnvision provides business users complete control over the entire credit risk policy development cycle. Utilizing the solution, lenders can implement a new strategy in less than 48 hours, as compared to the arduous 12-18 month development cycle most currently have in place.
Additionally, Zoot was named to Forrester Research, Inc.’s “Hot Banking Tech Companies to Watch in 2009: Q2 Update” report dated June 2009. The report specifically recognized Zoot’s zAcquireSM instant prescreen decisioning solutionstating,“Prescreen-of-One enables real-time offers at the point of sale.” According to Forrester banking industry Senior Analyst Ellen Carney, “Sophisticated lenders struggle with getting an accurate view of risk even within a single institution, thanks to the product and technology silos that they've built to support separate credit products. Prescreen-of-One can span multiple credit products and increase revenues for lenders by ensuring that lenders present their customers with meaningful credit offers.”
About Zoot
Bozeman, Mont.-based Zoot provides comprehensive credit decisioning, loan origination and credit risk management solutions to enable clients’ unique business objectives, leading to long-term relationships with top U.S. banks. Zoot’s rapid, high-volume processing environment has the capacity to process billions of transactions per year. Visit http://www.zootweb.com or call 406.556.7555 for more information.
Editor’s Note:
Zoot renamed its Prescreen-of-One solution zAcquireSM instant prescreen decisioning solution following the issuance of the Forrester June 2009 report.
# # # #