Intuit has a general press release today on their further attempt to penetrate the lower end of the small business market with its FinanceWorks product.
From the release:
Intuit to Help More Financial Institutions Meet Americans’ Online Financial Management Needs
Digital Insight Expands Availability of FinanceWorks
CALABASAS, Calif., Nov 02, 2009 (BUSINESS WIRE) — Eighty percent of Americans say their bank or credit union’s online channel is the best place to manage their finances. But only 27 percent of Americans do that. And typically, they’ll say that’s because the banks and credit unions don’t offer an easy-to-use solution. But things are beginning to change.
More than 400 financial institutions have turned to Digital Insight, the financial institutions division of Intuit Inc (Nasdaq:INTU), to help them provide a better online financial management experience over the past year. And, now even more banks and credit unions can do the same.
FinanceWorks, Digital Insight’s online financial management solution, is now available to banks and credit unions that don’t use Digital Insight’s Internet banking platform.
“Consumers and businesses are looking for help, and financial institutions have an unprecedented opportunity to be the primary online destination that meets their needs,” said Sasan Goodarzi, president of Digital Insight. “Broadening the availability of FinanceWorks will help more banks and credit unions provide the online financial management capabilities that can position them for growth.”
Financial institutions offering FinanceWorks have already found that providing online financial management capabilities can deliver tangible business benefits to banks and credit unions. Data on early FinanceWorks users indicates they:
- Are up to four times more profitable than the average bank or credit union customer. They have twice as many accounts, nearly 30 percent higher loan balances, and tend to have higher incomes.
- Log in to online banking twice as often as active online banking users, and are more active online bill payers (61 percent vs. 41 percent of online bankers).
- Are so highly satisfied with the online financial management experience that 78 percent would recommend their financial institution based on the solution.
“Americans want to have greater control over their finances, and banking customers will look elsewhere for the tools they need if their financial institution doesn’t offer easy-to-use online financial management tools,” said Mark Schwanhausser, multichannel financial services analyst at Javelin Strategy and Research. “No one is in a better position than banks and credit unions to help customers securely monitor their finances, move their money – and become the customer’s trusted financial advisor.”