MOUNTAIN VIEW, Calif. -- Just five weeks after the deal, Intuit says the benefits to financial institutions from its acquisition of Digital Insight are starting to come to life.
Intuit announced the upcoming release of Personal FinanceWorks and Small Business FinanceWorks.
"For the last 10 years, financial institutions have made great progress establishing a Web presence and enabling customers to conduct some of their financial business online, but it's time to deliver much more," said Jeff Stiefler, president of Intuit's financial institutions division. Intuit believes that Personal FinanceWorks will solve many of the most important financial management needs identified through hundreds of in-home customer observations it has made over the years.
These problems include:
o Managing all bills in one place: Current online banking offerings generally only show users the bills paid through their bill payment product--a service only half of all online banking households use. Personal FinanceWorks will let users manage all of their monthly bills and obligations on their bank or credit union's online site, regardless of the method used to pay bills, Intuit said.
o Knowing their Real Balance: According to Intuit, the primary reason people visit an online banking site is to see how much money they have available to spend. Most current online banking solutions only show customers their cleared balance, leaving them to wonder exactly how much money they have available. Personal FinanceWorks users will see the cleared balance as well as their Real Balance, which includes checks written and upcoming scheduled bills and deposits.
o Getting control over their spending: Very few online banking sites today show users where they are spending their money. Personal FinanceWorks will enable users to view and customize spending reports. Small Business FinanceWorks was designed to help small businesses manage their most important administrative jobs, said Intuit. Instead of using a combination of tools to manage important tasks--such as cash flow, payroll, invoicing and taxes--a single secure log-in at a businesses' bank or credit union online banking site will let small business owners understand and control cash flow, create invoices, accept credit card payments and manage cash flow.
Intuit acquired Digital Insight on Feb. 6. Together the companies serve more than 5,000 financial institutions, nearly 25 million consumers and nearly 7 million small businesses.