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Intuit to Help More Financial Institutions Meet Americans' Online Financial Management Needs

Digital Insight Expands Availability of FinanceWorks

CALABASAS, Calif. – Nov. 02, 2009 – 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."

About FinanceWorks

Powered by Quicken®, the award-winning FinanceWorks gives users greater visibility and control over their financial decisions by accessing account information from more than 12,000 financial institutions and credit card sites. With this aggregated information automatically organized and illustrated, users get an easy-to-understand view of their cash flow and spending habits. They are empowered to manage their budget based on their complete financial picture and determine payment strategies for their upcoming bills. Users can also categorize personal and business expenses, get an income/expense report and receive alerts about their financial status via e-mail.

Product Availability

Financial institutions can obtain further information about providing FinanceWorks by contacting Digital Insight at 1-888-344-4674 (option 6) or sales.operations@digitalinsight.com.

Additional Resources

Survey Data:         Digital Insight's Second Annual Online Financial Management Survey
Multimedia:           FinanceWorks Demo
Suggested Link:      FinanceWorks on Twitter

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.

Founded in 1983, Intuit had annual revenue of $3.2 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.

About Digital Insight

Digital Insight is the leading outsourced provider of online banking services to mid-market banks and credit unions in the United States. The company's extensive portfolio of on-demand applications includes consumer and business Internet banking, online lending, electronic bill payment and presentment, Web site development and hosting, marketing programs designed to help increase online banking end user growth, and more.

Intuit, the Intuit logo, Digital Insight, and FinanceWorks, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.

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