Intuit Financial Services Transforms How People Manage Finances at Banks, Credit Unions
New Web and Mobile Solutions Provide Valuable Insights; Help Increase Customer Engagement
WOODLAND HILLS, Calif. – Mar. 15, 2011 – As people increasingly access important information and conduct daily activities from anywhere, at any time, Intuit Financial Services is bringing the same power and convenience to banking.
Intuit Financial Services, the banking services division of Intuit Inc. (Nasdaq: INTU), has launched a new Web and mobile banking experience that transforms the way consumers interact with their U.S. bank or credit union and helps financial institutions increase customer engagement.
The new connected banking experience places a consumer's most important online financial management capabilities within one click on the home page of a financial institution's website and makes it easy to manage critical banking tasks using fully-integrated mobile solutions. Customers can use one secure login to their bank or credit union website to:
Nearly 3 million customers are already using this new experience through their bank or credit union, and Intuit plans to expand its availability to millions more in the coming months.
The Benefit of Offering Relevant, Valuable Insights
Delivering relevant, valuable insights helps keep banking engaged and represents a significant growth opportunity for their financial institutions. Intuit's Third Annual Online Financial Management Survey found that 52 percent of banking customers said they would leave their current financial institution for one that offers better money management capabilities.
A 2010 study of Intuit solutions by Swimming Upstream, an industry analyst firm, also found that online financial management customers are more profitable for financial institutions. These customers tend to keep more accounts and maintain higher balances. They are also more active bill payers and login to their financial institution site more often than other customers. Most important, these customers tend to show more positive attitudes toward their bank or credit union and stay with their institution at a rate of nearly 98 percent.
Intuit's new connected banking experience supports these findings by increasing and deepening the average number of virtual interactions customers have with their financial institution. Financial institutions offering Intuit's new experience have, on average, seen:
After working with twenty-two financial institutions to assess the profit potential of their online channel, Intuit's research also showed that highly engaged Web and mobile customers can be, on average, 46 percent more profitable than the typical customer to a financial institution offering Intuit's solutions.
"The evidence is clear. The way customers manage their financial lives, the technologies they use, and their expectations of what a financial institution should deliver have fundamentally changed," said CeCe Morken, president of Intuit Financial Services and a vice president at Intuit.
"The virtual customer experience is now the primary channel, and financial institutions must be prepared to deliver a connected banking experience that is personal, relevant and insightful to each customer's financial life."
Multimedia: View insights from CeCe Morken.
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. Intuit Financial Services provides enhanced online banking solutions and unique insights to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,700 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 Intuit Financial Services
Intuit Financial Services helps banks, credit unions and other financial institutions grow by making it easier for consumers and businesses to manage their money. We've applied more than three decades of customer insights to build an innovative portfolio of on-demand solutions and services that anticipates and meets their needs. Learn more at www.ifs.intuit.com.
Intuit, the Intuit logo, Intuit Financial Services, FinanceWorks and TurboTax, 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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