Digital Insight the financial institutions division of Intuit (Nasdaq: INTU), and Metavante (NYSE: MV), a leading provider of banking and payments technology, have teamed to help financial institutions deliver a powerful, centralized and easy-to-use online banking and payment experience.
Under terms of three newly signed agreements, the companies will extend and expand existing cross-sales relationships and provide clients a variety of new online capabilities designed to help consumers and businesses better manage their finances in a strained economy.
Financial Management Capabilities to Meet End User Needs
The first agreement will enable Metavante's online banking clients to further solidify primary banking relationships by offering the award-winning financial management capabilities of Digital Insight's FinanceWorksTM as an optional component within Metavante's eBanking solutions.
Powered by Quicken®, FinanceWorks helps banks address peoples' most pressing financial management needs at the online destination customers trust most- their financial institution's Web site. FinanceWorks gives users greater visibility and control over their spending by accessing account information from more than 5,000 financial institutions and credit card sites. With this aggregated information, users get an easy-to-understand view of cash flow, including future transactions, so they can forecast how future deposits and bills will affect their balances. Users can also manage all their bills in one place- regardless of how they pay them- categorize personal and business expenses, and receive a variety of alerts about their financial status via e-mail.
FinanceWorks, available since fall 2008, is now the leading online personal financial management solution offered through financial institutions. More than 160 financial institutions currently offer or are in the process of launching the solution.
Enhancing the Power and Ease of Bill Payment
The second agreement renews a long-term marketing arrangement between the companies to promote increased adoption and usage of Metavante's online bill presentment and payment products among Digital Insight's clients. As part of this agreement, the companies recently completed a comprehensive effort to improve the bill presentment and payment user experience delivered through the financial institutions they both serve.
The newly enhanced solution features an intuitive, single-view landing page that includes a variety of billing, payee and quick-pay information that's easy for consumers to review and then act on. By simplifying core bill pay functionality, and significantly reducing page clicks per task, Metavante has transformed the bill pay landing page into a central payment hub for users. Additional improvements also lead first-time bill payers through the process step by step, making them more likely to use the product in the future. As a result, active use of online bill presentment and payment has increased, creating stronger ties between financial institutions and their customers.
Third-party Reseller Agreement
Building on past success, the third agreement extends a June 2005 arrangement that makes Digital Insight's consumer Internet Banking and Business Banking solutions the exclusive third-party products resold to financial institution that use Bankway software─ Metavante's licensed core processing solution.
For more than a decade, Digital Insight's on-demand products and services have helped financial institutions reduce their operating costs while improving their ability to compete by outsourcing. With dedicated marketing support and acquisition campaigns driven by Digital Insight, financial institutions have seen adoption and active use of online solutions increase by as much as 86 percent. Digital Insight has also worked with companies like Metavante to help financial institutions bring innovative capabilities to market more easily and cost-effectively than if the financial institutions had worked alone.
"Our agreements with Metavante are the latest examples of a highly successful, long-standing relationship that has been delivering great results since 1999," said Sasan Goodarzi, senior vice president of Intuit Inc. and president of Digital Insight. "This opens a rich distribution channel for Digital Insight and Metavante and further helps financial institutions provide the online capabilities their customers want and need in today's economy."
"A challenging economy heightens the need for financial institutions to transform online banking and bill pay services into strategic growth engines. For the past ten years, Metavante and Digital Insight have aligned well to keep our mutual clients at the forefront of consumer adoption of online banking and payment services," said Frank D'Angelo, group president, Metavante Payment Solutions. "Digital Insight and Metavante share a commitment to customer-driven product development that puts people in control of their finances and transforms a financial institution's online banking channel into a powerful center of financial management and payment activity."