Source: Digital Insight
Digital Insight Corp.(Nasdaq: DGIN), the leading online banking provider, announced today that Eastern Financial Florida Credit Union, the largest credit union in South Florida and the third largest in Florida, has renewed and expanded its strategic partnership agreement through 2008.
Under terms of the renewal, $2.0 billion asset Eastern Financial will continue to utilize Digital Insight's consumer Internet Banking platform implemented in 2002. In addition, the credit union will expand its member business services to include online cash management by implementing Digital Insight's Member Business Services products.
A 2004 Digital Insight Special Recognition Award winner for excellence in the advancement of the online channel for Consumer Services, Eastern Financial has consistently proven successful at growing its online banking membership since becoming a Digital Insight client. Today, the credit union has more than 75,000 consumer Internet Banking end users - nearly 40% of Eastern Financial's entire membership - who utilize a variety of products including bill payment and presentment, check imaging and online statements. In support of its online channel growth, Digital Insight has consistently partnered with Eastern Financial to ensure quality member service throughout the online banking experience. By outsourcing to Digital Insight, Eastern Financial delivers a host of member service support tools such as a dynamic interactive, self-service FAQ knowledgebase, Secure Support and online banking in Spanish to support the credit union's growing Hispanic membership.
"Since 2002, our partnership with Digital Insight has ensured we have the technological tools and support we need to serve, retain and significantly expand our membership through the online channel," said Stephen C. McGill, president and CEO of Eastern Financial Florida Credit Union. "Outsourcing our solutions has enabled us to reduce costs and reinvest in serving our members. The addition of online cash management will specifically enhance the services we offer our business members and represents Eastern Financial's commitment to helping them succeed."
Through Digital Insight's Member Business Services, Eastern Financial will now be able to offer a comprehensive cash management solution that helps business members manage their share draft accounts, understand their cash position, make payments to their vendors, process payroll, conduct wire transfers, reconcile their accounts, utilize positive pay and take advantage of automatic account sweeps and alerts.
Eastern Financial's cash management program is outsourced to CU Business Capital, a cash management Credit Union Service Organization or CUSO. CU Business Capital will work with Digital Insight on implementation, and thereafter, manage all member services, risk management, pricing, strategies, and market penetration on Eastern Financial's behalf.
"Eastern Financial is a prominent and well-respected financial institution, and we are proud to continue playing an integral role in their growth via the online channel," said Jeff Stiefler, chairman, president and CEO for Digital Insight. "Digital Insight is committed to delivering the secure solutions and support that credit unions like EFFCU need to gain a competitive edge in serving their members and expanding their market share."