NEWS RELEASE
April 8, 2010
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com

ABA Endorses FinanceWorks and TurboTax for Online Banking 
Intuit Financial Services Offers Competitive Advantage for Member Banks

WASHINGTON –The American Bankers Association has endorsed Intuit Financial Services’ online financial management solutions, including FinanceWorks and TurboTax for Online Banking.   Intuit Financial Services was formerly known as Digital Insight, an Intuit company. 

To receive ABA’s exclusive endorsement – through its subsidiary Corporation for American Banking – this suite of products underwent a due diligence review to affirm Intuit Financial Services’ cutting-edge technology, ability to fulfill industry needs and provide banks with a competitive advantage, among other criteria.

“ With an increasing number of Americans turning to their bank’s online channel to manage their finances, we want to help our members make their online banking and finance management more accessible, affordable and easy to understand,” said Edward L. Yingling, ABA president and CEO.   

“ABA has worked with Digital Insight, and now Intuit Financial Services, for more than 10 years to enable our members to be world-class technology providers,” said John Wolff, CAB president.  “We’re very pleased to extend our endorsement to include this robust suite of financial management products, giving our members easy to use tools to offer their customers to help them make better financial decisions.”

Powered by Quicken and recognized “best-in-class” by Javelin Strategy & Research in 2009, FinanceWorks gives consumers greater visibility and control over their financial decisions by accessing account information from more than 16,000 financial institutions and credit card sites. With this aggregated information automatically organized and illustrated, consumers gain 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 all of 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. 

Winner of the Finovate 2009 ‘Best of Show’ award, TurboTax for Online Banking saves bank customers time by integrating online banking with the nation's leading brand of  tax preparation software.  By pre-populating account and tax information directly from online banking into their tax forms, users can quickly and easily prepare, plan and file tax returns within an online banking session; no additional log in is required.

Helping Banks Compete and Win

FinanceWorks and TurboTax for Online Banking can be integrated with any bank’s online banking system— even those that don’t use Intuit Financial Services Internet banking platform.  Financial institutions offering FinanceWorks or TurboTax for Online Banking have typically found that providing online financial management capabilities can deliver tangible business benefits, such as: 

• FinanceWorks users are up to four times more profitable than the average bank customer and have twice as many accounts;
  
  
• FinanceWorks users have nearly 30 percent higher loan balances and tend to have higher incomes;
  
  
• FinanceWorks users 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); 
  FinanceWorks users are so highly satisfied with the online financial management experience that 78 percent would recommend their financial institution based on the solution; and 
  
  
• More than 90 percent of people who tried TurboTax for Online Banking during pilot testing who received a tax refund direct deposited that refund with the financial institution that offered the service.

“Now is the time for banks to offer better financial management tools that will help them become an integral partner in their customer’s financial lives.  Maintaining the status quo will only give your competitors a distinct advantage,” said Sasan Goodarzi, president of Intuit Financial Services.  “Together with ABA and CAB, we are committed to helping banks become the financial hub for their customers by providing the right tools that Americans need to take better control of their finances.”

In addition to its endorsement of FinanceWorks and TurboTax for Online Banking, the ABA reaffirmed its preference for Intuit Financial Services’ Consumer and Business Financial Solutions.

About the American Bankers Association

American Bankers Association brings together banks of all sizes and charters into one association.  ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13 trillion in assets and employ over 2 million men and women.

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 helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.

Founded in 1983, Intuit had annual revenue of $3.1 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 Intuit Financial Services

Intuit Financial Services (formerly Digital Insight) helps banks and credit unions grow by making it easier for consumers and businesses to manage their money. As a division of Intuit Inc., Intuit Financial Services’ portfolio of on-demand solutions and services are built on insights gained over three decades working with customers and creating innovative offerings that anticipate their needs.

More than 9 million consumers and businesses actively use Intuit Financial Services’ solutions through its nearly 1,900 financial institution clients.

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