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| Intuit Helps Financial Institutions Compete and Win |
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| New Solutions Available to Help Financial Institutions Better Acquire Customers Online |
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MOUNTAIN VIEW, Calif. -
Nov.
14,
2006 -
Intuit Inc. (Nasdaq: INTU), today announced a new suite of software applications that will help financial institutions win new online customers by simplifying the online account opening process.
"Intuit has a long heritage of serving the needs of financial institutions," said Martha Deevy, vice president for Intuit's financial institution group. "By understanding what users found lacking in the current online account opening experience, and by working closely with financial institutions, we've been able to craft a suite of products that will vastly improve the experience."
Available now, Intuit's suite of integrated enterprise products will help reduce the time and hassle consumers face when moving checking and bill payment accounts. It will also help financial institutions streamline the enrollment process, assess and reduce the risk of online fraud, and better comply with Federal Financial Institutions Examination Council, or FFIEC, regulations. The suite builds on Intuit's multi-million dollar, multi-year investment in Open Financial Exchange technology, or OFX, allowing member institutions to consolidate high-quality data across multiple customer accounts in the same way Intuit's market-leading Quicken® and QuickBooks® products do.
To open a new account online, many financial institutions currently require customers to print out and send in a paper form with a deposit check. Intuit research identified that this time-consuming process is why as little as 10 percent of prospective customers actually complete the process and why 70 percent of completed account applications are never funded.
According to the Oct. 4, 2006 Forrester report titled, Financial Institutions: Fix Account Opening, "Financial institutions need to focus on the front end of the account opening process and create universal product enrollment capabilities."
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| Suite of Integrated Modules |
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The suite allows plug-and-play of each module, which can be purchased separately by a financial institution. The products are offered via a single enterprise server delivered as an on-premise, software module or through an application service provider hosted at an SAS 70 Level 2-certified data center. Modules include:
- Account Switch - Eliminating the time and frustration associated with paper-based switch kits, Intuit's Account Switch software makes it easier to consolidate bill payment data from prior accounts, streamline new bill pay enrollment, and monitor the prior account to ensure smooth transition. Account Switch automatically moves bill payments and payee information from a user's old account to a new account and facilitates the movement of electronic deposits and ACH direct debits.
- Risk Reducer - Helping eliminate ACH fraud risk online, Intuit's Risk Reducer software verifies external account ownership in real time using Intuit's high quality OFX data and account access, and offers an extended warranty against fraud loss.
- ACH Transfers - Intuit's ACH Transfers software eases the pain of account transfers and funds new and existing accounts faster in a low-cost, low-risk manner.
- Account Opening and Funding- Meeting the growing customer demand for online banking, Intuit's Account Opening and Funding software provides a quick, cost-effective way for financial institutions to provide customers with real-time Internet-based fulfillment account opening and immediate funding.
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| Product Availability and Information |
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All products are available now. Further information is available at www.fi.intuit.com/onlinesolutions.
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About Intuit Inc.
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Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants.
Founded in 1983, Intuit had annual revenue of $2.3 billion in its fiscal year 2006. The company has nearly 7,500 employees with major offices in 13 states across the United States, and offices in Canada and the United Kingdom. More information can be found at www.intuit.com.
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Intuit and the Intuit logo, 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.
Note to Editors: Further information on this suite of applications can be obtained at the Intuit booth (3123) at the BAI Retail Delivery Conference and Expo at the Mandalay Bay Resort in Las Vegas, from Nov. 14-16.
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