MADISON, Wis. (3/18/10)--CUNA Strategic Services (CSS) has named FinanceWorks, an award-winning personal financial management solution from Intuit Financial Services (formerly Digital Insight), as its preferred solution. CSS noted that Americans, challenged with the economic climate, increasingly are looking to credit unions for online services to help them better manage their personal finances. Credit unions employing FinanceWorks can help members:
* See their complete financial picture in one place through aggregation of account information from more than 16,000 financial services companies; * Know how much money they really have available to spend; * Find new ways to save through budgeting and analyzing their spending behavior; * Ensure that bills are paid on time regardless of the method used to pay them; and * Simplify tax time through automatically tracking tax-deductible expenses.
"Eighty percent of consumers prefer to manage their finances at their financial institution," said Wes Millar, CSS senior vice president. "We selected FinanceWorks because it's a powerful financial management tool that's easy for members to use, and easy for credit unions to implement." The solution can be integrated with any credit union's online banking system, even those that don't use Intuit Financial Services' Internet banking platform. Credit unions can use Intuit's automated implementation tool to get the solution operating within days. Brian Grytdal, vice president of marketing at Horizon CU, Spokane, Wash., noted the credit union is seeing more activity on its website since implementing FinanceWorks. Within the first six months, the credit union saw a 5% adoption rate of the online financial tool. Intuit Financial Services said credit union members using FinanceWorks:
* Are up to four times more profitable than the average credit union member; * Have twice as many accounts, nearly 30% higher loan balances and tend to have higher incomes; * Log in to online banking twice as often as active online banking users and are more active online bill payers (61% vs. 41% of online bankers); and * Are so satisfied with the online financial management experience that 78% would recommend their financial institution to a friend or family, based solely on their use of FinanceWorks.
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