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CUNA Strategic Services Names Digital Insight Preferred Online Banking Provider
Multi-year Relationship Recognizes Digital Insight's Ability to Help Credit Unions Compete in Evolving Marketplace
CALABASAS, Calif., June 23, 2008 Digital Insight®, an Intuit company (Nasdaq: INTU), and Credit Union National Association Strategic Services, or CSS, today announced a strategic relationship to arm the nation's more than 8,000 credit unions with best practices for driving active use of the online channel. CSS also named Digital Insight its preferred provider of online banking products and services.
Digital Insight was selected after a thorough study found that the company will play an important role in CSS's efforts to help credit unions compete in a growing and evolving marketplace.
According to Forrester Research, online banking adoption in the U.S. is expected to increase from 48 million households today to approximately 70 million households by 2011, with the strongest growth coming from Generation-Y users. Intuit research also indicates there is a significant opportunity for financial institutions to become the primary source of financial products and services for small business.
The strategic relationship enables credit unions to work with Digital Insight to attract, serve and deepen relationships with these and other emerging member segments. It also affirms CSS's preference for Digital Insight's consumer Internet Banking and Member Business Services platforms, its next-generation FinanceWorks solutions, Growth and Retention Services, online bill payment and other products.
"Digital Insight has a wealth of knowledge about how consumers and businesses manage their finances, and this expertise is built into every solution and service it offers," said Wes Millar, senior vice president of CUNA Strategic Services. "Our new relationship will help credit unions better capture, grow and keep primary financial relationships with members."
Since 1995, Digital Insight's on-demand platforms have enabled credit unions to focus their resources on delivering value to their members by outsourcing their online banking operations instead of worrying about managing in-house solutions. The company also helps financial institutions drive adoption and active use of online solutions with innovative marketing services, competitive intelligence and other capabilities.
"A strong online presence and the means to drive active use of the online channel is vital to the success of credit unions that want to remain relevant to members today, and tomorrow," said Sasan Goodarzi, president of Digital Insight. "This relationship demonstrates that we are making good on our promise to provide credit unions with the products and services needed to compete and win in the marketplace."
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® 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. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $2.67 billion in its fiscal year 2007. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.
About Digital Insight
Digital Insight is the leading outsourced provider of online banking services to mid-market banks and credit unions in the United States. The company's extensive portfolio of on-demand applications includes consumer and business Internet banking, online lending, electronic bill payment and presentment, Web site development and hosting, marketing programs designed to help increase online banking end user growth, and more.
On Feb. 6, 2007, Digital Insight was acquired by Intuit Inc. and is now known as Digital Insight® an Intuit® company. Together the companies serve more than 5,000 financial institutions, nearly 25 million consumers and nearly 7 million small businesses.
About CUNA Strategic Services
CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, provides credit unions with access to high quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. CUNA serves 90 percent of America's 8,500 credit unions, which are owned by more than 90 million consumer members. Credit unions are not for profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit strategicservices.cuna.org.
Intuit, the Intuit logo, and Digital Insight 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.