TotalBank Selects Digital Insight's Consumer Internet Banking and Business Banking Solutions
$1.3 Billion-Asset Institution Chooses Digital Insight's On-Demand Platform to Help It Compete and Win
CALABASAS, Calif.--(BUSINESS WIRE)--
Digital Insight(R), an Intuit(R) company, announced today that Miami-based TotalBank has selected Digital Insight's Consumer Internet Banking and Business Banking to serve its more than 24,000 customers. The agreement extends through 2014 and illustrates the strategic advantages that Digital Insight's on-demand software, combined with Intuit Inc.'s (Nasdaq:INTU) customer-driven innovation, can provide to financial institutions looking to compete and win.
Following a competitive review process, $1.3 billion-asset TotalBank cited Digital Insight's ability to seamlessly deliver a broad suite of online products from within Digital Insight's "Deep Defense" security environment as an important factor in its decision.
With more than 100 interfaces to core processors, Digital Insight can integrate hundreds of products and services with the Digital Insight solutions used by its financial institution clients. This capability often enables financial institutions to bring innovative solutions to market easily and cost-effectively. Digital Insight monitors the security and reliability of all these technology interfaces from its own data center.
"We were looking for a proven partner to help us achieve greater operational efficiencies and growth via the online channel," said William J. Heffernan, TotalBank's president and chief executive officer. "Digital Insight's comprehensive portfolio of products and services will help us provide exceptional service to our customers and meet our business goals."
Through Digital Insight, TotalBank's Personal Banking customers will have access to Bill Payment, Check Imaging, Funds Transfer w/Aggregation and Online Statements. The bank will also offer a New Account Open & Fund solution, which enables consumers to apply for, gain approval of, and fund a new deposit account via a financial institution's Web site.
TotalBank's Business Banking customers will have access to Check Imaging, ARP Positive Pay and Web Pay for small businesses. In addition, the bank's Personal Banking and Business Banking end users will be protected by Digital Insight's Multifactor Authentication solution.
TotalBank also plans to use Digital Insight's proprietary Growth and Retention Services -- a set of marketing programs, best practice research, tools and resources to help financial institutions increase adoption of their online channel. Financial institutions that participate in Digital Insight Growth and Retention Services programs have experienced up to 21 percent higher adoption of online banking and 34 percent higher adoption of bill payment services.
"We look forward to working with TotalBank to deliver a superior, customer-driven online experience that helps the bank grow its business and better serve its customers," said Jeff Stiefler, president of Intuit's financial institutions division. "Outsourcing the execution of the online channel is the most cost-effective, safest and most secure delivery model for the vast majority of this country's financial institutions."
Digital Insight was acquired by Intuit on Feb. 6. Together the companies serve more than 5,000 financial institutions, nearly 25 million consumers and nearly 7 million small businesses.
About Intuit
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(R), Quicken(R) and TurboTax(R) software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries(R) and Lacerte(R) 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 $2.3 billion in its fiscal year 2006. The company has more than 8,100 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 TotalBank
TotalBank is headquartered in Miami, Florida. Founded in 1974, it has served the South Florida community for over 30 years; TotalBank has grown in size and strength by emphasizing excellence in professional banking, financial services, and a strong commitment to its customers. TotalBank has 13 locations serving individuals and owner-operated businesses. It is one of the largest locally-owned and operated banks in South Florida with over 250 employees and assets of over $1 billion.
Digital Insight, Intuit, 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.
Source: Intuit Inc.
Released March 7, 2007