Intuit Seeks Bigger Piece Of Online Banking Through Digital Insight Purchase - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Business & Finance

Intuit Seeks Bigger Piece Of Online Banking Through Digital Insight Purchase

Intuit is looking to convince banks to offer services beyond traditional online checking, savings, and bill payment. These new would include small business services such as invoicing and payment processing, as well as consumer services such as tracking spending, or planning for retirement or college.

Intuit is looking to give bank customers many of the capabilities found in its popular financial software. That's why Intuit agreed to buy online banking service provider Digital Insight for $1.35 billion cash.

Intuit announced the acquisition plans on Thursday shortly before financial markets opened. The deal, which is expected to close in the first quarter of next year, would add 1,760 financial institutions to Intuit's customer base, and $214 million in annual revenues. Intuit's sales for the fiscal year ended July 31 were $2.3 billion.

Intuit hopes to convince Digital Insight customers to add online capabilities that would appeal to small businesses and consumers. Today, banks primarily offer services that relate to what people have already done -- checks written, deposits made or bills paid. Intuit wants to help them offer more. "Consumers and small businesses want something different, and the banks want to offer them something different," Martha Deevy, vice president of Intuit's financial institutions group, said.

What would be different for small businesses could, for example, include creating, sending and tracking invoices; as well as having customers send payments, all done online. "All of a sudden, you start viewing your bank as more of a partner in your business," Paul Rosenfeld, director of product marketing for Intuit's financial institutions group, said.

For consumers, Intuit could help banks provide better online tools for numerous financial chores, such as tracking spending, or planning for retirement, taxes or college tuition.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Previous
1 of 2
Next
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
Slideshows
10 Trends Accelerating Edge Computing
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/8/2020
Commentary
Is Cloud Migration a Path to Carbon Footprint Reduction?
Joao-Pierre S. Ruth, Senior Writer,  10/5/2020
News
IT Spending, Priorities, Projects: What's Ahead in 2021
Jessica Davis, Senior Editor, Enterprise Apps,  10/2/2020
Register for InformationWeek Newsletters
Video
Current Issue
[Special Report] Edge Computing: An IT Platform for the New Enterprise
Edge computing is poised to make a major splash within the next generation of corporate IT architectures. Here's what you need to know!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll