Intuit is Changing the Face of Online Banking

Business Wire, March 13, 2007

Recent Acquisition of Digital Insight Already Producing Next-Generation Solutions

MOUNTAIN VIEW, Calif. -- Digital Insight([R]), an Intuit company, today announced the upcoming release of Personal FinanceWorks and Small Business FinanceWorks, two products expected to lead the next generation of online banking. The product announcement comes just five weeks after Intuit Inc. (Nasdaq:INTU) completed the acquisition of Digital Insight. Personal FinanceWorks is expected to be released this summer; Small Business FinanceWorks in the fall.

These revolutionary new offerings, which will change the face of online banking, are the first in a series of new product introductions planned by Digital Insight and Intuit for the financial institution marketplace. Financial institutions will soon be able to offer better, easier and more integrated financial management tools to their consumer and small business customers, making current online banking tools seem outdated and static.

Together, the combined entities will create solutions that solve customer problems in a way that will be tough for others to match. Intuit brings its customer-driven innovation product development process, which over the last two decades has created easy-to-use solutions like Quicken([R]), QuickBooks([R]) and TurboTax([R]). Digital Insight brings its ability to provide completely outsourced online banking solutions at world-class levels of security, reliability and stability, which has delighted nearly 1,800 financial institution clients for more than a decade.

In addition, Digital Insight's service-oriented architecture supporting these solutions will enable financial institutions to rapidly add new functionality over time while still providing a seamless end-user experience.

"For the last 10 years, financial institutions have made great progress establishing a Web presence and enabling customers to conduct some of their financial business online, but it's time to deliver much more," said Jeff Stiefler, president of Intuit's financial institutions division. "Combining the unique strengths of Intuit and Digital Insight will enable us to provide consumers and small businesses with more control over their financial lives than they have ever had, while helping financial institutions become the financial hub for their customers."

Giving Consumers Control and Insight into Their Cash Flow

Personal FinanceWorks represents a major advancement to the current online banking offerings used by 43 million households and will solve many of the most important day-to-day financial management needs identified through hundreds of in-home customer observations:

* Managing all bills in one place: Current online banking offerings generally only show users the bills paid through their bill payment product - a service only half of all online banking households use. Personal FinanceWorks will let users manage all of their monthly bills and obligations on their bank or credit union's online site, regardless of the method used to pay bills. This will help customers meet their monthly obligations, reduce late fees and ensure healthy credit ratings.

* Knowing their Real Balance(TM): The No. 1 reason people visit an online banking site is to see how much money they have available to spend. Most current online banking solutions only show customers their cleared balance, leaving them to wonder exactly how much money they have available. Personal FinanceWorks users will see the cleared balance as well as their Real Balance, which includes checks written and upcoming scheduled bills and deposits.

* Getting control over their spending: Very few online banking sites today show users where they are spending their money. With Personal FinanceWorks, users will be able to easily view and customize spending reports. Armed with this information, users will have the ability to make changes that will help them spend less and save more.

Uncovering and Benefiting From Millions of Invisible Small Businesses

There are more than 22 million small businesses that are currently "invisible" to and therefore underserved by financial institutions. They are invisible because about half of these business owners use pencil, paper and spreadsheets to manage important tasks and fund their business via their personal checking account.

"Existing online banking solutions fail to address the key financial issues faced by the vast majority of small business owners, including the need to manage both personal and business transactions in one place," said Susan Feinberg, research director for wholesale banking at TowerGroup, an industry analyst. "Financial institutions that offer a single platform to support the full range of personal and business activity and at the same time provide more advanced business features for growing companies are likely to win market share in the highly competitive race to capture small business banking customers."

Small Business FinanceWorks will be the first integrated online solution that will help small businesses easily manage their most important administrative jobs. Instead of using a combination of tools to manage important tasks -- such as cash flow, payroll, invoicing and taxes -- a single secure log-in at a businesses' bank or credit union online banking site will let small business owners: