FinanceWorks
Encyclopedia
FinanceWorks is an Online Financial Management application developed by Digital Insight
, the financial institution division of Intuit, and is offered to consumers through their bank or credit union Website. FinanceWorks is designed to allow consumers to manage their financial accounts such as checking, savings, credit cards, loans, and investments they have at multiple financial institutions all within their current bank or credit union's online banking
site.
Digital Insight
Digital Insight , a division of Intuit Inc., is one of the largest providers of outsourced online financial management solutions to U.S. mid-market banks and credit unions, with nearly 1,700 institutions served...
, the financial institution division of Intuit, and is offered to consumers through their bank or credit union Website. FinanceWorks is designed to allow consumers to manage their financial accounts such as checking, savings, credit cards, loans, and investments they have at multiple financial institutions all within their current bank or credit union's online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
site.
Benefits for consumers
- Account Aggregation: FinanceWorks utilizes proprietary account aggregation technology to pull consumer account information from different financial institutions and presents that data within FinanceWorks to the user. Currently, FinanceWorks can aggregate from over 16,000 financial institutions and credit card sites, on their bank or credit union’s Website.
- Organization: Consumers can organize their financial information to provide simplified budgeting, expense categorization, and other services. Key benefits include the ability to see where they are spending money so they can find ways to cut back and save more; manage all their bills regardless of the method of payment; track tax deductible expenses; and the ability to set reminders and alerts for timely account updates.
- Planning for the future: By allowing users to categorize expenses and see where their money is going, FinanceWorks facilitates planning for future spending and saving, including long-term financial goals.
- Security: FinanceWorks is hosted within the online banking Websites of participating financial institutions and is protected by the strict security and privacy measures required of the banking industry by governmental regulations. (FinanceWorks is not downloaded onto an individual user’s computer.)
- Economy: Banks and credit unions that offer FinanceWorks typically provide it free of charge to customers.
- Powered by Quicken: FinanceWorks is powered by QuickenQuickenQuicken is a personal finance management tool developed by Intuit, Inc.Quicken runs on Windows and Macintosh systems. Previous versions ran on DOS. An online version is also available. The last version of Quicken for Macintosh computers was Quicken Essentials for Mac released in February 2010...
, a personal finance management tool from Intuit that has been on the market since 1983.
Benefits for financial institutions
- Customer retention: Nearly 80% of FinanceWorks users say they’re more likely to stay with their bank or credit union and recommend it to others, based solely on their FinanceWorks experience.
- More profitable customers: Because they tend to use more products and services from their financial institution, FinanceWorks users are up to four times more profitable than the average customer.
- Low deployment cost: FinanceWorks is aggressively priced to permit small institutions to deploy with very little upfront costs and no software licensing costs for the first year. .
Awards and accolades
- Javelin Strategy & Research: “Best in class” for online financial management “[FinanceWorks] sets the standard for rivals to match.… One would expect an Intuit company to excel at providing user-friendly, practical personal finance management tools — and Digital Insight does not disappoint.”
- BankInnovation.net: “Best Technology” winner in BankInnovation Awards of 2009.
- David Pope, Senior Vice President of SAFE Credit Union, North Highlands, CA: “The addition of FinanceWorks to our offering is clearly going to be a market differentiator for us.”
- Michael Lindsey, Senior Vice President of BancorpSouth, Tupelo, MS: “Our customers’ feedback on FinanceWorks has been overwhelmingly positive. Given the desire of Americans to get better control of their finances during tough economic times, we can see how this new capability could help drive even greater customer loyalty for BancorpSouth, because it helps customers solve important financial tasks easily and all in one place.”
Missing features
- Import transactions, subcategories, paying bills, transferring money, writing, reconciling.
- Track cash transactions.