FinanceWorks

FinanceWorks is an Online Financial Management application developed by Digital Insight, the financial institution division of NCR Corporation,^[1] and is offered to consumers through their bank or credit union website. FinanceWorks allows 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.

Benefits for consumers

Account Aggregation: FinanceWorks uses proprietary account aggregation technology to pull consumer account information from financial institutions and presents that data within FinanceWorks to the user. FinanceWorks can aggregate from over 16,000 financial institutions ^[2] 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 Quicken, 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.^[2]
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.^[3]
Low deployment cost: FinanceWorks is priced to permit small institutions to deploy with very little upfront costs and no software licensing costs for the first year. .^[4]

Awards

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.”^[5]
BankInnovation.net: “Best Technology” winner in BankInnovation Awards of 2009.^[6]

Missing features

Import transactions, subcategories, paying bills, transferring money, writing, reconciling.^[7]
Track cash transactions.
Unlike other Quicken products, FinanceWorks has no iOS or Android app and is not specifically optimized for mobile device use. This is a significant missing feature in an age when most digital content is consumed on a mobile device.
while one can add upcoming transactions (i.e. enter a check that you have cut to your account register prior to it clearing/downloading from the bank) you cannot add memo's in advance of the transaction clearing/downloading from your financial institution. Requires the user to remember to go back and edit the transaction at some point in the future
very little reporting ability is included. No simple export function compounds this omission.
support is not provided to the end user by the software provider. End users are required to work through their bank or credit union to gather support. One can report syncing an other errors via dialogs in the app, however there is zero transparency or response to the end user if the error is known, unknown, will or will not be fixed, or even if the error report is acknoledged.
modern data entry methods are missing for category entry. For payee one can type the first few letters and get suggestions, but for categories you are forced to use a GIANT drop down box that requires you to scroll down multiple pages. Some times the scroll list is too big to be able to manipulate in the window you have open and you have to reposition your entire desktop (especially for the deposit categories which are all placed at the bottom off the giant list.

References

"NCR Acquires Digital Insight" (PDF).
Fest, Glen (October 2008). "Intuit Launches FinanceWorks out of Pilot Phase". Bank Technology News. Retrieved 4 January 2010.
"Small Business FinanceWorks - Optimize your budget". CNNMoney.com. 29 October 2009. Retrieved 4 January 2010.
Koegler, Scott (11 May 2009). "Mid-Market Hero: SAFE Credit Union Introduces Online Features To Compete With Big Banks Faced with growing demand from customers for online banking services, SAFE Credit Union turned to a familiar provider of consumer accounting applications to introduce big bank functionality without spending big bank bucks". InformationWeek. Retrieved 4 January 2010.
"Intuit FinanceWorks FAQ".
"FinanceWorks FAQ What Doesn't Do".

External links

This article is issued from Wikipedia - version of the Saturday, April 23, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.