Personal Financial Management May Help Boost Bank Customer Loyalty And Revenue
ATLANTA, April 18, 2012 – Today’s tech-savvy consumers expect their financial institution to deliver an integrated customer experience across channels, with greater access to financial information, payments, and commerce capabilities. Research has shown that having a single location to manage their money is important to most consumers.
To address this requirement as part of its universal commerce vision for financial institutions, First Data Corporation, a global leader in electronic commerce and payment processing, today announced it has signed an agreement with Utah-based MoneyDesktop, Inc. to integrate the company’s personal financial management (PFM) tool into the First Data Online Banking (also known as FundsXpress fx eBanking) offering. The solution offers consumers the latest PFM technology and enables them to make better-informed decisions through a simple, intuitive navigation integrated into First Data’s online banking solution.
The PFM tool includes account aggregation from more than 10,000 financial institutions as well as budgeting and debt management tools to help financial institution customers manage all of their financial accounts in one place. It will be available to First Data Online Banking customers beginning in the third quarter of 2012.Terms of the agreement were not disclosed.
"As technology shifts the expectations of banking customers to increasingly higher levels, we are laser-focused on creating innovations that will be fundamental to the future success of financial institutions,” says Ryan Caldwell, CEO of MoneyDesktop. “Partnering with a leader like First Data means that together we can significantly impact the future for financial institutions and empower them to deliver a superior online banking experience. This also means that First Data’s clients will have a competitive edge in driving customer loyalty, wallet-share, and loan volume.”
First Data offers a full portfolio of integrated online banking and bill payment products, enabling financial institutions to increase customer retention, attract new customers, streamline internal processes and create new sources of revenue. The online banking solutions are built using an application service provider (ASP) model, giving financial institutions the freedom to easily upgrade and modify their solutions, which means they can offer cutting-edge technology while improving their customer acquisition and retention opportunities.
“To retain existing customers and attract new ones in the world of universal commerce, financial institutions must keep their online self-service channels up-to-date with the latest features and tools,” said Russell Randolph, senior vice president and Global Product Leader for Network, Debit and ATM Solutions, at First Data. “Bringing the superior PFM technology from MoneyDesktop into our online banking solution is another example of First Data’s commitment to providing the technology that fuels a satisfying experience for end consumers.”
For more information about the First Data Online Banking solution, financial institutions should contact their First Data representative. Additionally, a recently published First Data white paper titled, “Meeting Today’s Customer Needs with Internet Banking,” is available for download.
MoneyDesktop is a leader in innovative software technologies that drive the financial engagement between account holders and financial institutions and is redefining the way that people interact with their finances. Through its award-winning PFM, MoneyDesktop has established its place as a leader in PFM and has become the fastest-growing provider of its kind. By integrating directly into online banking, core, and payment platforms, MoneyDesktop positions banks, credit unions and payment providers as primary financial institutions and provides tools that dramatically impacts loan volume, user acquisition, and wallet-share.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
Nate Gardner, MoneyDesktop
Nancy Etheredge, First Data