CALABASAS, Calif. – Credit unions and banks soon will be able to offer TurboTax through their online banking interface – and it can be integrated with Digital Insight’s FinanceWorks financial management tool.
Digital Insight, an Intuit company, expects the new product – called TurboTax for Online Banking – will strengthen member relationships and drive deposits. “It’s about helping credit unions leverage the online channel to keep building member relationships,” said Albert Ko, SVP-financial management for Digital Insight, who pointed out TurboTax for Online Banking can be added with or without FinanceWorks. “If you think about consumer pain points, taxes are one. If we can resolve that pain point for credit union members, we will further cement that relationship.” TurboTax for Online Banking is being offered free to Digital Insight’s retail Internet banking clients.
Ko told Credit Union Journal the real advantage of TurboTax for Online Banking is gained when the financial integrates the program into FinanceWorks. “Because I am accessing this through my institution’s financial management tool, all of my personal information is pre-populated. It’s really about automating things you would have to otherwise key in, which saves time and reduces errors.”
TurboTax also drives deposits, Ko said, as member direct their refunds to their credit union. Ko said the program was tested with a “handful” of credit unions and banks last tax season. Additional tools will be released in May or June, 2010. For additional coverage, see Credit Union Journal’s Oct. 5 issue.
