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CUs get expanded FinanceWorks for online banking

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CALABASAS, Calif. (11/3/09)--Digital Insight announced that FinanceWorks, an online financial management solution, is now available for credit unions that do not use Digital Insight’s Internet banking platform. FinanceWorks, powered by Quicken, gives users control over their financial decisions by accessing account information from more than 12,000 financial institutions and credit card sites. Users receive a view of their cash flow and spending habits, and can manage their budget. FinanceWorks’s data on early users indicate that they:
* Are up to four times more profitable than the average credit union or bank customer. They have twice as many accounts, 30% higher loan balances and higher incomes; * Log into online banking twice as often as active online banking users, and are more active online bill payers--61% versus 41%; * Are likely to recommend their financial institutions based on the solution.
About 80% of Americans say their financial institution’s online channel is the best place to manage their finances, yet 27% say they manage their finances online, Digital Insight said.

CO-OP Network contract renewals are brisk

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RANCHO CUCAMONGA, Calif. (11/3/09)--CO-OP Financial Services received 21 contract renewals from credit union clients for its CO-OP Network Full Processing service since July 1. The service provides credit unions with electronic funds transfer processing for ATM transactions. Credit unions renewing their contracts include:
* San Diego (Calif.) County CU; * Addison Avenue FCU, Palo Alto, Calif.; * South Carolina FCU, North Charleston, S.C.; and * Honda FCU, Torrance, Calif.
Many clients who renewed their contracts also use CO-OP’s Signature Debit Card Processing. Many chose to renew the debit service, CO-OP said. CO-OP Financial Services, Rancho Cucamonga, Calif., offers 28,000 surcharge-free ATMs through the CO-OP Network.