Digital Insight

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Digital Insight
Type Serves small to mid-market banks and credit unions
Industry Computer software; financial services
Predecessors Intuit Financial Services
Headquarters Redwood City, California, USA
Key people CeCe Morken, CEO
Products Consumer Internet banking and lending platforms; online financial management (OFM) programs
Owners NCR Corporation
Employees 650
Website http://www.digitalinsight.com

Digital Insight (DI) is one of the largest providers of outsourced online financial management (OFM) solutions to U.S. mid-market banks and credit unions,[1] with nearly 1,700 institutions served.[2] Applications offered by DI include consumer and business Internet banking, electronic bill payment and presentment, personal and small business online financial management, mobile banking, online account opening, funds transfer, and financial institution website development and hosting. The firm also provides client support programs with downloadable customizable materials to help financial institutions better market their online banking services.[1]

Digital Insight’s most recent product introductions are two OFM tools offered exclusively through banks and credit unions: FinanceWorks for consumers, released in September 2008, and Small Business FinanceWorks for small business owners, released in February 2009.[3][4]

History and accolades[edit]

Digital Insight was founded in July 1995 by Paul Fiore and Daniel Jacoby.[5] CEO Fiore and CTO Jacoby raised $1.1 million in seed capital from their employer XP Systems, Moorpark, CA and launched their first client, Community Credit Union, Plano, TX in February 1996.[6] The startup raised $3 million from Menlo Ventures in January 1997 and $8 million from Menlo Ventures and HarbourVest Partners in February 1998.[7] Paul Fiore recruited new CEO John Dorman in October 1998 from Oracle / Treasury Services.[8] Digital Insight went public on the NASDAQ (DGIN) with lead investment banker Morgan Stanley on October 1, 1999 at an offer price of $15.[9] Intuit – maker of Quicken, TurboTax, and other financial programs for consumers and tax professionals – acquired Digital Insight in 2007 for $1.35 billion[10] to expand its market to financial institutions. With the introductions of FinanceWorks in 2008 and Small Business FinanceWorks in 2009, the company entered the online financial management arena.

Aite Group listed Digital Insight as one of the “Leading U.S. Small-Business Banking Technology Providers” in its August 2007 report The Online Small-Business Banking Strategies of Large U.S. Banks.[10] Digital Insight also won the ACE (Achievement in Customer Excellence) Award in 2005, 2006, 2007, and 2008; it is currently under consideration for the 2009 award, from CustomerSat Inc., for Client Service Satisfaction.[11][12]

On August 1, 2013 Thoma Bravo completed the acquisition of Intuit Financial Services ($1.025 billion) and it has returned to its old name of Digital Insight.[13]

On January 10, 2014 NCR completed the acquisition of Digital Insight from Thoma Bravo for $1.65 billion in cash. [14]

Products[edit]

  • Online banking platforms for financial institutions, providing consumer Internet banking and bill payment and presentment
  • Online banking platforms for businesses
  • FinanceWorks, an online financial management tool that allows consumers to manage all their banking, credit card, loan, and other accounts in one place
  • Small Business FinanceWorks, an online solution to help small businesses manage their daily administrative tasks, such as billing and invoicing, payroll, remote bank deposits, and legal filings.
  • Online banking value ad offerings for banks and credit unions, including online statements, check imaging, remote deposit capture, mobile banking, online account opening, funds transfer, secure support/secure chat, website development and hosting, and more.

References[edit]

External links[edit]