|Fiserv enhances community bank online product|
February 15, 2011
Fiserv Inc. has added enhanced features and capabilities to its consumer online banking solution, intended for the community bank market. The change features an advanced look and feel, new personal financial management tools, and an integrated landing page that provides immediate access to often-used features. The product’s name was changed to Retail Online, from eCom.
Retail Online was released in December 2010, and will be deployed by Fiserv within its community banking platforms throughout 2011. The company's clients running Premier have been familiar with the solution as eCom since its introduction in 2000, as have Cleartouch clients, although they knew the product as Retail Internet Banking for Cleartouch. Clients running the Precision bank platform will be introduced to the product as an additional online banking option this spring. Going forward, these online banking solutions will all be called Retail Online.
“Consumers today expect more online self-service from their banking relationship than ever before. The online channel is a critical component of a bank’s acquisition, retention and profitability strategy,” said Jamie Deterding, general manager, Customer and Channel Management, Bank Solutions at Fiserv. “According to our research, technology adoption through online channels, including e-statements, online bill pay and person-to-person payments, results in higher customer profitability for financial institutions.”
Performing financial tasks will require fewer clicks because of Retail Online's enhanced landing page where consumers can pay bills using CheckFree RXP and make person-to-person payments through ZashPay (both Fiserv units). From the landing page, consumers can also view a snapshot of their spending habits, get account balances, transfer funds between accounts and more. In addition to up-to-date features and functionality, Retail Online boasts a fresh look and feel, with a visually appealing and user-friendly format. The latest enhancements to the solution were based, in part, on an in-depth ethnographic study of online banking consumers that showed a desire for a more sophisticated experience that goes beyond generic services.
To provide consumers with a snapshot of their spending activity, a personal financial management tool called the Spending Report displays categorized transactions in a pie chart available on the Retail Online landing page. A December 2009 Fiserv survey showed that while there is strong demand among consumers for personal financial management tools, concerns were expressed about sharing personal information with third-party service providers. Because Retail Online's financial management features are available through the financial institution, consumers benefit from enhanced security and greater peace of mind.
Read more at http://investors.fiserv.com/releasedetail.cfm?ReleaseID=544009.
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