CheckFree Redefines the Online Banking Experience to Help Financial Institutions Build Profitable Recurring Relationships With C
November 13 2007 - 1:01PM
PR Newswire (US)
Enhancements to Online Banking User Interfaces at Two Financial
Institutions Result in 75% Jump in Online Bill Payment Enrollment
Levels ATLANTA and LAS VEGAS, Nov. 13 /PRNewswire-FirstCall/ -- BAI
Retail Delivery Conference Booth #2021 - CheckFree Corporation
(NASDAQ:CKFR) today unveiled its plans for delivering the
industry's most comprehensive, integrated and secure online banking
and bill payment solution for the financial services industry.
CheckFree's acquisition of Corillian, which closed in May 2007, has
accelerated the company's comprehensive online channel optimization
strategy that unifies online banking, bill payment and presentment,
personal money management, security and other value-added services.
As one of the initial steps toward full integration, CheckFree
partnered with Synovus, based in Columbus, Ga. and Mission Federal
Credit Union, based in San Diego, Calif., to implement enhancements
to their online banking user interfaces, giving consumers direct
access to online bill payment features. In the first month of the
program, consumer enrollments in electronic billing and payment at
Synovus and Mission Federal Credit Union jumped an average of 75
percent over rates achieved before implementing the enhancements.
During a four-month period, online bill payment enrollments were up
an average of 52 percent above prior levels at the two financial
institutions. These results signal the significant impact that the
integration of online banking and bill payment is expected to have
on enrollment, adoption and user experience. "The program's
quantitative results, along with the positive qualitative feedback
we received from online banking users, indicate that our customers
value a more tightly integrated online banking and bill payment
experience," said Shelby Hutcherson, vice president, senior online
solutions manager, Synovus. "This test demonstrates that making
even small changes to the user interface can have a major impact on
user adoption." These results are an early indication of the
opportunities that exist as CheckFree fully integrates online
banking, bill payment and presentment, and related capabilities. An
integrated online banking and bill payment user experience will
enable financial institutions to provide a single point of access
and the ability to up-sell additional bank products at relevant
points in a customer's online experience. "Since the acquisition of
Corillian, we have made significant strides in executing on our
aggressive integration timeline," said Alex Hart, executive vice
president and general manager, CheckFree Electronic Banking
Services. "The success of even basic user interface enhancements at
Synovus and Mission Federal Credit Union signal that we are on the
right path to delivering an integrated solution that will take
online banking to the next level." For financial institutions, the
new approach has the potential to reduce operating costs, expand
cross-selling and up-selling capabilities, and increase consumers'
interactions through the online channel. Online banking customers
visit their financial institutions' sites an average of 11.2 times
per month, according to the 2007 Consumer Bill Payment Survey,
conducted by Harris Interactive with the Marketing Workshop, and
sponsored by CheckFree. However, customers who use both online
banking and bill payment services visit their financial
institutions' sites 13.4 times and those who use electronic bills
to receive and pay their bills visit the online banking sites an
average of 15.1 times, according to the same survey. Today, online
banking and bill payment exist as separate applications on many
financial institution websites. CheckFree's integrated online
banking and bill payment solution will bring a full menu of
capabilities onto a single dashboard, enabling consumers to manage
their finances more effectively and efficiently than ever before.
CheckFree's integrated online banking solution is designed to
provide the following capabilities: -- Electronic billing and
payment - CheckFree Web RXPSM, the company's premier electronic
billing and payment system, will be designed to integrate the rich
Internet components of online bill payment seamlessly into online
banking, thus increasing opportunities for financial institutions
to interact with their customers. -- Electronic bills - Recent
studies have proven the correlation between use of e-bills to
receive and pay bills and higher customer profitability, retention
and satisfaction. E-bills contain the same information as paper
bills, but are delivered online rather than via regular mail. --
Online money management - When consumers can both see their account
balances and understand their financial position in a more
compelling way, they're better able to make sound financial
decisions. -- Targeted marketing - The integrated solution will
enable financial institutions to develop and deliver targeted
messaging about products and services that address their customers'
specific needs. -- Online channel scorecard - A data analytics
engine will capture key metrics to demonstrate the value of the
optimized online channel and provide a view into the success of
cross-selling activities and cost savings to drive increased
customer profitability and improved return on investment. --
Security - CheckFree's multi-layered security solutions are
designed to protect financial institutions and customers from the
risk of fraud and security breaches. The company's powerful fraud
monitoring and detection systems provide invisible layers of
protection from costly security breaches. CheckFree's intelligent
authentication solutions are helping financial institutions
safeguard online banking users from unauthorized access and
phishing sites. About CheckFree (http://www.checkfreecorp.com/)
Founded in 1981, CheckFree Corporation (NASDAQ:CKFR) provides
financial electronic commerce services and products to
organizations around the world. CheckFree Electronic Commerce
solutions enable financial services providers to offer the
convenience of online banking, and, along with billers, to offer
the convenience of receiving and paying bills online, via phone or
in person through retail outlets. CheckFree Investment Services
provides a broad range of investment management solutions and
outsourced services to hundreds of financial services
organizations, which manage about $1.8 trillion in assets.
CheckFree Software develops, markets and supports software
applications that are used by financial institutions to process
more than 75 percent of the nearly 16 billion Automated Clearing
House transactions in the United States. The division also provides
financial institutions and other organizations with payment
processing and consulting, reconciliation and exception management,
fraud and risk management, cash and logistics management, and
compliance software and services. Certain of the Company's
statements in this press release are not purely historical, and as
such are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These include
statements regarding management's intentions, plans, beliefs,
expectations or projections of the future. Forward-looking
statements involve risks and uncertainties, including without
limitation, the various risks inherent in the Company's business,
and other risks and uncertainties detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended June 30, 2007 (filed August 24, 2007), and Quarterly
Report on Form 10-Q for the quarter ended September 30, 2007 (filed
November 7, 2007). One or more of these factors have affected, and
could in the future affect the Company's business and financial
results in future periods, and could cause actual results to differ
materially from plans and projections. There can be no assurance
that the forward-looking statements made in this press release will
prove to be accurate, and issuance of such forward-looking
statements should not be regarded as a representation by the
Company, or any other person, that the objectives and plans of the
Company will be achieved. All forward-looking statements made in
this press release are based on information presently available to
management, and the Company assumes no obligation to update any
forward-looking statements. DATASOURCE: CheckFree Corporation
CONTACT: Media, Sheryl Roehl, +1-678-375-1682, , or Investors, Tina
Moore, +1-678-375-1278, , both of CheckFree Corporation Web site:
http://www.checkfreecorp.com/
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