Fiserv has combined the best of its internet banking technology
unit Corillian and online bill payments unit CheckFree to develop
Online Advantage, an internet banking product it unreservedly
describes as a “revolutionary online banking solution.”
Fiserv acquired Corillian and CheckFree in December 2007.
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“Online Advantage is the culmination of our vision to bring the
best of online banking and bill payment together,” said Todd
Lesher, division president of Fiserv Electronic Banking
Services.
“Fiserv is fundamentally changing how consumers interact with
their financial institution by blending the most desired
functionality for online financial services with our unrivalled
usability, self-service features and online financial management
tools.”
Backing Fiserv’s claim, Online Advantage received a ’Best of
Show’ award when it was previewed at the Finovate 2008 financial
services technology conference held in New York in October. The
award was based on voting among more than 400 bankers, journalists,
technology experts and analysts.
One of Online Advantage’s selling point is its ability to almost
eliminate the need for online banking customers to access multiple
web-pages and links.
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By GlobalDataAccording to Fiserv, Online Advantage is unique in enabling
consumers to access more than 90 percent of online banking
activities, including bill payments, electronic bills, budget
forecasting, personal money management and account transfers, on a
single overview web-page.
Fiserv noted that its development of Online Advantage was based on
extensive consumer research, segmentation models and usability
testing to ascertain what consumers find most useful when managing
finances online. In essence, Fiserv found that customers want what
it termed “a personalised experience based upon their past
behaviours”.
Features of Online Advantage include tools that enable customers
to manage their finances via spending charts, the ability to scan
and remotely deposit cheques and the ability to implement rules
with customisable levels of access for multiple users.
From a bank’s perspective a notable feature of Online Advantage
is its ability to analyse customer activity, a feature designed to
enhance product cross-selling. This, for example, would enable a
bank to deliver a money market account offer just as a consumer is
transferring money to an external account.
