Fiserv Delivers Retail Online, New Name New Features for eCom Internet Banking Clients

by Mercator Advisory Group 0

Fiserv takes another step in its’ program to consolidate and improve its’ suite of online banking solutions. Over the years, as part of the acquisition of a number of core banking solutions, Fiserv has acquired 11 different online banking entities. Since their acquisition of Checkfree, and their industry-leading Corillian Voyager online banking solution, they have embarked on a strategy to consolidate their multiple solutions into a set of three strategic options for community bank, credit union, and large bank clients. The enhancements introduced into this new version of eCom have been available in the Corillian solution for several months, and are the first phase of delivering advanced online banking functionality to their community banking clients who now use the Premier and Cleartouch solutions.

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 Retail Online.

Performing financial tasks takes fewer clicks, thanks to Retail Online’s enhanced landing page where consumers can pay bills using CheckFree RXP from Fiserv and make person-to-person payments through ZashPay. 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.

For additional information on the online banking market, solutions, and strategies read the following Mercator Reports:

For additional information the press release can be found at: http://investors.fiserv.com/releasedetail.cfm?ReleaseID=544009