Connecting Online Banking and QuickBooks

Donna Arce at Barlow Research recently examined the opportunity for financial institutions to deepen business customer relationships by making the download of accounting information to solutions like QuickBooks easier and readily available.

Arce writes, “availability of synchronization services (known as Web Connect and Direct Connect) is not widely available in the market. These offerings are mostly found at top banks. However, even among banks offering these services, capitalizing on the potential can be a challenge.”

Arce spoke with Nadilee Russell, senior vice president of business banking solutions at Intuit Financial Services about how banks can better provide these services to their customers.  Tips include awareness and education, and delivering a good first-use experience. One forward-thinking suggestion Russell offers is that banks   deliver even greater value by making access to the most useful business information contained in solutions like QuickBooks available right within the flow of the online banking experience. “Imagine the customer response if a bank could help a business see their profit-loss report and then offer a much-needed line of credit to help them through a lean patch – all within the same session. Relationships are built on relevance and the customer is the one deciding. If a financial institution can’t meet these needs, businesses will go elsewhere.”

Does your institution offer accounting software synchronization services? Let us know in the comments section below.


Written by Staff