Intuit CEO: Banks Won't Be Wired Out

By Tracey, Brian | American Banker, June 8, 1995 | Go to article overview

Intuit CEO: Banks Won't Be Wired Out


Tracey, Brian, American Banker


The chairman and chief executive of Intuit Inc. told a group of bank technology executives this week that he believes financial institutions will play key roles in the emerging world of electronic commerce.

In the aftermath of last month's scuttling of Intuit's planned acquisition by Microsoft Corp. - a deal blocked by Justice Department antitrust concerns - Scott D. Cook told those attending the American Bankers Association's National Operations and Automation Conference they should not fear that technology companies will usurp banks' traditional role as payment processor and financial adviser to consumers.

"We do a lot of customer research, and one thing that is stunningly clear is that consumers want to bank with financial institutions they know and trust," Mr. Cook said. "People have absolutely no interest in sending their life savings off to the First Bank of Nowhere, or the First Bank of Software."

As a result, Mr. Cook said the Menlo Park, Calif.-based company, which produces the top selling Quicken personal finance software, is close to completing arrangements with about a dozen large banks to launch a home banking service by next year.

Mr. Cook declined to name the banks involved. The American Banker reported last month, however, that U.S. Bancorp, First Chicago Corp., Sanwa Bank of California, and Union Bank are working with Intuit.

"Right now we're in series a of meetings with our bank partners where we're working on implementation issues," Mr. Cook said.

"There are some banks that want to announce now because they want PR, then there are other banks that want to withhold the announcement until they are ready to handle customers, and that's our bias."

Mr. Cook said that Intuit's home banking system, which will allow consumers with PCs to pay bills and verify transactions cleared through their bank, will give clear indications to users when information is coming from their financial institutions, such as displaying a bank's logo on the screen.

"We need to be crystal clear when information is coming from the bank, and that we are only the channel through which communication happens," he stressed.

Mr. Cook said the demise of the Microsoft deal has had no ill- effects with respect to Intuit's work with banks. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Intuit CEO: Banks Won't Be Wired Out
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.