Banking takes a giant step into the infogroove today.
Personal finance software giant Intuit and 19 of the largest American banks and financial services companies said today that they are working together to enable individuals and small businesses to bank, pay bills, and perform other financial tasks online through Intuit's Quicken software application starting this fall. The banks serve customers in 36 states, while American Express and Smith Barney serve customers nationwide. The group includes two of the top five card issuers, two of the three largest New York banks, five of the top six California banks, the largest bank in the Midwest, the country's largest thrift and the second largest U.S. securities brokerage firm. Many of the financial institutions will be the first in their respective markets to offer online banking to customers. Customers will be able to automatically download information from the financial institutions into Quicken, eliminating the chore of data entry that Cook says has been a barrier for some people who would otherwise use financial software.