Intuit Turbo and Mint to Demonstrate the Future of Personalized Consumer Finance at Money 20/20 2018
October 18 2018 - 4:30PM
Business Wire
Expanded Platform Capabilities and Strategic
Partnerships with LendingClub and Wealthfront Help Improve Consumer
Experience
At Money 20/20 2018 in Las Vegas, October 21-24, Intuit Inc.
(Nasdaq: INTU) will introduce several exciting new capabilities in
consumer finance. With early adopter partners LendingClub and
Wealthfront, users will be able to reduce the loan application
process or receive personalized financial advice based on verified
TurboTax® data. The expansion of the platform will provide access
to potentially better rates and valuable insights for customers
while also delivering exclusive value to financial partners.
“With more than 25 million users and rich insights into their
financial profile, Mint and Turbo are uniquely positioned to
deliver value to both consumers and strategic partners,” said Varun
Krishna, Vice President of Product Management for Intuit’s Consumer
Division. “Using machine learning, we are able to provide consumers
a comprehensive view of their finances and highlight relevant
opportunities to save time and money and generate unique value to
our partners.”
- Application
Pre-Fill: Users will be able to connect their
TurboTax account to pre-fill applications within Turbo℠ or Mint®. A
user may simply pre-fill their application with information from
the more than 80,000 fields available on the TurboTax return,
including income, employment, housing, etc. In early tests, Intuit
has already seen more than 95% of qualifying Turbo users have
consented to pre-fill their application with their TurboTax data.
Existing Intuit partners are leveraging pre-qualification within
Turbo to generate up to a nine times conversion rate in
personalized offer performance.
- New
Partnerships: Intuit is announcing partnerships
with market leaders LendingClub and Wealthfront to launch a new
capability that allows customers with one click to choose to import
TurboTax data directly into these partner experiences. For the
first time, LendingClub will use this information to significantly
reduce the time it takes to complete the loan application process.
Wealthfront clients will be able to open an account much faster and
receive higher fidelity personalized financial advice.
- MintSights™: With the latest iOS
refresh of Mint, users now see meaningful, personalized insights
and tips to help improve their financial health. Using machine
learning, MintSights help users understand patterns in behavior and
optimize how they manage their money from creating a budget to
consolidating debt or growing investments.
- Combined
Household View: Turbo users will be able to
create a shared view of household income, credit score, and debt
for a more complete picture of their total borrowing and savings
power. Sharing their household view with trusted Turbo partners may
increase their opportunity to qualify for loans with better rates,
pre-qualify or even be pre-approved for loans.
“People spend millions of hours each year applying for financial
products and services. Financial applications are super
time-consuming and cumbersome. There are a lot of manual processes,
fields and paper involved. It’s prone to error and lenders can be
stuck with unqualified applicants. We reasoned there’s got to be a
better way,” said Krishna. “We believe we can digitize the
experience by allowing consumers to consent to use tax and
financial data more seamlessly across the entire application
process, which benefits both lenders and consumers alike.”
“We’re excited about partnering with Intuit and the power tax
data has to help us not only speed up the application process but
also unlock the access to credit for customers that ordinarily we
might not be able to serve,” said Cole Gillespie, Vice President
and Head of Business Development at LendingClub. “In our pursuit to
help millions of Americans get control of their financial health,
this partnership is a step in leveraging alternative data sources
to help us increase the speed and access to credit.”
“Partnering with a company like Intuit is a dream come true,”
said Andy Rachleff, CEO of Wealthfront. “They don’t just pay lip
service to caring about the client. They constantly challenge
themselves to provide more value. Integrating with TurboTax data
that customers agree to provide will allow Wealthfront to continue
to raise the bar on what it means to deliver accessible, convenient
and deeply personalized financial planning. We can’t wait to do
more together.”
To see the first showing of these new features, join Intuit at
Money 20/20 in booth 1143. Varun Krishna will be speaking on
“What's Next in Personalized Data-Driven Consumer Finance,”
Tuesday, Oct. 23, 10:25 a.m., during the “Breaking News &
Fintech Views” in the Discovery Den.
About Intuit
Intuit’s mission is to Power Prosperity Around
the World. Our global products and platforms, including
TurboTax, QuickBooks, Mint and Turbo, are designed
to empower consumers, self-employed and small
businesses to improve their financial lives, finding them more
money with the least amount of work, while giving them complete
confidence in their actions and decisions. Our innovative
ecosystem of financial management solutions
serves approximately 50 million customers worldwide,
unleashing the power of many for the prosperity of one. Please
visit us for the latest news and in-depth information about Intuit
and its brands and find us on social.
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version on businesswire.com: https://www.businesswire.com/news/home/20181018005886/en/
Intuit Inc.Keri DanielskiHead of Communications, Intuit Turbo
& MintKeri_Danielski@intuit.com
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