Intuit Launches Open Platform to Help People Achieve Financial Freedom
December 13 2016 - 8:00AM
Business Wire
Earnest First to Collaborate With TurboTax
to Deliver Student Loan Savings
Intuit Inc. (Nasdaq:INTU) today announced the launch of an open
platform that will, for the first time, enable developers to engage
with the nearly 28 million people using the company’s flagship
TurboTax® Online product. The launch of an open platform will drive
innovation in financial services that solves consumers’ biggest
financial challenges and help them achieve their financial
dreams.
“The scale of our customer base, the breadth of data that our
customers can provide, and our ability to deliver a simple,
seamless experience combine to differentiate the Intuit open
platform,” said Dan Wernikoff, executive vice president and general
manager of Intuit’s TurboTax business. “Nothing is more important
to us than the trusted relationship we have with our customers. As
a platform, we can extend that relationship, delivering value
year-round to consumers through collaboration with developers.”
Intuit selected online lender Earnest as the platform’s first
developer, giving an estimated 5 million TurboTax customers who may
have student loans the ability to use their own data to
effortlessly get a refinance estimate. TurboTax also will give
customers the ability to see if they’re eligible for certain
federal loan repayment programs and benefits.
Wernikoff reinforced that customers’ data belongs to them and
that Intuit is a trusted steward of their data. Intuit takes data
stewardship and protecting customer data seriously and gives
customers the choice to participate in the platform and grant
access to their data to find and apply for money-saving offers.
Earnest First Developer to Join Consumer Platform
According to the Consumer Financial Protection Bureau, about 44
million Americans have student loan debt that combined, totals
roughly $1.4 trillion. Starting today, qualifying TurboTax Online
users will have the opportunity to consolidate and refinance
student loans with Earnest.
“We’ve selected Earnest as our first partner because they’re
already using data science and software to deliver savings,” added
Wernikoff. “Like Intuit, Earnest is dedicated to helping people
achieve their financial dreams.”
Earnest is the only student loan refinancer to use a holistic
approach for underwriting and considers an individual's full
professional and financial profile to offer the best possible
rates. Earnest’s Precision Pricing tool allows borrowers to set
their payment according to their budget, and then customizes a loan
around that budget, shaving off any unnecessary interest.
Together, these distinct features of Earnest's refinancing
product translate into an average of over $20,000 in savings per
client over the life of their loans. Since launching its student
loan refinancing product in January 2015, Earnest has completed
more than $1 billion in loans, saving clients an estimated $300
million collectively.
“We’re excited to collaborate with Intuit as their first open
platform partner,” said Earnest CEO and co-founder Louis Beryl.
“This is an opportunity to help more people save money and achieve
their financial goals. We’re dedicated to building long-term
relationships with people and we’re using data and technology to
deliver significant savings along the way.”
Intuit plans to add more partners over the coming year. The open
platform will include the creation of a consumer marketplace that
will provide developers the ability to offer a variety of financial
services to customers. Intuit’s new consumer open platform is
focused on consumers and the Intuit Developer Group platform
focuses on QuickBooks and small businesses. Together, both our
consumer and small business platforms provide unique and powerful
benefits to third-party developers and partners.
For more information, developers can contact
openplatform@intuit.com. Consumers can learn more at
blog.turbotax.intuit.com/openplatform/.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions
that simplify the business of life for small businesses, consumers
and accounting professionals.
Its flagship products and services
include QuickBooks® and TurboTax®, which make it
easier to manage small businesses and tax preparation and
filing. Mint provides a fresh, easy and intelligent way
for people to manage their money, while Intuit's
ProConnect brand portfolio includes ProConnect Tax
Online, ProSeries® and Lacerte®, the company's leading
tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.7 billion in its
fiscal year 2016. The company has approximately 7,900 employees
with major offices in the United States, Canada,
the United Kingdom, India, Australia and other
locations. More information can be found
at www.intuit.com.
About Earnest
Earnest is a technology company using data science, smarter
design, and exceptional service to rebuild financial services.
Founded in 2013 on the belief that financially responsible people
deserve better options and access to credit, Earnest's lending
products are built for a new generation seeking to reach life's
milestones. The company's mission is to democratize access to
high-quality financial services.
Earnest is headquartered in San Francisco and backed by Maveron,
Battery Ventures, Adams Street Partners, Andreessen Horowitz,
Accomplice Ventures, Wildcat Venture Partners, First Round Capital,
and others. For more information, please visit earnest.com or
follow the team on Facebook, Twitter, and the Earnest Blog.
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version on businesswire.com: http://www.businesswire.com/news/home/20161213005467/en/
Intuit Inc.Julie Miller,
858-215-8469Julie_miller@intuit.comorEarnestEmily Busse,
415-625-8555press@earnest.com
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