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.”
“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.