SAN DIEGO--(BUSINESS WIRE)--Today, Intuit Inc. (Nasdaq: INTU), the maker of TurboTax® and Mint®, introduces Turbo, the first and only financial health profile that unleashes the power of verified IRS-filed income, debt-to-income ratio and credit score, showing consumers where they truly stand – beyond the credit score.
Built on a trusted open platform and comprised of a network of millions, Turbo offers consumers - including the up to 28 million TurboTax Online customers, who can choose to consent and share their data - a single snapshot of their financial health.
“Intuit is trusted by millions of people to help understand and manage their finances. We have a vast and powerful database and unique insights into helping Americans improve their financial health,” said Dan Wernikoff, executive vice president and general manager of Intuit’s Consumer Group. “Our research has shown that millions of Americans are struggling financially. They need a holistic view of their financial situation to take the first step in understanding where they truly stand. Credit score alone isn’t enough.”
For the first time, Turbo brings together the three numbers that matter to lenders – verified IRS-filed income, credit score and debt-to-income ratio. Powered by anonymized data from consenting members of our community of millions, Turbo will benchmark consumers across categories including geography, age, and life stage so that they understand where they stand and can make decisions with more confidence.
In addition to showing consumers what their borrowing power is, Turbo provides customized advice and insights, like how a user might improve their debt-to-income ratio or improve their credit score, so they can qualify and secure a loan at the best rate possible. Whether they are looking to save money, secure a loan, pay for college or buy a house, Turbo connects consenting users to partners and developers that can unlock access to a world of financial resources to help them prosper.
Turbo Partner Program
Turbo is built on a foundation of user consent – customers’ data belongs to them, and they will have the choice to participate and engage with the Turbo platform. With customer consent, the platform connects developers and partners with relevant customers through personalized and hyper-targeted offers, based on anonymized and rich financial data. For example, partners can create targeted offers based on debt-to-income ratio, verified IRS-filed income, number of credit cards and even life events.
In the future, consumers can choose to share their data with partners, streamlining account creation and application completion and helping partners boost conversion and customer acquisition.
“As a trusted steward of financial data, we have unparalleled insights into the financial outlook of millions of consumers,” added Wernikoff. “There’s a tremendous opportunity to enable customers to unlock this data for the mutual benefit of both our customers and trusted financial partners.”
Intuit announces the first six strategic providers on the new Turbo platform with some of the world’s leading financial companies, including Discover, Honest Dollar by Goldman Sachs™, Marcus by Goldman Sachs®, Quicken Loans, SoFi and TransUnion, which join the more than 40 trusted partners Intuit has today with Mint.
“We are excited to partner with Intuit’s Turbo,” said Abhinav Anand, Head of Consumer Lending at Marcus by Goldman Sachs. “This partnership will allow Turbo users to seamlessly access our fixed rate, no fee personal loan, which our consumers have found to be a helpful way to manage their debt. Partners like Turbo are important to us as we seek like-minded, consumer-centric brands to help Americans manage their debt better.”
Turbo will be unveiled, for the first time, at Money20/20 and available broadly in January 2018. To see the first showing of the Turbo product experience, join Dan Wernikoff and Varun Krishna, vice president of product, Intuit’s Consumer Group, on Tuesday, Oct. 24, 9:15 a.m., for their keynote session at Money20/20 or watch it streamed live here.
About Intuit
Intuit Inc. is committed to powering prosperity around the world for consumers, small businesses and the self-employed through its ecosystem of innovative financial management solutions.
Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. QuickBooks Self-Employed provides freelancers and independent contractors with an easy and affordable way to manage their finances and save money at tax time, while Mint delivers financial tools and insights to help people make smart choices about their money.
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 serves 42 million customers in North America, Europe, Australia and Brazil, with 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.