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Intuit to Mine TurboTax Data

Dan Wernikoff, IntuitIntuit intends to use its large amount of consumer data in TurboTax to help taxpayers improve their experience with financial services. Dan Wernikoff, the EVP who runs the software company's Consumer Tax Group, said Intuit will have a program in place during 2017.

Wernikoff said through its database of tax data Intuit has access to billions of records, such as interest paid and student loans. Intuit will be able to inform individuals about their status against the trends among all of its customers.

"When look at data, we can see rates people are paying are above market rates for financial products," he said at this week's Credit Suisse 20th Annual Technology Media and Telecom Conference "We can recommend you finance."

If the taxpayer wishes to take this advice, Intuit would then ask the customer's permission to send tax information to a lender. Intuit should be able to predict with confidence that it can help the taxpayer receive a better interest rate. Wernikoff did not specify what service might be offered next year, but said it will represent a first step toward a larger program.

Wernikoff also said Intuit will offer again its Absolute Zero program via which simple filers pay nothing for state and federal forms. He said one competitor matched the program during the last tax season and expects all competitors will do the same in 2017.

The no-cost program is designed "to remove the last barrier for a simple filer who is going to a pro," he said. However, he continued that those who chose that option may have more complex returns in the future and may chose to utilize services of a paid preparer.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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