One of three objectives the company outlined includes the plan "to disrupt consumer finance,” Johnson said. That includes establishing a market place “that connects financial partners and institutions."
Johnson did not provide depth on how that will be accomplished. But he noted Intuit now works with 39 financial partners, including banks, credit card companies and lending organizations “with more than 100 plus offer" now available. “It’s very early in that journey,” Johnson said. “We are two months into this in earnest—the opportunity is massive.”
Until now, Intuit has talked more about its programs to make capital more accessible to small businesses on the QuickBooks side while consumer lending has been centered on its Mint operations, where consumers can find offers from partnering financial services companies.
However, Johnson’s discussion, which did not mention Mint, went beyond that business and talked about fntuit’s services in tax preparation and payroll as providing resources for expansion into the new area.
“We do process $2 billion in refunds and $180 billion in paychecks,” he noted.