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Intuit this month signaled its plans to be increasingly involved in the consumer finance market. During this month’s Investors Day, Greg Johnson, the EVP who runs the consumer tax software business, described Intuit’s strategic view of consumer finance.

 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.

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
Last modified on Wednesday, 16 October 2019
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