Intuit’s global fintech platform architecture drives technology innovation for clients at scale

Mountain View, California –(Business Wire)–Intuit (Nasdaq: INTU), a global financial technology platform that makes TurboTax, Credit Karma, QuickBooks and Mailchimp, is driving innovation through a common architecture shared by all of the company’s applications. At the 2022 Investor Day, Intuit CTO Marianna Tessel took a deep dive into Intuit’s platform architecture, which enables the company to accelerate innovation for more than 100 million customers.

“As an AI-driven platform of experts, Intuit is rapidly innovating to solve our clients’ most important financial problems,” Tessel said. “Our platform is powered by a core set of technical capabilities that allow us to move faster than ever before. By leveraging the most modern building blocks and leveraging Intuit’s technology platform, our teams are creating for our clients at unparalleled speed new products and services.”

Intuit’s Platform Enables Rapid Innovation

The foundation of Intuit’s fintech platform architecture is a modern SaaS development environment that has developed 6x faster since fiscal 2020, enabling developers to deliver code quickly, with built-in quality, security and compliance. And, it enables Intuit to accelerate AI at scale, generating 58 billion machine learning predictions per day and 730 million AI-driven customer interactions per year.

Key enabling technologies within the platform drive Intuit’s business and operational lines, including security, data infrastructure, AI infrastructure, core, customer growth and engagement, and the business logic for building applications that can be used wherever customers are (Mobile, Web, Voice and, Future, Metaverse) and more. These capabilities enable thousands of Intuit technicians around the world to share, experiment and collaborate in task-based teams to solve customer problems.

E.g:

  • artificial intelligence infrastructure – The company invests in a robust AI infrastructure to “democratize” AI, which enables technologists (software developers, data scientists, machine learning engineers, data analysts, etc.) across the company to build AI capabilities at scale to Intuit products customers. With reusable AI services and native experiences, existing models can be applied to support multiple use cases. Instead of building point solutions to specific problems from scratch, developers can leverage AI-ready components (for example, reusable models for auto-completion, financial error detection, natural language processing, user interface design, and more).
  • DevOps/AIOps – Intuit is an industry leader in open source infrastructure tools built on cloud-native technologies such as Kubernetes and Argo. The open source behind the Argo project was acquired and developed by Intuit and is used by more than 1,000 companies. Just this month, the company launched a new open source project — Numaproj — to drive Intuit’s next 6x development speed through AIOps innovation.
  • Data map – To unlock the full potential of petabytes of data and decades of historical information, Intuit created a single, unified data map to increase productivity and break down data silos. This registry of all business-critical data, known internally as Intuit’s city map, provides technicians with a complete view of their data in one place, eliminating the need to search through disparate systems.
  • Intuitive data exchange Intuit’s data integration capabilities handle consent capture and two-way data exchange with third-party providers at scale. Intuit enables our users to connect to a best-in-class network of 24,000 financial institutions and more than 50 cryptocurrency providers, enabling technicians to continuously improve the customer experience, including new ways to obtain data (eg, images and videos of documents) and classify them. Over the past year, Intuit has saved its QuickBooks and TurboTax clients millions of hours of manual work and imported 1.7 million encrypted transaction data into TurboTax during the most recent tax season.

Intuit’s platform delivers speed to benefit customers

Using the company’s fintech platform architecture, Intuit is innovating products and services across its ecosystem that deliver three fundamental benefits to customers: more money in their pockets, less work, and access to every financial investment they make Complete confidence in decision making. Here are some recent examples to illustrate how:

  • Quick Book: Intuit is delivering the industry’s best financial transaction classification system, updating 2 million personalized models in QuickBooks every day. Serving millions of customers with one-to-one mapping between models and customer data, each tailored to the unique situation of small business customers. The model “learns” from user preferences to classify transactions.
  • turbo tax live: The company’s “live” service seamlessly blends digital services and human financial experts on a virtual expert platform. TurboTax Live filers expect their taxes to be done quickly by the best experts the first time. With AI-driven expert matching, Intuit is able to make real-time match predictions in as little as 500 milliseconds during peak traffic. For tax year 2021, the company reduced customer service hours for TurboTax Live full-service specialists by 1 hour on Intuit’s virtual specialist platform compared to tax year 2020.
  • TurboTax + Credit Karma Money: FY22 Credit Karma Money integrates with TurboTax to provide refund deposits and refunds up to 5 days in advance. TurboTax contributed over 50% of the newly funded Credit Karma Money account in FY22, totaling $3 billion in refund deposits. This involves integrating data from the recent Credit Karma acquisition across product areas.
  • Credit Karma: Enabling customers to seamlessly leverage their data from one product to another to support data-driven personalized experiences is a top priority for Intuit, especially as new product lines are introduced into the company through acquisitions, most recently through Credit Karma. The company built a data bridge that enables Intuit and its expanded ecosystem to securely move data in real-time, through which more than 5 billion data elements can travel over the past 6 months.

For a full replay of Intuit Investor Day 2022, including CTO Marianna Tessel’s discussion on the power of the Intuit platform, visit https://investors.intuit.com/events-and-presentations/event-details/2022/Intuit-Investor – 2022.

About intuition

Intuit is a global financial technology platform that brings prosperity to the people and communities we serve. With over 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe everyone deserves a chance to succeed. We never stop working to find new and innovative ways to achieve this.Visit us for the latest information on Intuit, our products and services, and find us at Social.

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