New innovations connect products across Intuit’s platform to deliver seamless, done-for-you experiences for consumers and businesses

Intuit Unveils New AI-driven Expert Platform Experiences at Investor Day 2024

Investors
Kim Watkins
Intuit Inc.
650-944-3324
kim_watkins@intuit.com

Media
Kali Fry
Intuit Inc.
650-944-3036
kali_fry@intuit.com

Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today shared the company’s strategy at Investor Day and unveiled new AI-powered innovations that help consumers make smart money decisions year-round and fuel business growth on Intuit’s platform, supercharged with an AI-powered financial assistant in customers’ pockets.

“Intuit’s AI-driven expert platform delivers seamless, connected, done-for-you experiences that help customers make more money with less work and have complete confidence in every financial decision,” said Sasan Goodarzi, Intuit's chief executive officer. “Built on years of investments in our data and AI capabilities, Intuit’s platform is perfectly positioned to fuel the financial success of consumers and businesses around the world.”

Make smart money decisions year-round with seamless integration of TurboTax and Credit Karma on one consumer financial platform

Consumers are trying to make ends meet, get out of debt, and save money. Upcoming innovations across TurboTax and Credit Karma will deliver a single, connected consumer financial platform that delivers insights and recommendations year-round and done-for-you experiences at tax time.

Credit Karma members will soon have access to their own personalized and interactive Financial Summary with tax, spending, credit, and debt insights all in one place. Members who link their accounts will be able to see when their spending could exceed monthly income with explanations of essential and non-essential spending and how it is impacting their ability to save money. When they receive a pay increase, Credit Karma will proactively update their estimated tax refund and members will be able to see recommendations about how 401K contributions and adjusting withholdings can help them increase their refund and save more toward retirement.

When Credit Karma members receive their W-2 or other tax forms, they will be able to take a photo through the Credit Karma app and upload the document right from their mobile device. Intuit Assist, the generative AI-powered financial assistant, will provide members a summary of the uploaded tax document and key information like employer, tips and social security wages. Come tax time, member information can be pre-filled in their TurboTax return along with linked accounts and the documents they’ve uploaded throughout the year, saving them time and giving them confidence they are getting their best tax outcome.

As one connected consumer financial platform, Credit Karma members will be able to file their taxes right from the Credit Karma app through a seamless filing experience powered by TurboTax - no need to track down another login and password. Because faster access to cash matters, members can choose to access their refund up to five days early by filing with TurboTax and having their refund deposited directly into their Credit Karma Money account.

Fuel business growth with a single, connected business platform

Today, businesses use 10 different apps and because they are not connected, they do not have a holistic view of how their business is performing.? To solve this challenge, Intuit is more deeply connecting QuickBooks and Mailchimp with new AI-powered automations and done-for-you experiences that will help customers grow their business while dramatically reducing manual work.

When business owners log into QuickBooks, they will see a business feed with powerful new insights on projected cash flow, identified invoices that are overdue, or will be soon, and marketing and revenue opportunities with recommendations for how AI can take the work off their plate. Business owners will be able to generate invoices, business proposals, estimates, and email marketing campaigns at the click of a button, without the need to manually enter data. Business owners can quickly review content, make changes, and hit send in minutes, reducing the amount of work needed to get paid, convert prospects, manage customers, and drive repeat business, all from within QuickBooks.

It’s not just about getting the estimate, or sending an invoice; it’s actually about getting paid. New innovations will automatically notify business owners if an upcoming cashflow dip is predicted based on connected bank account balances, unpaid invoices, and the data on when those invoices have historically been paid. New AI-generated invoice reminders will make it easier than ever for businesses to remind customers to pay them. Business owners will also be able to see if their business has been pre-qualified for a QuickBooks Line of Credit¹, review a pre-populated application, provide any additional information needed to complete it, and apply without ever leaving QuickBooks. These new innovations will be powered by Intuit Assist and Mailchimp’s CRM capabilities, coming soon to QuickBooks US and Canada customers.

Intuit is unveiling these upcoming innovations just over a week after the launch of Intuit Enterprise Suite, which is designed for larger and more complex multi-entity businesses that are focused on growth. Intuit Enterprise Suite is an all-in-one configurable solution with payments and bill pay, project profitability, multi-entity financial management, payroll, human resources, and marketing, all catered towards complex business needs and sold together.

Supercharged financial assistant in your pocket with more AI-powered expertise

Today, assisted tax prep is fragmented, manual, and expensive with little price transparency. It can take over a month to have taxes done by a CPA and get a refund. New TurboTax Live innovations enable our experts to complete a customers’ taxes virtually in as little as 30 minutes at a competitive price.

Customers will have the option to connect with a personal tax expert who is local to their area and has experience with their specific tax situation, whether it’s a question about investments, self-employed tax deductions, or payroll taxes. Customers will be able to share personal and financial information they’ve provided between TurboTax, Credit Karma, and QuickBooks so data entry truly is done-for-you. Customers will also be able to follow along with their expert’s progress in the Full Service hub within the TurboTax mobile app.

These upcoming innovations will disrupt the assisted tax model, giving consumers and small and mid-market businesses complete confidence while putting more money in their pocket, all powered by Intuit’s Virtual Expert Platform and Intuit Assist.

Investor Day: How to Participate

These innovations and more will be shown at Intuit Investor Day 2024. The half-day event will be broadcast live via webcast on Intuit’s website at https://investors.intuit.com/news-events. A replay of the video broadcast will be available on Intuit’s website approximately three hours after the meeting ends.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Forward-looking statements

In this press release, we announce plans or intentions regarding functionality that is not yet delivered. These statements do not represent an obligation to deliver this functionality to customers and should not be relied on in making a purchasing decision or an investment decision.

This press release contains forward-looking statements, including expectations regarding: our prospects for the business in FY25 and beyond; demand for our products; changes to our products, including the continuing use of data and incorporation of AI, and their impact on our business; availability of our offerings; and the impact of our strategic decisions on our business.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use artificial intelligence in our platform and products; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risk associated with our ESG and DEI practices; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties using our offerings; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risk associated with climate change; changes to public policy, laws or regulations affecting our businesses; legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; our ability to successfully market our offerings; our expectations regarding the timing and costs associated with our plan of reorganization (“Plan”); risks related to the preliminary nature of the estimate of the charges to be incurred in connection with Plan, which is subject to change; and risks related to any delays in the timing for implementing the Plan or potential disruptions to our business or operations as we execute on the Plan.

More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2024 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. Forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.

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¹ QuickBooks Line of Credit loans are issued by WebBank.

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