What do you get when you combine the nation's leading tax preparation software with the convenience of online banking?
The answer is TurboTax for Online Banking, a new offering from Intuit Inc. (Nasdaq:INTU), designed to help financial institutions bring more value to customers - and increase deposits - by turning their online banking site into a valuable tax resource. Available for Digital Insight financial institutions to offer in the upcoming tax season, TurboTax for Online Banking won a Best of Show award at Finovate 2009, a conference showcasing the best new innovations in financial and banking technology.
Refunds Bring Deposits to Banks
More than $33 billion in tax refunds already flow through TurboTax. More than 90 percent of people who tried TurboTax for Online Banking during pilot testing who received a tax refund direct deposited that refund with the financial institution that offered the service.
Consumers whose financial institutions offer TurboTax for Online Banking can pre-populate their tax forms with tax data from online banking to save time. This will help people quickly and easily prepare, plan and file tax returns within an online banking session; no additional log in required. The solution can also be integrated with FinanceWorks, the award-winning online financial management solution from Intuit's financial institutions division, Digital Insight, to make tax preparation even easier for tax filers.
FinanceWorks helps online banking customers gain greater visibility and control over their spending with access to account information from more than 12,000 financial institutions and credit card sites. This aggregated, actionable view of their entire financial picture lets consumers and small businesses get even more data, such as charitable contributions captured in FinanceWorks, pre-filled to TurboTax Online Banking.
Helping Financial Institutions Increase Deposits
"Only Intuit can integrate the power of TurboTax within an online banking session and add the online financial management capabilities of FinanceWorks," said Sasan Goodarzi, president of Digital Insight and Intuit senior vice president. "TurboTax for Online Banking supercharges what people can do during an online banking session. We believe it will help financial institutions increase their deposits, develop stronger customer relationships and deliver unprecedented value. And it supports financial institutions' efforts to become the primary online financial hub for their customers."
Intuit research shows that 80 percent of consumers and small businesses name their bank or credit union Web site as the online destination they trust most to manage their money.
Making Tax Preparation Even Easier for Consumers
TurboTax for Online Banking guides users through their return, helping them get every deduction and credit to which they are entitled so they get the maximum refund possible. Users can also file their returns electronically and direct deposit refunds in up to three accounts.
"TurboTax for Online Banking brings the best of both worlds to consumers," said Dan Maurer, senior vice president and general manager of Intuit's consumer tax group. "It combines the legendary ease of TurboTax with the ability to easily and quickly transfer information directly from your bank or credit union right into your tax return. It's one more way that we're making tax preparation so easy, consumers can be confident they're getting every dollar they deserve."
Digital Insight is scheduled to roll out TurboTax for Online Banking to all its retail Internet banking clients this fall, at no additional cost. TurboTax for Online Banking will also be available on a limited basis to other financial institutions that want to provide tax preparation capabilities within an online banking session. FinanceWorks is not required to offer TurboTax for Online Banking, but financial institutions that want to deliver the added benefits of integration with FinanceWorks are invited to contact Intuit's financial institutions division, Digital Insight.