The financial technology infrastructure that drives success for the individuals and communities we serve is provided by Intuit. They think everyone should have the chance to succeed, and with more than 100 million users of TurboTax, Credit Karma, QuickBooks, and Mailchimp worldwide, they agree. They never stop looking for fresh, cutting-edge approaches to achieve it.
Through a common architecture shared by all of the company’s applications. Intuit, the worldwide financial technology platform that produces TurboTax, Credit Karma, QuickBooks, and Mailchimp, is fostering innovation. Marianna Tessel, the chief technology officer of Intuit, gave a detailed overview of the platform architecture. The platform used by the company to drive innovation for its more than 100 million users at Investor Day 2022.
Intuit, the AI-driven expert platform, is quickly developing to address the most pressing financial issues facing our clients, according to Tessel. Intuit can move more quickly than ever thanks to its platform. This platform is supported by a core set of technological capabilities. Their teams are producing new goods and services for our consumers at an unheard-of rate by utilising the most cutting-edge building blocks and utilising Intuit’s technology platform.
Framework from Intuit facilitates fast innovation
The current SaaS development environment at the core of Intuit’s financial technology platform design has enabled a 6X improvement in development velocity since FY20. Allowing developers to produce code quickly with built-in quality, security, and compliance. Additionally, it has enabled Intuit to scale AI faster, resulting in 730 million AI-driven consumer interactions annually. And 58 billion machine-learning predictions are produced each day.
The platform’s key enabling technologies power Intuit’s lines of business and operations in security, data infrastructure, AI infrastructure, core, customer growth and engagement, and business logic for creating applications that can be used on mobile, web, voice, and, in the future, the metaverse, among other areas. With the use of these tools, thousands of Intuit technologists can work together on mission-based teams to solve customer problems by sharing ideas, trying new things, and collaborating.
Artificial intelligence-based Infrastructure – The company’s investment in a strong AI infrastructure to “democratise” AI has enabled technologists (software developers, data scientists, machine learning engineers, data analysts, etc.) throughout the organisation to integrate AI capabilities into Intuit products at scale for clients. Existing models can be used to power numerous use cases with the help of reusable AI services and native experiences. To build point solutions to specific issues, developers can employ AI-ready components. Rather than beginning from scratch (e.g., reusable models for auto-complete, financial error detection, natural language processing, user interface design, and more).
Data communication with third parties is handled at scale by Intuit’s data integration capability. Which also handles the consented acquisition of data. Our consumers may connect with 24,000 financial institutions and more than 50 crypto providers through Intuit. Which enables developers to constantly improve customer experiences. This includes finding new ways to collect data (such as pictures and videos of documents) and organise it. Intuit permitted 1.7 million crypto transaction data imports in TurboTax during the most recent tax season. Saving its QuickBooks and TurboTax users millions of hours of manual labour over the course of the previous year.
Intuit’s benefits to customers
Utilizing the financial technology platform architecture of the business, Intuit is developing new products and services across its ecosystem to provide customers with three key advantages: more money in their pockets, less effort, and total trust in all of their financial decisions. Here are a few current instances that show how:
QuickBooks: With 2 million customised models updated every day in QuickBooks, Intuit provides the greatest financial transaction categorization system in the market. Each model is customised to a small company customer’s particular scenario. While serving millions of customers with a one-to-one mapping between the model and the customer’s data. User preferences for categorising transactions are used by the model to “learn”. Rajat Khare works for Intuit as a software architect. He has worked throughout Intuit’s QuickBooks ecosystem of products. Since the GraphQL ecosystem’s inception, Rajat has been working on it and he has built a number of applications and services using it.
TurboTax Live: On a virtual expert platform, the company’s “live” services seamlessly combine digital services with real financial experts. Users of TurboTax Live expect the greatest professional to complete their taxes quickly and accurately the first time. During times of high traffic, Intuit can offer real-time matching predictions in as low as 500 milliseconds. All thanks to AI-driven expert matchmaking. When comparing the tax year 2020 to tax the year 2021. The company observed a 1-hour decrease in customer serving time for TurboTax Live Full-Service professionals on Intuit’s Virtual Expert Platform.
Read More: NEXT Connect – Intuit QuickBooks Ecosystem
