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22nd September 2011

Mobile Adoption Fuels Intuit Transformation to Connected Services

intuitFrom filing taxes to creating a budget and taking credit card payments for collectibles at a local event, Intuit’s mobile solutions are changing the way people do business around the world, and today Intuit revealed its next generation of mobile products that will expand its portfolio of connected services. These range from innovations that will make it easier for the smallest of businesses to accept credit card payments, to others that will help doctors and patients communicate quickly, to a banking application that allows consumers to deposit a check from anywhere with just their mobile phone.

This new lineup debuted at the company’s Innovation Gallery Walk, a showcase of more than 20 mobile solutions designed to help Intuit’s 50 million customers manage and improve their financial lives. Today, more than 35 million people already use Intuit connected services, which includes Software-as-a-Service, mobile and other digital services that can be accessed any time, any place. These connected services generated 62 percent of the company’s revenue in fiscal year 2011 – nearly $2.4 billion – and are expected to grow to 75 percent of revenue by 2015.

“As our customers’ technology tools of choice increasingly become mobile devices we’re moving with them, creating innovative new offerings in every category we serve,” said Brad Smith, Intuit’s president and chief executive officer. “Connected services are driving customer acquisition and revenue growth in all of our businesses and mobile is accelerating these trends.”

Intuit is harnessing the power of mobile to solve important customer problems in new and innovative ways. Recent successes include SnapTax, the first start-to-finish tax prep app on a smartphone, and GoPayment, a mobile app and credit card reader that lets small businesses process credit cards on mobile devices, no matter where they are.

Intuit is developing new to the world, “mobile first” solutions, as well as extending the capabilities of existing products to mobile platforms A core part of the company’s strategy, mobile is accelerating connected services growth by:

  • Driving new customer acquisition. Mobile is proving to be an effective channel for bringing new customers to Intuit franchises. For example, Mint, which has more than tripled its user base since being acquired by Intuit, is seeing growth in the use of mobile, with 35 percent of new users signing up via mobile.
  • Increasing customer engagement. The anytime, anywhere nature of mobile increases customer use of applications, which creates new monetization opportunities. For example, Intuit Financial Services’ mobile offerings, which are available through banks and credit unions, are now used by more than one million end users. These banking customers have on average 50 percent more interactions with their financial institution than those who only use online banking solutions. And more than 50 percent of Mint’s users are accessing the service through their mobile device.
  • Helping to enter new markets. In emerging markets, mobile provides opportunities for Intuit to solve new customer problems. For example, Intuit Fasal helps farmers in India get the best prices on their crops by delivering text messages that provide prices at local markets. Farmers report getting an average of 20 percent more for their produce as a result.

At the Innovation Gallery Walk, Intuit introduced several new mobile solutions that represent the next generation of products designed to help consumers and small businesses manage their financial lives anytime, anywhere. These included:

  • Intuit Financial Services Consumer Mobile Solutions Intuit added a new solution to its mobile lineup offered by banks and credit unions. An enhanced version of Intuit’s Mobile Remote Deposit Capture will give banking customers the ability to take a picture of and immediately deposit checks using a mobile device. This will eliminate unnecessary trips to branches or ATMs and get customers faster access to deposited funds.
  • Prepaid Debit Card for Intuit GoPayment – To make it easier for small businesses to get started processing credit cards on a mobile device, GoPayment will soon enable users to deposit funds directly onto a prepaid debit card. This will make it faster to start taking payments because new users can sign up for GoPayment without needing to provide bank account details. For smaller businesses, it also provides a convenient way to keep their business finances separate from their personal funds. The prepaid debit card for GoPayment will be available later this fall.
  • Intuit Health iPad Patient Check-In and Mobile Inbox – Intuit debuted two new applications designed to improve relationships and communication between doctors and their patients. The Intuit Health iPad Patient Check-In replaces the paper clipboard patient registration process, meaning less paperwork for patients and improved patient flow and efficiency for doctors’ offices. In addition, a new Mobile Inbox for the Intuit Health Patient Portal will allow patients to communicate and accomplish key tasks like making appointments, getting lab results and paying their co-pay from their handheld devices. Both solutions are slated to be available in mid-2012.
  • ProOnGo Expense for Intuit App Center ProOnGo Expense is one of many third-party mobile applications built on the Intuit Partner Platform that works with QuickBooks and QuickBooks Online. The ProOnGo app on Intuit App Center makes expense tracking, approval and reimbursement a breeze for QuickBooks users, empowering employees to submit expenses from anywhere using their Android, BlackBerry or iPhone devices.
This entry was posted on Thursday, September 22nd, 2011 at 10:42 am and is filed under Business News, National News, Software. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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