Financial software provider Intuit has announced a partnership with marketplace lender LendingClub and robo-advisor Wealthfront. The collaborations are to enhance the first contact stage for both platform’s customers.
Intuit offers several products including Turbo and Mint. Turbo enables its users to calculate their “financial health”. Essentially, it determines how a financial lender will score you as a borrower. Mint is a platform which provides financial planning to customers who are trying to budget their spending.
TurboTax, another product Intuit offers, manages its customer’s taxes. Following the collaboration with LendingClub and Wealthfront, customers can complete an “Application Pre-Fill” which transfers the already acquired information - regarding income, employment and housing - to the other platforms. This is connected to the customer’s TurboTax account within Turbo and Mint.
Intuit’s customers can share their TurboTax information with LendingClub to speed up the loan application process. Additionally, the same information can be shared with Wealthfront to improve the process of opening an account and to receive personalised financial advice.
Varun Krishna, vice president of product management at Intuit, said in a statement: “People spend millions of hours each year applying for financial products and services. Financial applications are super time-consuming and cumbersome. There are a lot of manual processes, fields and paper involved. It’s prone to error and lenders can be stuck with unqualified applicants. We reasoned there’s got to be a better way.”
With the use of machine learning, Mint’s iOS refresh means users can receive personal tips on how to improve their financial health. Turbo’s latest update enables its users to share and view the household’s income credit score. Sharing this information is said to beneficial when qualifying for loans.