Wernikoff said through its database of tax data Intuit has access to billions of records, such as interest paid and student loans. Intuit will be able to inform individuals about their status against the trends among all of its customers.
"When look at data, we can see rates people are paying are above market rates for financial products," he said at this week's Credit Suisse 20th Annual Technology Media and Telecom Conference "We can recommend you finance."
If the taxpayer wishes to take this advice, Intuit would then ask the customer's permission to send tax information to a lender. Intuit should be able to predict with confidence that it can help the taxpayer receive a better interest rate. Wernikoff did not specify what service might be offered next year, but said it will represent a first step toward a larger program.
Wernikoff also said Intuit will offer again its Absolute Zero program via which simple filers pay nothing for state and federal forms. He said one competitor matched the program during the last tax season and expects all competitors will do the same in 2017.
The no-cost program is designed "to remove the last barrier for a simple filer who is going to a pro," he said. However, he continued that those who chose that option may have more complex returns in the future and may chose to utilize services of a paid preparer.
