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Monetizing Mobile - Intuit Financial Services Case Study
Monetization Case Study: Intuit Financial Services John FloraDirector Product Management – Mobile Services Intuit Proprietary & Confidential
Intuit: How you may know us2 Intuit Proprietary & Confidential
Our Mission: Improve people’s financial lives Improving Help families put up to $1,000 ~ 50M Lives Help small businesses be 20% back in their pockets… $550M in more profitable… Customers consumer savings identified to revenues ~20% of U.S. GDP, pay 1 date in 12 American workers Help people get the Improve FI profit per Help accountants be 20% maximum tax refund… customer by 20%…Internet more productive today… $50B in tax refunds, banking customers equal to Serve half of all accounting 1 out of every 3 the 5th largest U.S. bank firms tax returns e-filed3 Intuit Proprietary & Confidential
A Connected Services Company 35 million customers Hosted products & services 62% Revenue from connected services $1.5 billion Revenue from SaaS Intuit Proprietary & Confidential
Intuit Mobile Apps Address Real Problems Get Paid Manage my Prep & file Finances my taxes5 Intuit Proprietary & Confidential
Intuit Financial Services Providing digital banking solutions for financial institutions • 1,800 Financial Institutions, with over 400 offering mobile • Serving over 10 million end users, with potential reach over 30 • 3x the mobile banking user base of a year ago6 Intuit Proprietary & Confidential
Intuit Financial Services focuses on helping FI’s drive engagement with experiences that meet the needs of consumer’s mobile lifestyle Instead of a On the Go At home or PC Anytime, in the office Anywhere Anywhere7 Intuit Proprietary & Confidential
The mobile triple play solves for the needs of consumers and their devices on the go Mobile Web SMS Text Banking Apps Launched May 2004 Launched October 2009 Launched Sept 20108 Intuit Proprietary & Confidential
Tablet Banking solves for the devices consumers use with two hands… on their couch, bed or just instead of their PC9 Intuit Proprietary & Confidential
Mobile deepens the relationship through innovative new solutions… They can’t imagine doing it any other way. “I no longer have to run to the bank to make a deposit.” “My bank reminds me, keeps me up to date and on track.” “I’m able to save money on purchases that are relevant to me when I’m on the go.” Creating a more engaging customer experience.10 Intuit Proprietary & Confidential
…and it drives higher end user engagementAverage Intuit OLBcustomer logs in~150x per year.With OLBand mobile…+45% …and growing1111 Intuit Proprietary & Confidential
What profitability can look like for FI’s offering mobile banking Consumers using Intuit’s Mobile Banking are at least 10% more profitable than online without mobile banking All Members Accounts owned Retention PPC Online, without Mobile 3.92 90.87% $356 Online, with Mobile 3.93 99.49% $391 $35 10% Gen Y Accounts owned Retention PPC Online, without Mobile 3.00 90.87% $273 Online, with Mobile 3.24 99.49% $323 $50 18% Gen X Online, without Mobile Accounts owned 3.91 Retention 90.87% PPC $355 10% increase Online, with Mobile 4.17 99.49% $415 $59 weighted by 85% of 17% mobile users in Gen Y Boomers Online, without Mobile Accounts owned 4.21 Retention 90.87% PPC $383 and Gen X population Online, with Mobile 4.48 99.49% $446 $63 16% Seniors Accounts owned Retention PPC Online, without Mobile 4.49 90.87% $408 Online, with Mobile 5.16 99.49% $513 $106 26%12 Intuit Profitability Study, IFS FI’s. 2011 Intuit Proprietary & Confidential
FI’s offering mobile solutions can increase revenue and lower costs Increase Marketing Traffic Mobile Consumers access financial information 80% more frequently Increase Revenue Mobile Consumers conduct 38% more monthly debit card purchases than Online & non- Mobile. High Retention Mobile drives deep engagement aiding retention; lowers cost to acquire new13 Intuit Profitability Study, IFS FI’s. 2011 Intuit Proprietary & Confidential