Big Data for the Little Guy: What’s Next for Consumers, Small Business

  Big Data for the Little Guy: What’s Next for Consumers, Small Business

    Intuit Research Reveals New Data Democracy; Benefits Expand to Broader
                                   Audience

Business Wire

MOUNTAIN VIEW, Calif. -- December 14, 2012

Big data is no longer the exclusive domain of big business.

A new 10-year forecast commissioned by Intuit Inc. (Nasdaq: INTU) envisions a
“new data democracy” where small business owners and consumers make smarter,
more informed decisions by gaining access to a wealth of new information. “The
New Data Democracy: How Big Data Will Revolutionize the Lives of Small
Business and Consumers,” was prepared by Emergent Research and is the latest
in Intuit’s 2020 research series.

“Big data has long been seen as a big opportunity for big business,” said Brad
Smith, Intuit president and chief executive officer. “We actually think that
the biggest opportunity is giving consumers and small businesses the power of
data. We look forward to a new era where big data benefits the little guy.”

Three Findings on the Future of Data

The new report reveals three important trends for consumers and small
businesses as big data continues to grow and proliferate:

  *The New Data Democracy – Data will become a new vital raw material for
    consumers and small businesses. As access to and the ability to refine
    this massive volume of information into powerful analytical tools grows,
    data will become a new type of resource, on par with capital and labor.
  *Data Empowers Consumers – Data will help people navigate the maze of
    modern life. With people connected through the global grid and mobile
    devices, data will shape decisions both large and small, inform purchasing
    decisions and create communities and relationships.
  *Data Drives Main Street Digital – Big data will move from Wall Street to
    Main Street. Armed with insights and capabilities once only available to
    corporate giants, small businesses will create new ways to operate more
    efficiently, finding new customers, improving their bottom-line results
    and driving economic growth.

“This research details how consumers and small businesses will benefit from
the growth of big data,” said Steve King, partner at Emergent Research, a
research and consulting firm focused on the small business sector of the
global economy. “We are at the onset of a data revolution that will provide
new and meaningful ways for data-empowered consumers and small businesses to
connect and engage with their communities, make decisions and simplify their
lives.”

Intuit’s Focus – Giving Customers the Power of Data

Intuit is entrusted with the collective data of 60 million customers – a
unique pool of data that covers the financial spectrum – ranging from
individual purchase history to business inventories. Of the company’s 60
million end users, 45 million use connected services – cloud, mobile and
digital services – creating a valuable source of data and insights.

Intuit’s unique focus on delivering “Big Data for the Little Guy” empowers
individuals and small businesses by allowing them to benefit from the power of
their own data as well as the collective wisdom of millions of fellow Intuit
customers. This means that small businesses now have access to insights that
were once only available to big, multi-million dollar companies, and enables
consumers to put their own data back to work for them.

“Data is the catalyst that is powering new innovative products that will
improve the lives of our customers and help us grow our business,” said Smith.

The New Data Democracy in Action

Connected through the global grid and mobile devices, the data revolution will
shape how individuals make decisions, change the rules of commerce and level
the playing field for small businesses and consumers. Intuit is already
bringing powerful data-driven insights to its customers.Examples include:

  *QuickBooks Online's Trends feature, which anonymously aggregates customer
    data, allows small businesses to see how their income and expenses stack
    up against similar businesses. For example, a roofer in Philadelphia
    grossing $250,000 a year can compare results with other roofers in the
    area or across the country.
  *Demandforce, which provides the leading consumer demand creation solution
    for small businesses that empowers them to tap into their own data to grow
    revenue, keep clients coming back, and manage operations more effectively.
    Demandforce has delivered more than $1 billion in incremental revenue for
    its 35,000 small business customers.
  *Intuit Loan Finder, a new service that helps small businesses obtain
    capital faster and at lower rates from lenders. The service also helps
    lenders make more informed risk decisions, increasing the potential for
    small businesses to obtain a loan quickly.
  *Mint, which customers rely on to interpret their unique data to help them
    save money on everything from lower credit card fees to better mortgage
    rates. Through its Ways to Save engine, Mint has identified more than $2.4
    billion in savings for its 10 million users.
  *Mobile Purchase Rewards, which allows consumers to receive customized
    discounts based on personal buying habits, which they can redeem with the
    swipe of a debit card, no coupons required. The savings are then
    automatically deposited back in their checking account at the end of each
    month.

Looking ahead, Intuit is exploring new and meaningful ways to create
connections between its 60 million customers. For example, in the past year,
more than 1.2 million Mint users did business with nearly 70,000 QuickBooks
Online customers, resulting in 3.3 million transactions. By empowering these
connections, Intuit can provide data that delivers new and meaningful insights
to help customers thrive.

“All of Intuit's data-driven innovations are built on a strong foundation of
privacy, security and customer choice,” said Barb Lawler, Intuit’s chief
privacy officer. “We have a 30-year legacy of handling financial data with the
utmost responsibility and care. We will continually work to safeguard our
customers as we develop innovative new data-driven benefits for them.”

Suggested Links:

  *Report: The New Data Democracy and Perspective from CEO Brad Smith
  *Intuit CEO Brad Smith Presentation on Big Data for the Little Guy
  *Omnibus Survey of Small Business Attitudes on Big Data
  *Video: Big Data for the Little Guy
  *Emergent Research

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management
solutions for small and mid-sized businesses; financial institutions,
including banks and credit unions; consumers and accounting professionals. Its
flagship products and services, including QuickBooks®, Quicken® and TurboTax®,
simplify small business management and payroll processing, personal finance,
and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading
tax preparation offerings for professional accountants. Intuit Financial
Services helps banks and credit unions grow by offering innovative online and
mobile banking solutions that make it easier for consumers and businesses to
manage their money.

Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year
2012. The company has approximately 8,500 employees with major offices in the
United States, Canada, the United Kingdom, India and other locations. More
information can be found at www.intuit.com.

Intuit and the Intuit logo, are registered trademarks and/or registered
service marks of Intuit Inc. in the United States and other countries.

Contact:

Intuit Inc.
Cassie Divine, 650-944-5512
Cassie_Divine@intuit.com
or
Access Communications for Intuit
Jodi Maroney, 415-713-4933
jmaroney@accesspr.com
 
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