Intuit (INTU) BofA Securities 2024 Global Technology Conference summary

Leadership and company culture

• Mark Notarainni has been with the company for 16 years, progressing through roles in TurboTax, Small Business Group, and now leads the Consumer Group.

• The company culture emphasizes people, values, and a mission of powering prosperity for consumers and small businesses.

• There is a strong focus on customer obsession and helping users define and achieve prosperity.

Product evolution and market strategy

• TurboTax Live and Full Service were launched to bridge the gap between DIY and Assisted tax preparation, targeting a $31 billion Assisted market.

• The platform leverages technology to provide local, personalized expert support, enhancing trust and customer experience.

• Assisted services now offer persistent connections with customers, focusing on life events and ongoing advisory rather than just annual tax filing.

Technology and AI integration

• The company uses a technology-first approach, integrating generative AI to automate document handling and shift focus from data entry to advisory.

• Intuit Assist, powered by multiple LLMs including a proprietary FinLM, is embedded across the consumer tax experience for proactive, reactive, and explainable support.

• Over 24 million customers interacted with generative AI features, improving engagement and conversion rates.