Intuit uses real-time AI data to expand small-business lending
Intuit says real-time financial data and AI help it forecast cash-flow shortages and proactively offer credit lines or term loans to small businesses. The company reports that annual lending grew from about $400 million four years ago to nearly $7 billion in its latest fiscal year, supported by an average of 625,000 data points across 10 million businesses on its platform. Its QuickBooks-integrated business credit card adds spending data, while AI-assisted actions involving money movement still require human approval.
Intuit is positioning its combination of live financial data, AI-assisted workflows and lending as a way for software providers to compete more directly with traditional banks in serving small businesses.
Small businesses have long treated cash flow management as an afterthought, tallying expenses after the money is gone. Now, financial platforms are folding payments, payroll, credit and lending into one system that can see money moving both ways — and predict where it is headed.
That shift puts software providers in direct competition with banks for small-business credit. Intuit Inc. says its view of both sides of the ledger, paired with AI pushing finance toward automation, gives it an edge traditional lenders cannot match, according to Todd Denbo (pictured), senior vice president of lending and commercial leader of Money at Intuit.
“We can see the expenses you’ve got queued up,” Denbo said. “For us, we can effectively predict that you’re going to have a cash flow shortage. That’s why we’ve got our lending businesses as well, so we can proactively offer lines of credit or a term loan to bridge that gap.”
Denbo spoke with theCUBE’s Alison Kosik and Christophe Bertrand at Intuit Connect, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed how Intuit uses real-time financial data and AI to help small businesses manage cash flow and automate financial tasks. (* Disclosure below.)
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