Intuit Innovation Lab: Building Financial Resilience Using Behavioral Science

Powering Prosperity, Technology Screen Shot 2018-07-19 at 12.30.03 PM

To explore how emerging technologies can further enhance our customers’ experiences, we hosted our first-ever Innovation Lab in San Francisco – an evening dedicated to shaping the future of FinTech through conversations with industry leaders, and demonstrations of experiments featuring different applications of emerging technologies like artificial intelligence, machine learning, behavioral science, emotion recognition, and blockchain.

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The hypothesis behind Intuit’s Nirmala Ranganathan’s experiment poses that artificial intelligence and behavioral science can empower customers to be more financially literate and savvy. While many folks set financial goals, strategizing a savings plan can be difficult, resulting in risk and uncertainty – especially in emergency situations. By building upon users’ existing behaviors, Intuit can help them improve their financial resilience.

Ranganathan’s end result, which Ranganathan dubs “Shield,” involves a series of personality-based quizzes and tailored recommendations to help users make better financial decisions. It uses behavioral science to gain a deeper understanding of our customers and personalize their experience.

Stay tuned for more deep dives into various experiments we conducted and demonstrated at our Innovation Lab event!

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