Investor Day 2022 - Technology fueling innovation - Marianna Tessel

Heard quite a bit today the word platform, so I want to take you through how the platform actually fuels our innovation here at the company. First of all, I want to start with technology strategy. As Sasan shared, we start always with the customer, and everything that we do in technology is in the service of the company and the service of the customer. Our technology strategy is also driven by our big bets, our true north goals, and our company bold goals. Last, it's guided by our strategy of being AI-driven expert platform.

For ourselves in everything that we do, the second one is to power vision with world-class Intuit platform capabilities. What this means is that we're building a platform with capabilities. And the last one is to accelerate our work with modern Intuit development environment. That means that our developers deserve and have the most modern tools that are out there. I want to now introduce you to a concept we call a city map. The platform is not a theoretical thing for us; it's actually anchored in something we call the city map. The city map reflects our architecture and it reflects our business. It actually shows everything that we are developing. It drives our innovation.

We also accelerate our acquisitions in MailChimp and Credit Karma and others. We're not limited by it; it actually empowers us. It changes as we need to change it. We can add new technologies into it and we continue to evolve it organically as we learn. In a nutshell, the city map creates leverage and speed for us, and it's key in our transformation to a platform company. So now that I talked about it, let me show it to you. Well, this is the city map, right? It's a map of all of our capabilities, and every capability is actually representing—every box here is representing a capability. But before I actually go into details, I want you to understand the scale that is out there: 60 billion machine learning predictions per day, and it's the largest virtual expert platform that powers our live growth. What you see in here is just the top level. The capabilities, like I said, are boxes, but internally we have the details underneath that all the way to the code.

I want to actually take you through it and build it up like a cake, level by level. We're going to start with some key building blocks: our development environment and our enterprise systems. Our development environment is a modern SaaS environment. It has world-class capabilities that help us develop and deploy. Like finance and workforce management, many companies call it IT. We actually use these and view them as strategic capabilities to us. We're going to build the next three levels: security, risk and fraud; data infrastructure; and AI infrastructure. Security helps us secure our experiences and deliver code that our customers can trust and use with confidence. Data infrastructure helps us organize, process, and interpret data. AI infrastructure has everything that we need to use and deploy machine learning, knowledge engineering, and more.

The platform—I want you to understand something. The layers actually work together. In this case, for example, the more data and AI we have, the better security we have. The better security we have and fraud prevention, the faster we can deliver benefit to our customers. So let's build the next three layers: core capabilities, customer growth and engagement, and business domain capabilities. Core capabilities are the most leveraged capabilities that we have across the company. They allow our experiences to work together. They have the building blocks for our product and experiences. One example of such core capability is solutions and ideas with speed. Last, business domain has the business logic for applications, and we build it in a way that we can meet our customers wherever they are: mobile, web, voice, and someday hopefully soon in the metaverse. I want to point you out all the way to the right. It has the virtual expert platform. You see it says expertise. This actually powers our big bet two and many other experiences that we have in the company, in particular again connecting people to experts.

The last layer is the app layer. All the capabilities are building blocks to what our customers see, which is the applications. It helps us solve our customers' problems. That actually helps us innovate with speed and deliver the benefit to the customers we talked about. But I don't want to stop there. I want to actually take you through a little bit more in depth and bring it more to life, and actually explain to you how the capabilities end up in innovation. So we're going to go through five examples. The first one is modern development environment. This is the environment that really helps our developers move with speed. All of our solutions start here. We actually made amazing progress over the last three years. We are 100% in the cloud. All of our services are fully in the cloud. Our scale is massive. At peak, we have 1 million CPU cores that we use. One of our open source components, Argo, is so popular that it is used by over a thousand companies, including Google, Alibaba, GitHub, Tesla. This modern environment really allows us to move with speed. In the last couple of years, we increased 6x the time it takes us to release code into production, so our developers are 6x faster.

Let's take a look at another example: AI infrastructure. Again, our strategy is to be an AI-driven expert platform, so AI is very important for us. In fact, we are delivering AI at scale. I want to remind you again some of the numbers. Personalized models are running in production at any given time to deliver that value for our customers. We have over 700 AI patents. This really allows us to move with speed and empowers us and our developers to create smart products for our customers. Now take a look at the right here, and you saw it upstairs as well: matchmaking in TurboTax Live. On the surface, you might say this is really an easy problem—it's finding a schedule slot and matching an expert to a customer. However, this is actually a very sophisticated AI problem. It's about matching hundreds of attributes to match the perfect expert to the customer. All of this in real time during peak. We're able to do matchmaking in as little time as 500 milliseconds. This is unbelievable. Not only that, this results in better customer experience. The outcome is also more productive experts. We're actually able to reduce one hour in the time it takes to serve TurboTax Live customers on our virtual expert platform.

Let's look at the next component. This one we call data integration. But again, before we actually look at data integration, let's kind of remind ourselves again: data is the lifeline for our products. It's the data points that we have. Again, massive data. It is critical for us to have the right data at the right time. So data integration really handles the acquisition and exchange of data from and to third parties. This external data to us, and we actually set the standard here. We have best-in-class network of 24,000 financial institutions, this across 41 countries. We actually save our customers millions of hours of work. And this year again, you can see on the right, customers started to invest in crypto because we have an amazing platform capability we can build on.

Now another example is our fintech infrastructure. We have the critical capabilities to move money on our platform and to give our customers faster access to their money. It is critical for our customers. We actually have been busy building the capability in the last seven years, so we have a lot to kind of use here. And we're again at a massive scale. This year alone, $2 trillion of investments were managed on our platform. $465 billion moved. $270 billion were managed in small business payroll. And $1.3 billion in loans were originated on QuickBooks. All of this is actually enabled by our platform. We can draw money as soon as the info is sent. This is again really unprecedented. It will reduce the time for customers to wait for invoice from 30 days to one day. Money movement is really at the heart of many innovations, and this one as well. And we are really well positioned to build things like accounts payable and bill pay.

The last example I want to take you through is identity. It's a core component we talked about. I want to remind you that we have 103 million customers. Our identity system, which we actually refactored in the last couple of years, is very modern and it has modern authentication and authorization capabilities. It's kind of a sophisticated system. It served 3.6 billion requests with absolutely zero failures. Our identity system is sophisticated and allows our customers to connect quickly to our products. This includes Credit Karma and other offerings we have. It actually opens new experiences for customers. We built something that we called Data Bridge to accomplish that. It helps us to exchange data in real time. This is not something we were able to do in the past. The Data Bridge enables 3x growth in TurboTax online. Customers actually deposited refund into Credit Karma money account. Again, I think you saw the demo upstairs. Since I touched on Credit Karma, I want to highlight how our products work together and bring value to the customers and the speed of innovation. However, we do all of that while maintaining architectural integrity. As an example, Data Bridge that I just talked about has over 5 billion data elements that it moved in the last six months. We also developed something we called bidirectional account linking that helps us do single sign-on between Credit Karma and Intuit products. It allows our customers to seamlessly move from one product to another, and we're going to expand it to MailChimp. And the fact that our products sometimes are in multiple clouds doesn't slow us down. We are actually able to interoperate between clouds in real time.

We are a significantly different company than we were five years ago. We evolved from siloed stacks to one platform with capabilities. It allows us to use cutting-edge technologies and innovate with speed for our customers. In fact, we created a flywheel. We actually get faster and better all the time, and we can deliver new value to customers every single day. Thank you all so much, and with that I would like to hand it off to Alex.