Although FIs don’t typically offer tax preparation or filing services, taxes are as large a part of a consumer’s financial picture as any banking product or service. In an age of dispersed financial relationships, commoditization of banking products, and encroaching non-bank competition, FIs cannot afford to ignore any part of their customers’ finances – especially a ubiquitous, recurring imperative like taxes.

In this report, Javelin identifies numerous opportunities for banks and credit unions to expand their role, running the gamut from rudimentary digital access to tax statements and generic tax preparation tips to hands-on and automated digital tools that customers can use year-round, and partnerships with tax preparation companies that can provide full-service experiences.

Key questions discussed in this report:

• What role should FIs play in helping customers with their taxes?
• How can FIs help address customers’ questions and concerns about taxes?
• How can FIs leverage modern digital banking tools to provide engaging tax experiences?
• How can FIs attract tax refund deposits and assist with tax bills?
• What must FIs and vendors do to elevate experiences from “do it yourself” to “do it for me”?

Companies Mentioned:

Ally Bank, Bank of America, Block, Cash App, Chase, Credit Karma, Found, H&R Block, Jackson Hewitt, Lance, Lili, Square, TaxSlayer, Intuit (TurboTax), USAA, Wells Fargo