How Banks Can Help Make Taxes Less Taxing
- Date:February 22, 2023
- Author(s):
- Dylan Lerner
- Report Details: 14 pages, 6 graphics
- Research Topic(s):
- Digital Banking
- Digital Strategy & Experience
- PAID CONTENT
Overview
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
Learn More About This Report & Javelin
Related content
Identifying ‘Killer Use Cases’ in Small-Business Instant Payments
Instant payments are proliferating, and business bankers are searching for a set of “killer use cases” to drive widespread adoption. Many businesses are experimenting with instant ...
The Boomers Are OK— and Shouldn’t Be Your Digital Banking Priority
Many banks and credit unions with aging customer bases worry they will alienate Baby Boomers by pouring investments into mobile-first banking to woo younger consumers. But mounting...
Six Alert Flaws That Banks Can Fix Today
Alerts enable banks to initiate meaningful digital conversations and entice customers to log in to learn, seek advice, and act. But a Javelin Strategy & Research analysis of eight ...
Make informed decisions in a digital financial world