Banks and firms bet on hidden layers of their services
Financial companies are now developing their main offerings into flexible components that can serve multiple sectors, potentially altering how enterprises engage with financial services. Two firms—Intuit and SoFi, are pursuing distinct strategies to maintain relevance as customer demands evolve.
Intuit has begun merging its financial and business applications into an agentic AI framework through a collaboration with Perplexity. This reflects an expectation that future business tools will primarily operate through AI interfaces instead of conventional software. Originally designed as an AI search and response system, Perplexity has since transformed into a multi-functional assistant capable of executing cross-platform tasks.
The alliance, revealed on August 31, integrates QuickBooks and Mailchimp into Perplexity Computer, enabling users to access Intuit’s features directly within Perplexity’s workflows. Unlike typical AI search platforms, this arrangement lets business operators oversee cash flow, track unpaid invoices, automate billing, and distribute payment links, all from a single interface. Marketing professionals can also monitor campaign effectiveness and assess revenue-generating prospects.
Intuit aims to transition from handling discrete tasks to managing sophisticated, automated business processes. “By pairing their AI platform with the rich data and deep domain expertise behind our trusted financial system of intelligence, we’re empowering customers to seamlessly execute complex tasks to successfully run and grow their businesses,” said Alex Balazs, Intuit’s Chief Technology Officer.
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This direction implies a future where financial services evolve from isolated products into essential components supporting broader business functions. The difficulty lies in balancing user convenience with data protection, particularly as confidential financial information enters AI-driven systems. If this strategy succeeds, it could establish a standard for how traditional financial tools adapt to contemporary workflows.
SoFi has adopted a contrasting approach by converting its financial infrastructure into reusable modules for other businesses. Instead of embedding its services within AI tools, SoFi is positioning itself as a backend supplier, enabling third parties to incorporate its lending, payment, and banking systems into their own platforms. This model supports the industry trend of financial services becoming adaptable elements within larger ecosystems.
The two companies demonstrate a larger industry movement: financial providers are no longer merely selling products but offering customizable infrastructure. Intuit prioritizes AI accessibility for its tools, while SoFi focuses on becoming a versatile foundation for other enterprises. Both paths address a central challenge: maintaining importance as work methods continue to shift.
Security concerns remain critical as these transitions unfold. The integration of sensitive financial data into AI environments demands robust safeguards to prevent breaches or misuse. Companies must also ensure their modular systems remain interoperable across different platforms without compromising functionality.
