Learning from the digital transformation experience of banks to evolve mobile tax technology

November 20, 2019


Trust and strong relationships in the banking industry were historically built through face-to-face interactions with clients. So it’s no surprise that there was a perceived risk of losing business when banks digitized their operations with mobile banking apps. Clients who once visited the local bank branch and interacted with a teller could perform their banking tasks like depositing checks via mobile phones. How would clients react?

Banks discovered that most clients value the convenience of mobile apps and the time saved by using digital services. And for clients that preferred to visit the local branch, that option was still available. As a result, the banking industry experienced a digital transformation that generated higher profits and increased client satisfaction.

Will the tax preparation industry leverage mobile technologies to do the same?

Mobile banking technology

When smartphone technology emerged, banks were one of the first industries to take advantage of it asn an opportunity to improve customer service and enhance their business model. Banks recognized that they needed to evolve in order to continue to meet client needs. Mobile apps made that possible for the banking industry, and TaxCaddy is making it possible for the tax preparation industry as well!

Banks enabled customers to deposit checks electronically through mobile applications with the ability to capture high-quality images with a smartphone, crop the borders around checks, and verify the image quality before accepting it for deposit. The new process ensured quality and security for the transmitted information while delivering a convenience their clients needed.

Providing mobile options enabled banks to not only boost customer satisfaction but lower their costs as well. Banks reduced the various expenses associated with physical transactions such as paper, ink, toner, envelopes, storage and retrieval. Most banks even downsized their brick and mortar facilities due to the decreasing amount of in-person traffic.

Digital banking has also provided customers a number of other convenient shortcuts such as instantly transferring funds, accessing statements as soon as they’re available and keeping a complete history of all deposits, withdrawals and transactions.

Learn more about the mobile experience your clients expect. Download our whitepaper "Your Clients Want Mobile Options. Are you Delivering?" >>

How TaxCaddy uses a similar model to deliver exceptional customer service and savings for your firm

Much like how banks leveraged technology to delight customers and increase the efficiency of their internal processes, TaxCaddy does the same for CPA firms.

The TaxCaddy app for iPad, iPhone and Android comes equipped with a photoscanning feature that allows taxpayers to take photos of their tax documents.  The photos are immediately converted to clear, cropped PDFs that are compatible with scan and populate software. TaxCaddy gives your clients the convenience they want in a solution that fits right into your internal process.

Once the taxpayer takes a photo, they are given the option to categorize and name the PDF and then take photos of additional pages.

The TaxCaddy mobile app allows users to fill out their questionnaire wherever they are, and work on it incrementally at their convenience. Once the questionnaire is complete, your firm is automatically notified, and the clients’ document request list is automatically updated.

With just the tap of a button, clients can electronically sign engagement letters, consent forms, statements of work and other documents and have them instantly delivered back to your firm. This feature is 100% IRS compliant.

TaxCaddy Features E-signature on all devices

Clients can easily pay their invoice as soon as they receive their completed return. Your firm can choose whether to accept payments from credit card or ACH. Clients are also able to keep a log of previous invoices and refunds under this tab.

Taxcaddy Messaging ensures seamless collaboration with clients

Through TaxCaddy’s messaging feature, communication between you and your clients is contained in a single location. Say goodbye to loose email threads and keep track of conversations all in one place!

Final Words:

By providing mobile options, the banking industry managed to satisfy the evolving needs of their customers, reduce administrative costs and improve efficiency. Implementing TaxCaddy into your firm’s workflow allows you to do the same! TaxCaddy provides a simple way for your clients to deliver their documents and data which simplifies tax time for you and your firm.

Learn more about how you can exceed client expectations in “Your 1040 Clients Want Mobile Options. Are Your Delivering?"

Here’s what TaxCaddy users are saying:

“It was so easy to take photos of all of the documents to send on. It saved me a tremendous amount of time. Made tax season less stressful!”- A user of TaxCaddy

“Very easy to use and secure. TaxCaddy made the organization, upload, and ability to access documents at later points in time very easy and convenient.” - A user of TaxCaddy

“TaxCaddy simplified the process by eliminating the need to make multiple copies. It also provided an immediate receipt of documents versus having to rely on Federal Express or the US Mail. The ease of downloading information directly to [TaxCaddy] was a tremendous time-saver.” - A user of TaxCaddy

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