Credit Karma gave out free credit score checks as well as tax forms at no charge. Intuit also faced a serious challenge from Credit Karma. The companies formed an alliance in 2013, streamlining transaction data. Here, instead of fighting, Intuit cultivated a partnership. For example, with an increasingly cashless society, Square has built an extensive financial ecosystem. Intuit continues to masterfully manage its possible competitive threats on other fronts as well. Still, the company link to QuickBooks and Mint and the connections to numerous financial institutions help to make Intuit's tax software more efficient. On the tax front, TaxAct, H&R Block, and countless others compete with TurboTax.
Likewise, Intuit has attracted its share of competitors. Even Apple has to contend with Alphabet's Android operating system for smartphones and tablets. Investors should remember that ecosystems do not necessarily dominate.
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