Author of more than 20 fintech patents — Meet our CTO Marko Rukonic!

After developing key expense management algorithms powering Mint and Quickbooks, that delight customers and businesses around the world for +10 years, Marko Rukonic took all of his knowledge, experience, and personal funds to start Revuto — an intuitive app that lets you block, snooze, or approve any subscription payment in seconds. He holds over 20 fintech patents and has several peer-reviewed publications on using Artificial Intelligence (AI) in expense management.

In 2020, Marko decided to join the team of co-founders of Revuto as a CTO. At Revuto, he hopes to revolutionize subscription management, one of the key ideas he was unable to realize in Intuit.

“Through decades of dealing with software in the field of personal finance, I follow the development of the technology and ecosystem of online subscriptions. In addition, I am witnessing the frustrations of service providers and their users. Thanks to my deep expertise in the field of financial software, this is a problem that I know how to solve elegantly, but not in the system of a large fintech company. So I decided to leave Intuit, join a small team of smart and focused contributors, and start a revolution in online subscription management.”

Marko Rukonic, Co-founder & CTO of Revuto

AI Magazine

Marko Rukonic, who is the author of 27 patents related to artificial intelligence (AI) and financial transactions, was recently published in the most prestigious AI magazine in the world. AI magazine is a publication of AAAI, the world’s most respected organization for artificial intelligence. They organize several annual specialized AI conferences, and Marko participated in the one for innovative AI applications (the conference is called IAAI, which can be confusing because aaai is the organizer, for details see aaai.org). There are presented exclusively peer-reviewed scientific papers in the field of application of artificial intelligence.

Marko and his team from Intuit thus participated in January 2019 at IAAI-19 Honolulu, where they received an award for the deployed application. As winners, they had the right to publish their work in a journal. The paper generally contains a great deal of mathematics and especially statistics, while the journal contains only a simplified version. Also, with other work, they participated in the same IAAI-20 conference held in New York this February. There they showed that they were the first in the world to create a credit scoring system through machine learning only through transactions.

Intuit & Mint

Marko is a software engineer who has built Intuit’s machine-learning systems that analyze billions of financial transactions each year.

“At Intuit I worked as a software engineer on the Quicken line of products — financial portal Quicken.com, Quicken desktop, and finally Quicken Online, later replaced with Mint.com. After Mint.com I switched my attention to QuickBooks. While working on Quicken desktop product I won my first Founder’s innovation award, which Intuit founder Scott Cook awards to the most innovative implemented solution every year. I have invented a way for the Quicken testing team to increase testing capacity by 35%, which in turn resulted in an overall better product with fewer defects.”

Marko Rukonic, Co-founder & CTO of Revuto

After Intuit acquired Mint.com in 2009, Mint replaced Quicken online as Intuit’s flagship personal finance product.

“I continued my work on transaction classification in Mint, but also came up with many more inventions, such as user-contributed web site scripting and identifying merchants associated with cash transactions. While working on Mint, I realized that Intuit is not optimizing advertising well — Mint would show ads paid for by financial services companies, but those ads were not shown to customers optimally. Therefore, along with my small team at Mint, I invented a way for product managers to target Intuit’s customers in such a way that ads are relevant. As an example, we’d show ads for credit cards with mileage rewards only to customers that we knew were frequent travelers; we’d show ads for a home equity line of credit only to customers who we knew were homeowners. This “knowledge of customer behavior” is enabled by accurate categorization, the service is called Mint Advice and I received my 3rd Founder’s innovation award for this invention.”

Marko Rukonic, Co-founder & CTO of Revuto

Marko, as mentioned, has two decades of expertise in the design, development, and deployment of high-reliability distributed software for online processing of financial data and payments. Marko holds a Master of Science degree in Electrical Engineering and Computer Science from the University of Zagreb and is an inventor on more than 20 patents and a co-author of several peer-reviewed technical publications that you can see here:

Peer-reviewed papers:

Large Scale Personalized Categorization of Financial Transactions — Jul 16, 2019

Proceedings of the AAAI Conference on Artificial Intelligence: https://www.aaai.org/ojs/index.php/AAAI/article/view/4984

Using Small Business Banking Data for Explainable Credit Risk Scoring — Apr 3, 2020

Proceedings of the AAAI Conference on Artificial Intelligence: https://www.aaai.org/ojs/index.php/AAAI/article/view/7055

Google Scholar: https://scholar.google.com/citations?user=kk-VLMcAAAAJ&hl=en

Sign up for Revuto.com

If you haven’t, sign up for Revuto: https://revuto.com/ and earn rewards! The app will be available by the end of 2020 so stay tuned! :)

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Control your subscriptions with Revuto! Visit our web: https://revuto.com/ for more info 🚀

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