How Intuit is harnessing the power of GenAI to transform finances
For forty years, Intuit has grown and thrived through multiple technological platform shifts. With each shift, we’ve led the way in harnessing the power of new technologies to help our customers prosper and better manage their money. Today, AI presents the next tectonic shift in technology, and Intuit is once again positioned to transform the way people do their finances and deliver breakthrough innovations to our customers around the world.
Five years ago I declared that AI will be the greatest driver of innovation since electricity and the internet. Inspired by that potential, we’ve been innovating and investing in building a global financial platform that plays a critical role in the financial lives of consumers and small businesses every single day. At the heart of our platform is robust data and AI capabilities. With our more than 100M customers, Intuit has eight million small businesses that do business on our platform everyday and we connect with over 24,000 financial institutions. As a result, we have over 400,000 financial and customer attributes per small business. Additionally, we have over 55,000 financial and tax attributes for each consumer, including things such as income, expenses, credit history, spending history, outstanding loans, cash flow, and tax information. With our customers’ permission, this rich data platform is a powerful foundation fueling innovation and delivering deeply human and personalized experiences.
Building on this rich data and existing AI capabilities, we’re now expanding our platform to include the Intuit Generative AI operating system (GenOS), a proprietary capability that empowers Intuit technologists to design, build and deploy breakthrough generative AI (GenAI) experiences with unparalleled speed. We also introduced custom-trained financial large language models (LLMs) that specialize in solving tax, accounting, marketing, cash flow, and personal finance challenges. GenOS will supercharge our ability to do the hard work “automagically” on behalf of our customers, seamlessly delivering insights and actions to put more money in their pockets with total confidence. We are fueling rapid innovation at scale across our products and services to solve our customers' most important financial challenges and to drive durable growth. We believe that GenOS enables us to create truly revolutionary AI-assisted experiences for our customers which we will share more about in the future.
We will be a platform that does everything for a small business, unlocking numerous monetization opportunities as we introduce new features. Small businesses will drive growth through specific recommendations and actions tailored specifically for them, such as managing their cash flow and growing their businesses. To fuel their success, small business customers will know and be able to take action on what products and services to sell more of, how to optimize pricing, how much to invest in marketing, which channels to invest in, how much capital to take, when to pay it back, know when it’s time to buy more inventory and hire more employees. We are already seeing the power in GenAI in action at Mailchimp where a new email content generation solution empowers users to create marketing copy that they can easily drag and drop into emails they’re sending to existing and prospective customers.
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For consumers, we’ll be a platform that does everything they need in their financial lives, providing them a pathway to prosper. Consumers will know what their largest tax deductions are and how to get their largest tax refund, all while delivering an accurate return. This year, we delivered an AI-driven express tax platform that helped customers file taxes in as few as four minutes. Consumers looking to improve their financial position will seamlessly get access to credit to make ends meet with personalized recommendations for credit products. Without having to do a search, customers can improve their credit, get early access to wages and tax refunds, and access the best auto and home loans for their personal situation, all without doing any manual work.
One thing that will not change is our enduring commitment to earning the trust of our customers. Amidst the delivery of these game changing AI-driven experiences, Intuit will continue to fiercely protect the privacy of all customers’ data. That commitment has always been at core of our company and will be even more important in the age of AI.
It’s an incredibly exciting time for everyone at Intuit. Generative AI is transforming the way humans interact with computers. Intuit is uniquely positioned to lead the next wave of transformation and disruption given our rich data platform, established AI foundation, commitment to data stewardship, and the introduction of our proprietary Intuit GenAI Operating System. As we enter this new era, we look forward to using AI to transform finances and delivering breakthrough AI innovations to our customers to power their prosperity.
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2moThanks for nice delivering
Chief Information Officer ★ Award Winning AI & Digital Transformation Leader ★ Cybersecurity Strategist ★ I Fix Digital Bottlenecks to Achieve 3x Growth & Efficiency.
4moI can see the long-term vision behind this article that was envisioned back in 2023. Looking at AI's current growth trajectory, I'm confident Intuit has developed strategic plans to implement enhanced automation and practices that will significantly improve customer metrics like time-to-resolution. While I haven't personally been an Intuit customer or worked directly with their technologies, I've followed their journey for quite some time. They consistently deliver great ideas supported by exceptional UX/UI design. However, there remains a noticeable gap in customer support that needs addressing to truly make Intuit the first choice for customers.
Cybersecurity Expert, Systems Architect, Computer Scientist
1yYou guys just buy your competition and destroy your reputation and your ability to acquire, good talent, engineers. When you figure out that it takes more than just ChatGPT through the Web to make it work for your business need you’re not gonna be able to hire the people that you need. Cash app is gonna eat your lunch. And you deserve it.
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1yI use to praise Intuit and would switch clients to the QBO Platform effortlessly. However, with all the “UPGRADES/UPDATES” over the past year is causing hours and hours of unbillable work for Bookkeepers and Accountants. The fact that Intuit/QBO would initiate "UPGRADES/UPDATES” during the 4th Quarter of the year and the 1st Quarter of the following year, which is the busiest time of year for Accountants/Bookkeepers/Pro Advisors, is beyond my understanding. As a Financial Software company, you would think they would know not to do this. You would also think Intuit would give their ProAdvisor’s a heads-up before initiating these untested “UPGRADES/UPDATES”.