Intuit recently launched its innovative Intuit Assist, an AI-powered assistant designed to offer personalized guidance to its 100 million customers across TurboTax, QuickBooks, Credit Karma, and Mailchimp. This new feature is the result of a decade of work by Intuit scientists, who have leveraged machine learning and AI to enhance the company’s consumer and small business offerings.
To make AI successful, large amounts of data are required, and Intuit has that in abundance. The company not only possesses vast quantities of business data but also boasts extensive AI experience. Unlike many companies that have only recently started experimenting with AI, Intuit has spent ten years developing AI to improve its products and streamline operations. Currently, the company has 2 million AI models in production, making 65 billion machine learning predictions each day.
Intuit’s invaluable datasets provide a comprehensive and highly accurate view of its customers and their businesses. With 500,000 customer and financial attributes per small business and 60,000 tax and financial attributes per consumer, Intuit’s machine learning and generative AI models can deliver intelligent insights and personalized recommendations regarding customers’ income, expenses, profitability, and cash flows. The company uses both general and custom-trained financial-specific large language models (LLMs) for various purposes such as tax, accounting, marketing, cash flow, and personal finance.
Intuit Assist differentiates itself from previous systems by utilizing sophisticated AI to walk customers through complex workflows, provide personalized insights, act as a financial assistant, and even perform tasks on behalf of users if desired. The recent advancements in AI have been driven by large language models like OpenAI’s GPT-4, which are trained on massive amounts of data scraped from the internet. Although these out-of-the-box LLMs have limited capabilities, Intuit uses them as starting points to create specialized models for its different businesses. The company employs an AI technique called fine-tuning to train LLMs, allowing for the creation of highly accurate generative AI models specific to tax accounting, cash flow, marketing, and personal finance.
Intuit Assist is an AI-powered financial assistant that offers users personalized and intelligent financial insights and recommendations. It integrates seamlessly with TurboTax, Credit Karma, QuickBooks, and Mailchimp. The combination of customer data and generative AI enables Intuit Assist to provide highly personalized and accurate recommendations. The flexibility of Intuit Assist allows users to choose from various options. They can utilize it as a guide, rely on it as an assistant, or even let it take over and handle everything on their behalf. For users who prefer human assistance, there is also an option to connect with a tax or bookkeeping expert.
Intuit Assist models are all built on Intuit’s generative AI operating system, GenOS. With over 60 petabytes of data and nearly 20 billion financial transactions imported annually, Intuit’s platform has the capacity to personalize customer AI interactions. GenOS comprises four core generative AI components: GenRuntime, GenStudio, GenUX, and financial large language models. These components work together to ensure users receive accurate and complete responses tailored to their specific needs and situations.
Overall, Intuit Assist is an impressive and sophisticated AI tool that understands context, anticipates needs, and provides tailored recommendations. Currently undergoing beta testing, Intuit Assist will soon be available on a wider scale. It is worth noting that Intuit has implemented responsible AI principles and practices to safeguard private information and ensure the security of its customers’ data.
In conclusion, Intuit’s vision for the future includes leveraging AI advancements to create innovative and customer-focused products. By incorporating AI technology across its platforms, Intuit aims to increase productivity, save users time, and instill complete confidence in every financial decision.
Intuit’s launch of Intuit Assist showcases the company’s dedication to improving user experiences through AI technology. The integration of AI into financial management provides users with personalized insights and recommendations, helping them navigate complex workflows more efficiently. It’s encouraging to see Intuit prioritizing data privacy and security, especially when dealing with sensitive financial information. With the increasing importance of AI in various industries, companies like Intuit are leading the way in creating responsible AI-driven platforms that benefit both businesses and consumers. To stay updated on the latest advancements and news in AI, visit GPT News Room.