Intuit, the largest provider of financial software solutions to SMBs and consumers globally, just inked a billion-dollar deal with OpenAI. They want to combine Intuit’s apps with the ChatGPT framework. Through the partnership, Turing aims to enhance the capabilities of Intuit’s AI assistant, Intuit Assist. Launched at the beginning of this year, Intuit Assist seamlessly works across all Intuit products. The deal’s financial terms are reportedly over $100 million, indicating both companies’ dedication to pushing artificial intelligence technology forward.
Jagmeet Singh is an automobile and transportation journalist for TechCrunch. He writes on startups and tech policy developments, focusing particularly on big moves in the Indian tech landscape. With the recent collaboration between Intuit and OpenAI, he highlights the implications of AI integration on financial services and customer experience.
Earlier this month, OpenAI released a new Developer Mode feature enabling developers to build applications that are now accessible through ChatGPT. This launch continues Intuit’s commitment to using advanced AI capabilities to shape how we deliver in form and service to our customers. Intuit’s CEO, Chan, stated that the partnership would “deepen Intuit’s use of OpenAI’s frontier models, which will help power select AI agents across Intuit’s platform.”
Intuit Assist provides tailored guidance to help users grow and manage their businesses. It’s built on the massive data and learnings the company has acquired over the years. Chan emphasized the importance of this approach:
“When our AI provides an answer or gives guidance to a customer, it’s drawing on the deep expertise that Intuit has developed over many years, plus the data that gives us a 360-degree view of the customer.”
This commitment is in line with Intuit’s overall mission to make sure that AI-generated recommendations are always relevant and reliable. Chan continued to clarify his thoughts. He explained that this integration is what delivers a confident answer, relevant to the customer’s own data and powered by Intuit’s decades of domain expertise.
Even with these positive developments, there are still big lingering questions about who is accountable for mistakes generated from AI-augmented insights. When pressed on who would be accountable for false information promoted by AI-powered recommendations, Intuit would not commit. They did not indicate whether responsibility would lie with the company or customer.
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In Intuit’s eyes, the company is committed to providing precision across all of its offerings, TurboTax included. Follow along with how the winning company is sailing through the new AI-enhanced services landscape. The partnership with OpenAI is the most significant investment in technology thus far. It’s a tremendous example of how financial software can be changed with smart automation to go beyond the impossible.