Intuit, the financial software company known for its products like TurboTax and QuickBooks, has introduced a groundbreaking artificial intelligence-powered assistant called “Intuit Assist.” This innovative tool aims to assist clients in making informed financial decisions while using Intuit’s suite of products.
“Intuit Assist” harnesses generative AI technology, representing Intuit’s latest step in leveraging cutting-edge AI capabilities, following the global emergence of OpenAI’s ChatGPT. The company intends to democratize access to advanced financial insights, particularly benefiting its core customer base, small and medium-sized enterprises (SMEs), who may not have the resources of larger corporations.
The integration of “Intuit Assist” is expected to streamline tax-filing processes, reduce the time required for filing taxes, and expedite access to refunds. Furthermore, it will provide personalized financial advice to clients, helping them manage their finances more effectively.
To power this service, Intuit employs its proprietary generative AI (GenAI) operating system, designed to operate seamlessly with its extensive language models. According to Ashok Srivastava, Chief Data Officer at Intuit, the company’s AI models have demonstrated competitive accuracy when compared to advanced third-party alternatives. These accuracy assessments are conducted both through AI-powered and human-powered testing mechanisms to ensure the reliability of the models.
Ensuring the accuracy of AI-generated information is crucial, as the technology has been known to present fabricated information as facts, often referred to as “hallucinations” in the industry.
Intuit is also offering a human touch alongside AI assistance. Clients will have the option to interact with experts through Intuit’s Live Platform when they require human assistance.
Currently, “Intuit Assist” is accessible to all TurboTax customers and select users of Intuit’s other products. The company has exciting plans to introduce additional features for the 2023 tax season, further enhancing the capabilities of this AI-driven financial assistant.
Intuit’s “Intuit Assist” represents a significant step forward in the integration of AI technology into financial decision-making processes, making it more accessible and efficient for individuals and SMEs alike. The company’s commitment to accuracy and customer support reinforces its position as a leader in the financial software industry.
