Intuit has entered into a substantial multi-year agreement with OpenAI valued at over $100 million.
This partnership will embed Intuit’s suite of financial and tax applications directly into ChatGPT, while also broadening the use of OpenAI’s advanced models throughout Intuit’s ecosystem.
Under the deal, popular Intuit services like TurboTax, Credit Karma, QuickBooks, and Mailchimp will become available via ChatGPT. Users can interact with these tools conversationally, tackling tasks such as calculating potential tax refunds, exploring credit alternatives, handling business accounting, or even reviewing options for credit cards, loans, and mortgages.
With user consent, the integration allows access to personal financial data to deliver tailored responses and automate actions, including dispatching marketing emails or sending payment reminders. This setup aims to streamline financial management for both individuals and small businesses.
This collaboration aligns with the growing adoption of large language models in everyday software by tech and finance companies. OpenAI recently launched a feature enabling developers to create apps that run inside ChatGPT, with initial adopters spanning travel, music, and productivity sectors like Booking.com, Expedia, and Spotify.
What sets Intuit’s approach apart is its focus on high-stakes financial decisions, where AI accuracy is paramount. Concerns have arisen around AI’s potential for errors or fabricated outputs in such sensitive areas. To address this, Intuit employs rigorous validation techniques and leverages extensive, specialized datasets to reduce risks.
“Our AI draws from decades of Intuit’s expertise and a comprehensive view of customer data to ensure responses are accurate, personalized, and reliable,” explained Bruce Chan, an Intuit representative.
Intuit maintains its product accuracy guarantees, such as those for TurboTax, though details on liability for AI-driven errors remain unspecified.
The company has been ramping up AI investments, capitalizing on its vast data resources. In 2023, it rolled out Intuit Assist, an AI helper integrated across its offerings. This new pact with OpenAI will enhance that foundation, providing access to cutting-edge models and exposing Intuit’s tools to ChatGPT’s massive user base as a fresh distribution avenue.
Additionally, the agreement supports Intuit’s internal use of ChatGPT Enterprise to boost employee efficiency.
This development underscores the accelerating fusion of AI into financial services, promising greater convenience but also highlighting the need for robust safeguards in AI applications.
