Intuit, the global financial technology platform renowned for its popular products such as Intuit TurboTax and Mailchimp, has announced a proprietary generative artificial intelligence operating system, dubbed “GenOS”, designed to tackle various financial challenges including tax, accounting, marketing and personal finance.
Generative AI refers to a rapidly-developing category of artificial intelligence that focuses on creating or generating new content, such as images, text, or audio, that is similar to what humans produce.
Unlike other AI approaches that rely on analyzing existing data, generative AI models have the ability to generate original content based on patterns and examples provided during training.
"Our vision is to become the financial assistant in our customers' pockets that fuels their livelihoods and, in turn, creates a thriving economy."
Sasan Goodarzi
How will Intuit use generative AI?
Intuit’s GenOS will utilize generative AI technology in order to enable its four core components: GenStudio for development, GenRuntime for real-time model selection, GenUX for user interface consistency, and Financial Large Language Models that specialize in solving financial challenges. These models offer actionable insights and can even connect users with human experts. With a focus on accuracy, data protection, and personalized information, Intuit is poised to provide valuable solutions across its product portfolio.
This won’t be the company’s first foray into the utilization of AI: Intuit already generates 730 million AI-driven customer interactions annually, resulting in 58 billion machine learning predictions per day.
"Our vision is to become the financial assistant in our customers' pockets that fuels their livelihoods and, in turn, creates a thriving economy," said Sasan Goodarzi, president and CEO of Intuit. "The depth of our customer data, combined with our proprietary GenOS platform, gives Intuit a competitive advantage. We are proud to launch powerful financial LLMs and strategically partner with world-class players in GenAI, aiming to become an AI platform leader in fintech."
Intuit’s global CTO, Marianna Tessel, elaborated on Intuit Israel’s contribution to Intuit’s greater strategy moving forward.
“There's great talent in Israel,” she said. “Some of our FinTech software is developed here. Much of our data in AI is developed here. And then anything that has to do with cybersecurity and fraud prevention, there's a lot of that developed here too.”
“Our strategy as a company is to be an AI-driven expert platform, and it's a strategy we declared over five years ago,” she said. “With that in mind, we're actually looking at our sites and seeing how they fit into this strategy, and we decided that Israel is a strategic site for us — a site we want to build and invest in.”