Intuit Assist is designed to deliver personalized recommendations and do the hard work for you. It can help small business owners with everything from managing cash flow to finding customers. It also provides on-the-spot insights, empowering small businesses to make more informed business decisions.
Intuit CEO Sasan Goodarzi introduced Intuit Assist at a special Intuit Innovation Day event, which was held Sept. 6, 2023.
Intuit Assist is a new generative AI (GenAI)-powered assistant that will provide personalized, intelligent recommendations to help consumer and small business customers make smart financial choices with less work and complete confidence, enabling them to put more money in their pockets.
Currently, it is available in beta, but will roll out more broadly later this year.
Source: Intuit media source content - Intuit Assist (Intuit Blog 9/6/23).
Embedded across Intuit's platform and products with a familiar user interface, Intuit Assist can put the power of next-generation AI in customers' hands.
Intuit Assist uses powerful and relevant contextual data sets spanning small business, consumer finance and tax to deliver personalized financial insights to our 100 million small business and consumer customers.
So how much data are we talking about? It is a lot of data:
- 60PB of data
- 500K customer/financial attributes per small business
- 60K tax/financial attributes per consumer
- 20B transactions imported from financial institutions annually
This data, combined with the power of Intuit's AI-driven expert platform and the accelerated investment Intuit has made in GenAI, is poised to deliver game-changing new experiences.
Because Intuit understands where their customers are on their financial journey, they can anticipate or predict what's coming:
- 810M AI-driven customer interactions per year
- 65B machine learning predictions per day
- 25M conversations processed with natural language processing per year
- 2M models running in production per day
- ~900 AI, machine learning, and data science US patent assets
Intuit Assist will intuitively show, guide, help, and do the hard work for users and connect customers to experts on Intuit's Live Platform to provide human assistance when needed.
Goodarzi says that with the introduction of Intuit Assist, it is taking a giant step forward in powering prosperity for all. "We're creating a future where we do the complex work for small businesses and consumers to fuel their financial success, helping them achieve their dreams. Leveraging our vast amounts of rich data and years of investment in AI and GenAI, we're unlocking the power of our platform to re-imagine AI-assisted customer experiences."
Intuit Assist spans Intuit's products to harness their power and deliver new benefits in all-new ways to improve customers' financial lives.
Intuit Assist leverages rich customer data with AI to empower consumers and small business owners to make intelligent financial decisions confidently. It will help level the playing field for entrepreneurs and small businesses that don't have access to the same resources their larger competitors do, supporting those who need it the most.
Intuit Assist for TurboTax
Consumers should find managing and improving their financial lives more effortless than ever. They will be able to get personalized recommendations throughout the year, with actions they can take to maximize their tax refund and accurately file taxes in record time with TurboTax.
For example, because Intuit Assist for TurboTax is underpinned by decades of Intuit's tax domain expertise, rich data and proprietary, AI-powered Tax Knowledge Engine, Intuit Assist will work alongside tax filers of any income or complexity, helping them every step of the way.
Intuit Assist learns a consumer's tax situation and applies its knowledge, navigating the tax code, including the latest changes. This helps reduce tax preparation time so that consumers gain faster access to refunds with complete confidence their taxes are accurate.
At the start of the tax preparation process, Intuit Assist creates a personalized tax checklist based on customer data, enabling TurboTax and human tax experts to leverage the power of AI to provide fast answers, personalized insights and proactive recommendations.
When a customer uses TurboTax Live, Intuit Assist will work with the TurboTax experts to help them serve customers more efficiently. Intuit Assist augments the tax experts' knowledge with answers based on aggregated, data-driven insights, reducing the time spent searching, finding and synthesizing responses to customers.
Source: Intuit media source content - Intuit Assist (Intuit Blog 9/6/23).
Whether a customer is filing independently with TurboTax or working with a tax expert assisted by AI in TurboTax Live, Intuit Assist will unlock new value in TurboTax.
Intuit Assist already is available to TurboTax customers, with enhancements rolling out for the 2023 tax season in the coming months.
More information is available HERE.
Intuit Assist for Credit Karma
Consumers also will be given tools to make smart money decisions throughout their financial journey with Credit Karma. Intuit Assist for Credit Karma allows Credit Karma members to get highly personalized answers to their money questions.
When members come to Credit Karma with questions about managing their finances, they aren't given a generic response. Instead, Intuit Assist will be able to connect the dots for members and provide personalized assistance based on their own financial data.
Source: Intuit media source content - Intuit Assist (Intuit Blog 9/6/23).
Intuit says this is what Intuit Assist does best: It identifies the right opportunities at the right time and makes relevant recommendations so members can take advantage of better financial products and optimize their spending.
By helping members understand their finances through two-way conversations, Intuit Assist will empower them to confidently take action or permit it to act on their behalf.
Let's look at a Credit Karma member with their accounts connected who lives paycheck to paycheck and has a sudden significant medical expense.
Intuit Assist will notify them they're low on cash and help formulate a plan to avoid a cash crunch before month's end. It will provide a personalized set of financing options, enabling the member to assess their options and empower them to apply for the right financing.
This can help them find ways to cover all their expenses until their next paycheck.
Intuit Assist currently is available to select US members and will become more widely available in the coming months.
You can review more information about Intuit Assist for Credit Karma HERE.
This all sounds good for individuals with tax filing requirements and money concerns, but how about Intuit Assist and Small businesses?
Intuit Assist for QuickBooks
Small businesses can grow and thrive using QuickBooks and Mailchimp to run their business end to end, and engage their customers with powerful marketing tools at the click of a button. Whether starting up or scaling up, small businesses will have more time to do the work they love in service to their customers.
Countless small businesses rely on QuickBooks. Intuit Assist for QuickBooks will now tip the odds of success in favor of small businesses, guiding how to adapt, react and make informed business decisions.
Intuit Assist will help save time for accounting professionals while providing valuable insights and a comprehensive view of where a client's business stands.
This AI-powered assistance can unearth relevant insights based on business performance and client behavior, from surfacing cash flow hot spots to identifying top-selling products and spending anomalies.
Intuit Assist can deliver deep insights based on simple requests or questions such as "Show me the profit and loss for last month" or "How many of our invoices are overdue?" It will dynamically predict follow-up questions and answers in clear, natural language.
Should a revenue gap be projected, Intuit Assist will deliver precise, personalized recommendations to help clients close the gap and meet revenue goals.
Intuit Assist also can automate tasks, like drafting invoice reminders, saving clients time and allowing them to focus on their bigger picture.
Source: Intuit media source content - Intuit Assist (Intuit Blog 9/6/23).
For small- and mid-size businesses not yet using QuickBooks, Intuit Assist will revolutionize how they get started, automatically importing data from their website into QuickBooks to personalize the business's profile.
Intuit Assist will take on day-to-day tasks, such as generating invoice reminders, which can be customized to be more friendly or shorter in tone.
In QuickBooks Live, Intuit Assist will work alongside human bookkeeping and tax experts to help them serve more customers even more efficiently.
Intuit Assist now is live to select beta customers and will roll out to all US QuickBooks customers in the coming months.
More information about Intuit Assist for QuickBooks can be found HERE.
Intuit Assist for Mailchimp
Small businesses, entrepreneurs and marketers of any size business will be able to direct Intuit Assist to do more of their marketing. Intuit Assist for Mailchimp will act as their new GenAI assistant; it will help them personalize marketing at scale and make data-backed decisions to measure, fine-tune and optimize campaign effectiveness.
For example, Intuit Assist will help them create a marketing campaign based on a brand's identity and marketing intent, targeting a specific audience.
With a few clicks, it will change the tone, the text and the image, or generate something new based on the guidance it is given and the information it has from its rich, relevant data sets.
Once customers are happy with the campaign, they can schedule it to be sent, and it will be added to the company's marketing calendar.
Source: Intuit media source content - Intuit Assist (Intuit Blog 9/6/23).
Intuit Assist for Mailchimp will surface a follow-up action plan to ensure high campaign engagement. It will also generate automated draft email content in their Mailchimp inbox using product and service data from QuickBooks.
For businesses with longer sales cycles or lead qualification processes, Intuit Assist will automatically add a customer to their Mailchimp sales pipeline to easily track the customer life cycle, from lead to sale.
This helps prioritize leads and automate follow-ups so that they can take on higher-value clients and more profitable work.
Intuit Assist is now live to select Mailchimp customers and will roll out more widely in the coming months.
Additional details about Intuit Assist for Mailchimp are available HERE.
The 'Techy' side of Intuit Assist
But what about the underlying technology driving this innovation beyond the Intuit Assist applications?
Intuit's Proprietary Generative AI Operating System (GenOS) Enables Rapid Innovation Intuit Assist was developed using the company's proprietary GenAI operating system (GenOS) and is designed to run with Intuit's financial large language models (LLMs) fine-tuned to solve tax, accounting, cash flow, personal finance and marketing challenges.
- GenStudio: A dedicated development environment allowing Intuit developers to rapidly experiment with and refine generative AI experiences.
- GenRuntime: An intelligent layer designed to access the right data and platform capabilities, choose the right large language model in real time, and orchestrate and execute an action plan personalized for the customer.
- GenUX: A library of consistent customer interfaces and flows that ensure a clear and delightful GenAI experience.
- Large language models: Custom-trained financial LLMs fine-tuned to solve tax, accounting, personal finance and marketing challenges. In addition to Intuit's own LLMs, they leverage industry-leading LLMs, including open source, using private hosted instances to help safeguard Intuit's customer data.
Source: Intuit media source content - Intuit Assist (Intuit Blog 9/6/23).
Intuit's GenOS empowers Intuit technologists to design, build, and deploy breakthrough GenAI experiences, such as Intuit Assist and fuel rapid innovation across Intuit's products and services to solve its customers' most critical financial problems and drive durable growth.
Intuit Assist "Responsibility"
Artificial intelligence (AI) is one of the most incredible enhancements in man's history. It is being given a lot of intervention into man's life and with those kinds of intervening duties comes great responsibility—how is Intuit stewarding that responsibility?
Intuit is providing a strong commitment to responsible AI and data stewardship. Intuit Assist has been built in keeping with the company's commitment to data privacy, security, and responsible AI governance.
"AI is fundamentally changing how we work and live. As people start to make financial decisions with the help of this technology, responsible stewardship and accuracy are paramount, says Patrick Moorhead, founder, CEO and chief analyst at Moor Insights & Strategy.
"We believe Intuit stands out for its ability to harness robust data across the small business, tax, and consumer finance segments to deliver accurate and personalized AI-driven experiences at scale," Moorhead says. "This responsible stewardship, paired with Intuit's investments in AI and data over the last decade, boils down to a generative AI leadership position in the consumer and small business fintech space."
For nearly a decade, Intuit has been innovating with AI, and its robust data and AI capabilities are foundational to the company's success as an industry leader in the financial technology sector.
Intuit safeguards customer data and protects privacy using industry-leading technology and practices. It also adheres to responsible AI principles that guide the company's operation and scale its AI-driven expert platform with its customers' best interests in mind.
Check this website for more information about how Intuit uses AI across its platform.
Resources Regarding Intuit Assist
You also can visit the Firm of the Future blog for continuous updates or HERE to learn more.
Media source content distributed from Intuit via the Intuit Blog.
Press release content distributed by accesstheagency.com
Disclosures:
Materials within this feature, including graphic illustrations, were adapted from Intuit media source content including the Intuit Blog and Intuit press release content distributed by accesstheagency.com. All such source and press release content and materials were adapted by Insightful Accountant solely for educational purposes.
As used herein, QuickBooks, TurboTax, Credit Karma and Mailchimp refer to one or more registered trademarks of Intuit Inc., a NASDAQ "INTU" publicly traded corporation headquartered in Mountain View, California (USA).
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