FinTech News
Intuit Partners with OpenAI For “Future of Financial Intelligence”
FinTech giant Intuit has announced a partnership with OpenAI — the company behind ChatGPT.
About the Intuit-OpenAI Partnership
Today, Intuit (which owns TurboTax, Credit Karma, QuickBooks, and Mailchimp) revealed a new strategic partnership with OpenAI. Together, the companies plan on creating “the future of Financial Intelligence” by integrating AI technology into Intuit products, while also making a money insight tool available to customers.
As Intuit notes, ChatGPT is regularly asked questions about improving credit scores or increasing profits. Now, users will be able to receive personalized financial recommendations by linking their Intuit accounts to ChatGPT.
In a video released by Intuit highlighting the possibilities of this partnership, one example shows a customer in need of $5,000 for an auto repair. By accessing her Credit Karma data (such as payment history and credit score), ChatGPT presents her with two personal loan options that would save her money versus putting the expense on a credit card.
Another example shows a newly married couple who bought a house, asking what they can expect in terms of a tax refund based on their life event changes. Using TurboTax, an estimated refund figure is then calculated. Lastly, Intuit notes how small businesses can use this tool to get actionable recommendations, thanks to ChatGPT’s integration with QuickBooks.
Intuit says that as it continues to use OpenAI’s models, it will pay more than $100 million as part of the multi-year deal. Meanwhile, CNBC notes that OpenAI has previously reached similar agreements with the likes of PayPal, Shopify, and Walmart.
What They’re Saying:
Discussing the partnership with OpenAI, Intuit CEO Sasan Goodarzi stated, “We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies. Our partnership combines the power of Intuit’s proprietary financial data, credit models, and AI platform capabilities with OpenAI’s scale and frontier models to give users the financial advantage they need to prosper.”
Additionally, OpenAI’s CEO of Applications Fidji Simo said, “Intuit’s AI-powered financial platform helps millions of people manage their finances and run their businesses. This partnership combines our most advanced models and global scale with Intuit’s platform capabilities to help everyone make smarter financial decisions and build more secure futures.”
My Thoughts
When it comes to AI, I often find myself feeling skeptical about the current-day promises made. That’s the case again here, as I suspect that, at least with today’s models, the number of inquiries that ChatGPT can really assist with meaningfully will be limited. I’m always ready to be proven wrong, though!
Elsewhere, I do think it’s interesting that this announcement focuses more on integrating Intuit products into ChatGPT than the other way around. Perhaps that will shift with time, but it does seem to buck convention. In any case, investors seem to be responding well to this partnership, so we’ll see what possibilities emerge as this multi-year deal moves forward.
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