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Recently, Intuit announced a multi-year contract with OpenAI worth over $100 million, which will allow Intuit's tax and financial applications, such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, to run on the ChatGPT platform. This means users can query and complete various tasks through ChatGPT, such as estimating tax refunds, reviewing credit options, or managing business finances.
Under user authorization, Intuit's applications will be able to access users' financial data to generate answers and complete tasks, such as sending marketing messages or sending invoice reminders. In addition, users can also use these tools in ChatGPT to review credit cards, personal loans, and mortgages.
This collaboration reflects the trend of technology and financial companies gradually adopting large language models to enhance the functionality of consumer and business software. OpenAI launched a new way for developers to build applications through ChatGPT in October, and early participants include multiple consumer and productivity platforms such as Booking.com, Expedia, and Spotify.
However, Intuit's integration approach differs from existing ChatGPT applications because it will be used for tasks that directly affect financial decisions. This usage has raised concerns about the reliability of AI systems, as they may produce incorrect or misleading outputs. Intuit stated that the company has adopted multiple verification methods and uses large domain-specific datasets to reduce the risk of errors or "hallucination" responses. Intuit's spokesperson Bruce Chan pointed out that the answers provided by AI are based on Intuit's professional knowledge accumulated over the years and users' financial data, which helps ensure the relevance and accuracy of the answers.
In addition, Intuit continues to support the accuracy guarantee of its products, including TurboTax. However, when asked about responsibility for errors caused by AI-generated advice or insights, Intuit did not clearly state whether the company or the customer would be responsible.
In recent years, Intuit has continuously expanded its applications in the field of AI, striving to leverage its vast data infrastructure. In 2023, Intuit launched Intuit Assist, an AI assistant capable of working across multiple products. This collaboration also involves Intuit further expanding the scope of using OpenAI models in its business. Intuit stated that this collaboration will help it reach new audiences through ChatGPT and add a new distribution channel for its small business and consumer financial tools.
Key points:
🔍 Intuit signed a contract worth over $100 million with OpenAI, and financial applications will be integrated into ChatGPT.
📊 Users can access financial data through ChatGPT and perform tax and loan-related tasks.
🤖 Intuit will continue to use AI technology to improve product accuracy and expand the use of OpenAI models.