Fintech giant Intuit, whose products include TurboTax, Mint, Credit Karma, Mailchimp, and QuickBooks, recently expanded its software-as-a-service platform to include GenOS, an operating system for generative artificial intelligence (AI) technology.
According to Intuit, the new OS will come with a suite of tools including a developer studio, UX libraries, a runtime layer and several pretrained large language models (LLMs). Several well-known enterprises have recently started adopting third-party LLM so solutions, such as OpenAI's ChatGPT, to meet their specific needs. However, Intuit took a different approach by creating proprietary tools and its own development and deployment platform.
Intuit isn't necessarily known for its AI products, but its status as an industry leader puts it in a good position to leverage internal data to train a ChatGPT-like model. The main benefit of this is that the company can pick and choose which data to include, allowing it to fine-tune its fintech model. ChatGPT and similar LLMs, such as Google's Bard, are generally positioned as general purpose chatbots - meaning they are designed to discuss almost any topic - models trained specifically on financial data would be considered "narrow" or targeted system.
Intuit reportedly has a lot of data at its disposal. According to the announcement published on June 6: “The company provides 400,000 customer and financial attributes for every small business, 55,000 tax and financial attributes for every consumer , and connects with more than 24,000 financial institutions. Intuit has more than 730 million AI-driven customer visits per year interaction, generating 58 billion machine learning predictions per day."
How Intuit intends to implement GenOS remains to be seen, as the company has so far not disclosed any specific information about the LLM it is currently developing with the new platform. However, some of the main use cases for similar models are in consumer education and customer service. The launch of GenOS comes at a time of turmoil for American taxpayers, but users of its flagship TurboTax product may breathe a sigh of relief.
The Internal Revenue Service (IRS) is currently under fire from conservative Republicans in the United States who have proposed cutting the agency's budget by as much as $21 billion over the next two years.
Such cuts would undercut the IRS' efforts to modernize tax services for citizens, potentially negatively impacting an already complex tax filing system. This represents a problem, which, combined with the recent uncertainty surrounding the legal nature of digital assets following the SEC's actions against cryptocurrency exchanges Binance and Coinbase, could have implications for the 43 million U.S. taxpayers who hold crypto assets. Come to the big challenge.
