DATA AND ARTIFICIAL INTELLIGENCE
For over a decade, Intuit has been innovating with data and AI to help consumers and small businesses make smart financial decisions, with less work and complete confidence, enabling them to put more money in their pockets. Soon after, we declared our strategy to be an AI-driven expert platform: an open, trusted, and easy-to-build-on platform from which we and our partners solve the most pressing customer problems and deliver awesome experiences. We’re transforming from a tax and accounting platform, where consumers and small businesses have to do the work, to a global financial technology platform, where we do the hard work for them to fuel their success. This is possible because of our early investments in data and AI, and our accelerated investment in generative AI (GenAI).
Today, we use a combination of machine learning, knowledge engineering, natural language processing, natural language understanding, and GenAI to deliver personalized experiences for approximately 100 million customers with Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp. For example, we’re using AI to help small businesses adapt, react, and make informed financial decisions. From surfacing cash flow insights and spending anomalies to identifying top-selling products, we’re helping small business owners make more money with less work.
Data combined with the power of AI can help level the playing field and power prosperity for consumers and small businesses. We support policies that help increase adoption of AI and other digital tools to empower small businesses and consumers. Conversely, as governments consider AI regulation, there is a risk that regulatory proposals could be overly broad and prescriptive, inadvertently making it harder for consumers and small businesses to access its benefits. Any AI policy should be risk-based and context-specific with the aim of consistent policies that provide clear rules of the road for businesses and consistent rights for consumers.
Foundational to our platform is the data our customers have entrusted with us to create highly individualized AI-driven experiences. AI-powered experiences require data to deliver the insights and personalization benefits. That’s why we support a strong federal consumer privacy law that sets a national standard for consumer rights, transparency, and customer choice to ensure we protect consumers while enabling them to benefit from AI-powered tools.
We strongly believe AI should be designed and used responsibly to help people. We also continue to believe in the transformative value of combining human expertise with AI and are building AI that helps experts do their jobs better and more efficiently. To scale our platform, Intuit takes a multidisciplinary approach to operationalizing our responsible AI principles and data governance, with our customers' best interests in mind. Read our responsible AI principles [link]
Open Banking and Open Finance
For decades, Intuit has been on the forefront of enabling customers to import their financial data into our products. Today, our products allow customers to connect their financial accounts to see a full picture of their finances that takes less effort and is less error-prone than manually entering data. We believe that consumers and small businesses should have total control over their financial data and decide who can access it on their behalf and for what purposes.
Open banking is rapidly gaining traction as a transformative force in the financial services industry. Open banking gives consumers and small businesses greater control over how their banking data is accessed and used, providing them with increased ability to compare and find the best product and service for whatever their need is. Open finance builds off of open banking to enable consumers and small businesses to access other types of financial data to obtain a more thorough picture of their financial health, as well as enable other innovative financial services—such as faster and cheaper methods for issuing and receiving payments or improving access to capital.