Intuit and OpenAI announced a multi-year partnership Wednesday, marking another stride in the financial sector’s push toward widespread adoption of AI.
Under the agreement, Intuit-powered apps, such as Intuit TurboTax, Credit Karma, QuickBooks and Mailchimp, will be in ChatGPT, allowing users to take financial actions directly through the AI chatbot. With knowledge of their financial data and behaviors, users will get more insightful and useful responses through the Intuit apps in ChatGPT, the companies said in a press release.
“We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies,” Intuit CEO Sasan Goodarzi said in the release. “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.”
Intuit will deepen its use of OpenAI’s frontier models in its proprietary generative AI operating system under the deal valued at more than $100 million.
The partnership can help consumers make smarter money decisions by delivering personalized financial actions, with their permission, such as finding the credit card or mortgage that is best for them given their spending patterns and approval odds, getting more personalized answers to tax questions and estimating their tax refund, the release said.
For businesses, the collaboration could help them create campaigns to drive customer growth, get paid faster with AI-generated invoice reminders and improve cashflow by accessing tailored loan options, for example, the release said.
“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,” said Fidji Simo, CEO of applications at OpenAI.
OpenAI has partnered with multiple companies over the last few months, including Microsoft, Amazon and a few in the mortgage space, such as Zillow and Fairway Home Mortgage. OpenAI’s deal with Zillow is similar to the one with Intuit, as a user can look up a home in a specific neighborhood on Zillow without leaving the ChatGPT app.
