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Fintech giant Intuit, whose products include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, the operating system for generative artificial intelligence (AI) technologies.
According to Intuit, the new operating system will ship with a suite of tools including a developer studio, UX Library, runlevel, and several pre-trained large language models (LLMs).
We’re expanding our platform architecture to include a proprietary Generative AI operating system (GenOS) with custom-trained financial LLMs that specialize in solving financial challenges.
GenOS will unleash the power of GenAI and ignite innovation at scale for customers.
— Intuit (@Intuit) June 6, 2023
Several large companies have recently begun to adapt third-party LLM solutions such as OpenAI’s ChatGPT for 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 position as an industry leader makes it well positioned to use internal data to train models like ChatGPT. The main benefit of this is that the company can choose which data is included, allowing it to fine-tune its models for fintech.
Where ChatGPT and similar LLMs such as Google Bard are typically positioned as regular chatbots—that is, they are designed to discuss just about any topic—a model specifically trained on financial data would be considered a “narrow” or target system.
Intuit is reported to have a lot of data to work with. According to an announcement posted on June 6:
“The company has 400,000 customer and financial attributes per small business, as well as 55,000 tax and financial attributes per consumer, and is affiliated with more than 24,000 financial institutions. With over 730 million AI-enabled customer interactions per year, Intuit generates 58 billion machine learning predictions per day.”
It remains to be seen exactly how Intuit intends to implement GenOS, as the company has so far not revealed any specific information about the LLMs it is currently developing on the new platform. However, some of the main use cases for these models are related to consumer education and customer service.
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The launch of GenOS comes at a turbulent time for US taxpayers, but could bring some relief to users of TurboTax’s flagship product.
The Internal Revenue Service (IRS) is currently under fire from conservative US Republicans, who have proposed the agency cut $21 billion over the next two years.
Such cuts should dampen the IRS’ efforts to modernize tax services for citizens, which could negatively impact an already complex tax filing system. This presents an issue that, combined with recent uncertainty about the legal nature of digital assets following the actions of the Securities and Exchange Commission against cryptocurrency exchanges Binance and Coinbase, could create significant problems for the 43 million U.S. taxpayers who own crypto assets.