How Intuit Has Helped Transform The Financial Lives Of Its Customers

Artificial Intelligence (AI) is changing the way we work and live. In the fast-paced world that we live in today, our financial decisions are also becoming more and more complex, whether it is maximising our tax refunds, tracking our credit health, or managing marketing campaigns for small businesses. But, armed with the right technology solutions, consumers are finding it easier to manage and improve their financial lives and the health of their businesses.

Take, for instance, the case of Intuit, a global financial technology platform company. Five years ago, Intuit declared its strategy to be an AI-driven expert platform with data and AI being core to their strategy, unlocking financial opportunities for 100 million consumer and small business customers. Their strategy is based on an open, trusted, and easy-to-build-on platform which can deliver the most amazing experiences to their consumers and solve the most pressing customer problems.

What sets Intuit apart from scores of other such platforms is its robust data and AI capabilities that are foundational to the company, and the ability to build solutions that have a meaningful impact on their customers’ financial lives. Their platform architecture enables the company to accelerate innovation through their portfolio of products including TurboTax, Credit Karma, QuickBooks, and Mailchimp.

Intuit has always put the customer at the center of everything they do. From accountants to educators, everyone gets an opportunity to prosper. Intuit is known for its innovative adoption of technology to create solutions that are wired to serve their ever-changing needs. The organisation has transformed from DOS to the web, to mobile, to the cloud, to AI — all in service to ensuring their customers are armed with the technology they need to prosper

Products that power prosperity

Intuit’s products deliver simple, delightful solutions across the full range of their customers’ financial lives.Intuit TurboTaxis a tax software thattakes the complexity out of the tax code, helping people get the maximum refund they deserve. WithIntuit Credit Karma,a top-rated comprehensive personal finance solution, you can find the right financial products, make smart financial decisions, and stick to your long and short term financial plans.Intuit QuickBooks isa small business technology platform that helps small businesses grow and run their business all in one place, including managing their books, getting paid fast, managing capital, and paying employees with confidence. Another solution, Intuit Mailchimp,provides an all-in-one marketing platform that empowers customers to start and grow their businesses by helping customers get their business online, market their business, and manage customer relationships.

Intuit’s mission is to power prosperity around the world and their engineering culture and core values only strengthens and accelerates an already innovation- driven company. Its grand vision is driven by 5 durable big bets helping its technologists understand customer pain points and innovate products that deliver customer delight. Each and every big bet is built on the premise of a key customer problem, wherein specific solutions are created to solve the problem and deliver compelling results.

Intuit Assist Gen AI Platform

The platform transitioned from being a tax and accounting solutions provider to a global financial technology platform, where Intuit does the hard work for their customers. Powering this progress is more than 60PB of data, over 500K customer//financial attributes per small business which sits on the platform as Intuit teams curate highly personalised AI-driven experiences across the entire product ecosystem.

Today, Intuit handles over 810M AI-driven customer interactions per year and 65B machine learning predictions and 2M models running in production each day. Intuit has more than 17,000 employees and has recorded a revenue of $14.4 billion in FY23. Intuit is uniquely positioned to lead the next wave of transformation and disruption given the company’s rich data platform, established AI foundation, commitment to data stewardship and responsible AI, and the introduction of its proprietary GenAI operating system (GenOS).

Their latest offering — the Intuit Assist — is a new GenAI-powered assistant that will provide personalized, intelligent recommendations to help consumer and small business customers make smart financial decisions with less work and complete confidence, enabling them to put more money in their pockets.

The platform uses powerful and relevant contextual data sets spanning small business, consumer finance, and tax to deliver personalised financial insights to their 100 million small business and consumer customers. This data, combined with the power of Intuit’s AI-driven expert platform and the accelerated investment the company has made with Intuit Assist, will deliver game-changing new experiences. Intuit Assist will intuitively show, guide, help, and do the hard work for users with their consent, and connect customers to experts on their Live Platform to provide human assistance when needed.

Intuit Assist comes embedded across all of Intuit’s product platforms with the same interface to offer familiarity to the user as it guides the consumer and does all the hard work at the backend. It helps unleash the true potential of Intuit’s existing bundle of offerings and is aimed at levelling up the playing field for small businesses and customers, offering them that much-needed support to scale up their offerings.Click here to know more about Intuit Assist.

Intuit India plays a pivotal role in driving Intuit’s AI-driven expert platform strategy

Intuit India is a 1700+ strong Intuit microcosm and is Intuit’s second largest technology hub. Home tonearly 22 per cent of Intuit’s technology talent — right from product development and management to experience, design, and AI and Data teams, it is a centre for innovation and engineering excellence for Intuit, deliveringend-to-end product development, technology and engineering innovation.

The India team is pivotal to Intuit’s AI-driven expert platform strategy and platform architecture. There is extreme team ownership and accountability for services and capabilities across the tech ecosystem – whether it’s their data layer, AI layer, core products, and even their money movement capabilities in service to 100 million customers

Owing to the co-location of teams, technologists across the sites are committed to fostering a culture of experimentation and innovation with data and a strong AI platform at the core. The teams here in India leverage the power of AI/ML, Data Science, Cloud, Open Source, NLP and other key technologies, playing a pivotal role in helping Intuit remain ahead of the curve with a focus on enabling their mission of powering prosperity. And now, Intuit Assist is a result of collaboration, where technologists across Intuit are working together towards the common goal of building a trusted financial assistant in the pocket of small business and consumer customers

Intuit’s secret sauce

The company’s first principle to deliver unrivalled excellence is their customer obsession. Each and every employee is empowered to experiment with a fail fast, learn faster philosophy — they create, invent, and build new innovations. Backed by a rich data foundation and existing AI platform, the team of diverse and talented technologists work with speed and scale to deliver on their AI-driven expert platform strategy.

Intuit invests in creating equal opportunities for all and values diversity, equity, and inclusion which is a core part of the company’s DNA, making it a great place to work and thrive. The company invests in programs and initiatives to foster an inclusive work culture. Intuit India has also been recognised for some of these efforts including being in the top 10 best firms in India for Data Scientists to work for and ranked among the best companies to work for by Great Place to Work Institute for over a decade.

Keeping data secure

Industry-leading technology and practices ensure protection of all financial information, as each of these applications input sensitive customer data. When you use any of Intuit’s offerings, including TurboTax, Credit Karma, QuickBooks, or Mailchimp, you have the power to download, update, or delete your data from the Intuit account without having to contact the platform. At every stage, your privacy is protected. Intuit’s responsible AI principles guide how they operate and scale the AI-driven expert platform responsibly. The platform is also committed to using AI responsibly so that users can enjoy a fully automated and personalised experience.

Intuit builds AI into the systems in a manner that it works in tandem with customers to help them do their jobs more efficiently and with their consent. Towards this, a majority of the AI functions as decision support systems to help make wise financial decisions. Intuit uses internal governance to safeguard against its harmful impacts and also works closely with third-party organisations across industry, policy, and academia to help address issues around this. The entire process is followed with transparency and explainability for all the stakeholders.

Over 6,000 technologists at Intuit, including data scientists, research scientists, and engineers with extensive expertise in AI, use their knowledge of natural language processing, generative AI, robust and explainable AI, symbolic AI, machine learning, and optimization to develop and incubate AI-driven technology breakthroughs that solve customer problems. To stay connected with Intuit’s talent community,click here.

Disclaimer: This article has been produced on behalf of the brand by HT Brand Studio.