[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"7813d96b-0e8b-4de8-9bda-c18526011264","updated_at":"2023-06-08T08:57:56.573596+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Intuit is introducing an operating system focused on generative artificial intelligence, incorporating AI models that are trained on the firm's financial data.","sapo":"Intuit is rolling out an operating system centered around generative artificial intelligence, which includes AI models that have been trained using the company's financial data.","title":"Intuit Unveiled GenOS, Large Language Models Tailored for Fintech","content":"

Intuit, a major player in fintech with products such as TurboTax, Mint, Credit Karma, Mailchimp, and QuickBooks, has recently broadened its software services platform by incorporating GenOS, an operating system designed for generative artificial intelligence (AI) technologies.

Intuit states that the newly introduced operating system will be equipped with an array of tools, encompassing a developer studio, a UX library, a runtime layer, and a selection of pre-trained large language models (LLMs).

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Many prominent companies have recently started to adopt third-party LLM solutions like OpenAI’s ChatGPT, tailoring them to their particular requirements. In contrast, Intuit has opted for a distinct path by developing proprietary tools along with its own platform for development and deployment.

Intuit, although not famous for AI, is advantageously positioned as an industry leader to use its data for training models like ChatGPT, allowing for selective data inclusion and precise fintech optimization.

While ChatGPT and comparable LLMs like Google’s Bard are generally regarded as all-purpose chatbots capable of engaging in discussions on a wide range of topics, a model that is exclusively trained on financial data is classified as a “narrow” or specialized system.

Moreover, Intuit is said to have an abundance of data at its disposal. As mentioned in an announcement released on June 6:

"Intuit possesses 400,000 customer and financial attributes for each small business, along with 55,000 tax and financial attributes per consumer, and has connections with over 24,000 financial institutions. Generating 58 billion machine learning predictions daily, Intuit facilitates more than 730 million AI-driven customer interactions annually."

Intuit's plans for implementing GenOS have yet to be fully revealed, as the company has not disclosed specific details about the LLMs it is currently developing with the new platform. However, similar models have primarily been utilized in consumer education and customer service, highlighting potential use cases for Intuit's LLMs.

The introduction of GenOS coincides with a challenging period for taxpayers in the United States, but it has the potential to bring some relief to users of Intuit's flagship TurboTax product.

The Internal Revenue Service (IRS) is facing criticism from conservative Republicans in the United States, who have suggested potential budget reductions of up to $21 billion for the agency over the next two years.

Proposed budget cuts for the IRS may impede efforts to modernize tax services, leading to increased complexities in the tax filing system. This, combined with regulatory actions against cryptocurrency exchanges, poses significant challenges for the 43 million U.S. taxpayers holding crypto assets.

","tags":[{"tag":{"tag":"FinTech","id_tag":"fintech"}},{"tag":{"tag":"AI ","id_tag":"ai"}}],"image":{"fileName":"Intuit-Unveiled-GenOS-Large-Language-Models.png"}}]

Intuit Unveiled GenOS, Large Language Models Tailored for Fintech

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