Fintech Intuit is investing in AI and gen AI technology to develop streamlined solutions for financial customers. 

“Our strategy in AI is to not just build it for a few specific use cases,” Ashok Srivastava, chief data officer at Intuit, told Bank Automation News. “It is to make AI pervasive across the company, and we’ve done it internally and externally.”

The $166 billion Intuit is the parent company of TurboTax, Credit Karma, QuickBooks and Mailchimp, and is deploying AI and gen AI and found: 

• 8X developer velocity increase in the past four years; 

• 15% average productivity gains from overall generative AI experiences; 

• Up to 30% faster coding in experiments with AI assistance; and 

• Reducing customer servicing time by 11% through chatbots and other tools. 

As tax filing season comes to an end, Intuit has teamed up with Google Cloud to use the tech giant’s AI-model Gemini and document AI solution to automate the extraction of information from common tax documents like the 1099 form and input it into tax filing forms like the 1040, according to Google Cloud’s April 9 release. 

“Given we are still in tax filing season, we don’t have numbers to quantify time saved through the tool, but it will save hundreds and thousands of hours for our customers,” Srivastava said. 

The integration also helps Intuit connect tax-filers with certified public accountants to solve specific problems, leading to higher customer satisfaction, Srivastava said.  

“We are also able to forecast the number of [CPA] experts that we will need on a half-hour increment, one year in advance with AI” to avoid being understaffed or over staffed during tax filing season, he said. 

The Intuit Assist chatbot rolled out across all the company’s brands in 2023, helping customers troubleshoot basic queries and reduce the need for human assistance along with providing personalized financial tool recommendations, Srivastava said. 

AI also helps QuickBooks provide working capital to small- and medium-sized businesses by underwriting credit offers within minutes, he said. 

“60% of our customers who use QuickBooks capital cannot get loans from traditional banks,” Srivastava said. “It takes just a few minutes to apply for it and you get instant approval for the loan.”