Intuit introduces proprietary large language models for fintech with GenOS

Intuit introduces proprietary large language models for fintech with GenOS

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Fintech giant Intuit, whose product offerings include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, an operating system for generative artificial intelligence (AI) technologies.

According to Intuit, the new operating system will come with a suite of tools, including a development studio, UX library, runtime layer, and several pre-trained large language models (LLMs).

Several high-profile companies have recently begun tailoring 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 place as an industry leader leaves it well-positioned to leverage internal data to train models similar to ChatGPT. The main benefit of doing so is that the company can choose what data is included, allowing it to fine-tune its models for fintech.

Where ChatGPT and similar LLMs, such as Google’s Bard, have generally been positioned as general chatbots, meaning they are designed to discuss virtually any topic, a model trained specifically on financial data would be considered a “narrow” or specific system.

and intuit reportedly You have a lot of data to work with. According to an announcement published on June 6:

“The company has 400,000 financial and customer attributes per small business, as well as 55,000 tax and financial attributes per consumer, and connects with more than 24,000 financial institutions. With more than 730 million AI-powered customer interactions per year, Intuit generates 58 billion machine learning predictions per day.”

Exactly how Intuit intends to roll out GenOS remains to be seen, as the company has so far not revealed any specific information about the LLMs it is currently developing via the new platform. However, some of the top use cases for similar models have been in consumer education and customer service.

Related: AI-related crypto returns increased by up to 41% after the launch of ChatGPT

The GenOS release comes at a tumultuous time for US taxpayers, but it could bring some relief to users of its flagship TurboTax product.

The Internal Revenue Service (IRS) is currently under fire from American conservative Republicans who have proposed up to $21 billion in budget cuts to the agency over the next two years.

Such cuts may slow IRS efforts to modernize tax services for citizens, which could have a negative impact on an already complex tax filing system. This represents a problem that, combined with the recent uncertainty surrounding the legal nature of digital assets in the wake of action by the Securities and Exchange Commission. against cryptocurrency exchanges Binance and Coinbasecould pose significant challenges for the 43 million American taxpayers that have crypto assets.