Technology for MSMEs: The global financial technology platform Intuit has launched Intuit Assist, a Generative AI-powered financial assistant to provide personalised recommendations to small businesses and consumers on financial decisions with less work. The company said the assistant uses relevant contextual data sets spanning small business, consumer finance, and tax to deliver personalized financial insights.
Generative AI is like a smart computer programme that can create things on its own, like writing stories, making art, or generating music. It works by learning from various examples and creates things similar to what it learned. In other words, it learns from various data sets such as text, images, or music, and creates new things that are akin to what it learned.
The recommendations will be available throughout the year related to maximising tax refunds, and help in accurately filing tax returns with Turbotax, another platform by Intuit. The platform will run through the latest tax laws, and make recommendations on its basis, helping businesses avoid any sort of error while filing the taxes.
“With the introduction of Intuit Assist, we’re taking a giant step forward in powering prosperity for all. We’re creating a future where we do the hard work for small businesses and consumers to fuel their financial success, helping them achieve their dreams,” said Sasan Goodarzi, chief executive officer of Intuit. “Leveraging our vast amounts of rich data and years of investment in AI and GenAI, we’re unlocking the power of our platform to reimagine AI-assisted customer experiences.”
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Similarly, Intuit Assist works in integration with CreditKarma, another software by Intuit that provides relevant financial recommendations to businesses, to utilize the best possible opportunities for investment.
According to a statement by Intuit, the Intuit Assist tool can provide solutions for tax, accountancy, cash flow, personal finance, and marketing opportunities. The platform keeps up with the norms of data privacy and security.
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Patrick Moorhead, founder, CEO, and chief analyst at Moor Insights & Strategy said, “We believe Intuit stands out for its ability to harness robust data across the small business, tax, and consumer finance segments to deliver accurate and personalized AI-driven experiences at scale. This responsible stewardship, paired with Intuit’s investments in AI and data over the last decade, boils down to a generative AI leadership position in the consumer and small business fintech space.”