Intuit Is Using GenAI to Offer Personalization Across Its Products, And Drive Revenue

Intuit is leveraging generative AI to offer personalization across its suite of financial products, driving strong revenue growth and enhancing customer experiences.

Intuit’s gen AI strategy: Intuit is heavily relying on generative AI to personalize customer experiences, automate routine tasks, and provide actionable insights to help users achieve their financial goals:

• The company has over 100 million customers worldwide using its TurboTax, Mint, Credit Karma, QuickBooks and Mailchimp products.
• Intuit’s AI-driven platform strategy has resulted in double-digit growth in total revenue and operating income, with Q3 fiscal 2024 total revenue surging 12% year-over-year to $6.7 billion.

Transforming personalization with gen AI: At VB Transform 2024, Nhung Ho, VP of AI at Intuit, shared insights into how the company is fine-tuning its approach to using gen AI and machine learning to personalize experiences by customer segment, product, and development strategy:

• Intuit launched Intuit Assist in September 2023, its first gen AI-powered financial assistant for small businesses and consumers, integrated with its proprietary Generative AI Operating System (GenOS).
• In the latest tax season, 24 million TurboTax customers received a gen AI experience that clearly explained their tax calculations, boosting confidence and transparency.
• Intuit immediately starts personalizing its products based on a customer’s unique business type and needs, such as tailoring its offerings for a construction company versus a bakery.

Key strategies for excelling with gen AI: Intuit employs several core actions to drive successful personalization across its products using generative AI:

• Integrating AI to simplify complex tasks, like using gen AI in TurboTax to break down tax calculations into understandable steps for users.
• Automating routine operations, such as accounting and marketing workflows for small businesses, to free up employee time for higher-value activities.
• Ensuring high-quality, clean data through continuous monitoring and curation to maintain accuracy in AI-driven processes.
• Managing latency in AI systems by exploring applications beyond chat-based interfaces to reduce latency sensitivity and improve user experiences at scale.
• Adopting a multi-cloud strategy to stay flexible and access the best AI models for specific personalization use cases.
• Building scalable and secure AI systems with a focus on data scalability and hardening defenses to enable more efficient innovation cycles.
• Creating a composable architecture with fully composable microservices to integrate various AI models and technologies with flexibility.
• Personalizing user experiences by fine-tuning AI tools to meet the specific needs of different customer segments.
• Balancing deterministic and probabilistic AI systems to ensure accuracy for critical tasks like tax calculations.
• Expanding AI use cases beyond initial applications to further enhance adjacent business processes and workflows.

Pushing the boundaries of gen AI in finance: Intuit’s advanced approach to leveraging generative AI for personalization showcases the technology’s potential to transform customer experiences in the financial sector:

• The launch of Intuit Assist and GenOS reflects the company’s cutting-edge use of gen AI to augment and improve user interactions across its product suite.
• By strategically applying gen AI to refine preferences, automate tasks, and deliver actionable insights, Intuit is setting a high bar for personalization in the industry.
• As Intuit continues to push the boundaries of gen AI applications and share its learnings, it is paving the way for wider adoption and innovation in the financial services space.