Company's early investments in Generative AI
Operating System and AI-driven expert platform innovations
accelerate delivery of agentic AI experiences
Intuit Inc. (Nasdaq: INTU), the global financial technology
platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and
Mailchimp, is pioneering a done-for-you future with agentic AI.
Developed using its proprietary Generative AI Operating System
(GenOS), Intuit’s new agentic AI systems will do the hard work on
behalf of consumers and businesses, complemented by personalized
AI-driven insights and recommendations, with a seamless path to
AI-powered human tax and bookkeeping experts whenever needed.
Intuit is bringing together the best of human expertise and the
company’s AI capabilities to accelerate delivery of agentic AI
experiences across its AI-driven expert platform.
“Agentic AI represents a transformative leap in technology, with
the potential to unlock unprecedented levels of efficiency for our
customers, human experts, and developers,” said Alex Balazs,
Intuit's chief technology officer. “Given Intuit’s decade-long
investments in data and AI—and our GenOS GenRuntime agent
framework—we’re well on our way to delivering on the promise of
seamless, connected, done-for-you customer experiences.”
Initial agentic AI capabilities will be available starting in
December, with additional use cases rolling out throughout 2025
across the company’s platform and products. For consumers,
businesses, and experts, Intuit agentic AI use cases will eliminate
routine tasks so they can focus on higher value activities. Agentic
AI workflows will dynamically determine the right sequence of
operations, executed by specialized AI agents to achieve goals and
complete tasks autonomously, with human direction and oversight.
This is another giant step towards done-for-you experiences,
fueling the success of consumers and businesses. For example:
- Automating cash flow management tasks - agentic
AI-powered workflows are in production now in limited release for
dynamically processing accounts receivable and accounts payable
(AR/AP) tasks. This includes processing of relevant customer
artifacts, including user-submitted images, documents, and emails,
and then orchestrating any necessary follow-up AR/AP specific
actions to specialized AI agents (e.g., invoice processing agent,
bill creation agent) for the customer’s review. These AI agents
handle specific tasks, completing the customer's workflow with
precision and efficiency. By automating routine administrative
activities, the business owner can focus on what matters most:
growing their business. This capability is expected to be generally
available in late 2024.
- Streamlining small business customer speed-to-benefit -
agentic AI systems with specialized agents will rapidly enable new
customers to realize immediate benefits of Intuit’s products. One
example of this is an onboarding agent that searches for and
automatically populates publicly available information about a
customer’s business during onboarding to minimize manual data
entry, save time, and enable them to experience product benefits
faster. This capability is expected to be in production in early
2025.
- Blending the best of developer expertise with agentic AI
- agentic AI is creating unprecedented levels of efficiency and
velocity for developers and experts. One example of an agentic AI
use case is automated conversion of annual U.S. and state tax code
updates into tax content for review by Intuit developers and
experts (tax and bookkeeping). This capability will begin to roll
out in early 2025 for the upcoming tax season.
- Dynamically providing personalized answers and insights
- an advanced conversational system sitting on top of Intuit’s
platform will power rich and responsive customer engagements across
a variety of topics via a collection of specialized AI agents,
mapped to various underlying platform capabilities. For example,
answering product help questions, providing finance and compliance
information (e.g., when taxes are due), producing reports and
insights about how a small business is operating, and assisting
with guidance and brainstorming. This capability is expected to
begin rolling out by mid-2025.
Intuit is actively exploring new experiences ideally suited for
agentic AI to address complex business workflows, among them: a
collection of customizable agents equipped to manage a breadth of
tasks across the company’s platform and products (tax, accounting,
marketing, personal finance).
The power of GenOS for agentic workflows
Over the past 15 months, Intuit has built the foundation for
accelerated development of agentic AI experiences with its
proprietary GenOS.
A combination of Intuit’s GenRuntime framework in GenOS and
custom-trained financial large language models (LLMs) will power
agentic workflows, beyond basic prompting to autonomous planning,
reasoning, and execution to tackle complex business workflows.
GenRuntime is an intelligent layer that accesses the right data and
capabilities with sophisticated components: GenOrchestrator
(planner, executor, memory and knowledge retrieval) and agents and
tools to ground commercial and open source LLMs in Intuit
domain-specific knowledge.
How Intuit is harnessing the power of data and AI for
customers
For more than a decade, Intuit’s robust data and AI capabilities
have been foundational to the company’s success as a fintech
industry leader and technology innovator. Introduced in September
2023, Intuit Assist—the company’s generative AI-powered
assistant—provides personalized, intelligent recommendations that
help customers make smart financial decisions with less work and
complete confidence.
Built with Intuit’s proprietary GenOS, Intuit Assist is embedded
across the company’s platform and products—including TurboTax,
Credit Karma, QuickBooks, and Mailchimp—putting next-generation AI
in the hands of consumers and small businesses. Foundational GenOS
components include: GenStudio (dedicated development environment),
GenRuntime (intelligent layer that accesses the right data and
capabilities), GenUX (library of consistent customer interfaces),
and LLMs (commercial, open source, and proprietary financial
LLMs).
A strong commitment to responsible AI and data
stewardship
Intuit’s AI-driven expert platform and products are built in
keeping with the company’s commitment to data privacy, security,
and responsible AI governance. Intuit safeguards customer data and
protects privacy using industry-leading technology and practices,
and adheres to responsible AI principles that guide how the company
operates and scales its AI-driven expert platform with its
customers' best interests in mind. Intuit is also a member of the
U.S. Artificial Intelligence Safety Institute Consortium,
established by the National Institute of Standards and Technology
(NIST).
Investor Day: How to Participate
Learn more about Intuit’s AI-driven expert platform innovations
on Thursday, September 26 at Investor Day 2024. It will be
broadcast live via webcast on Intuit’s website at
https://investors.intuit.com/news-events. A replay of the video
broadcast will be available on Intuit’s website approximately three
hours after the meeting ends.
About Intuit
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With
approximately 100 million customers worldwide using products such
as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe
that everyone should have the opportunity to prosper. We never stop
working to find new, innovative ways to make that possible. Please
visit us at Intuit.com and find us on social for the latest
information about Intuit and our products and services.
Forward Looking Statements
In this press release, we announce plans or intentions regarding
functionality that is not yet delivered. These statements do not
represent an obligation to deliver this functionality to customers
and should not be relied on in making a purchasing decision or an
investment decision.
This press release contains forward-looking statements,
including expectations regarding: our prospects for the business in
FY25 and beyond; demand for our products; changes to our products,
including the continuing use of data and incorporation of AI, and
their impact on our business; availability of our offerings; and
the impact of our strategic decisions on our business.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from the expectations expressed
in the forward-looking statements. These risks and uncertainties
may be amplified by the effects of global developments and
conditions or events, including macroeconomic uncertainty and
geopolitical conditions, which have caused significant global
economic instability and uncertainty. Given these risks and
uncertainties, persons reading this communication are cautioned not
to place any undue reliance on such forward-looking statements.
These factors include, without limitation, the following: our
ability to compete successfully; potential governmental
encroachment in our tax business; our ability to develop, deploy,
and use artificial intelligence in our platform and products; our
ability to adapt to technological change and to successfully extend
our platform; our ability to predict consumer behavior; our
reliance on intellectual property; our ability to protect our
intellectual property rights; any harm to our reputation; risk
associated with our ESG and DEI practices; risks associated with
acquisition and divestiture activity; the issuance of equity or
incurrence of debt to fund acquisitions or for general business
purposes; cybersecurity incidents (including those affecting the
third parties we rely on); customer or regulator concerns about
privacy and cybersecurity incidents; fraudulent activities by third
parties using our offerings; our failure to process transactions
effectively; interruption or failure of our information technology;
our ability to maintain critical third-party business
relationships; our ability to attract and retain talent and the
success of our hybrid work model; any deficiency in the quality or
accuracy of our offerings (including the advice given by experts on
our platform); any delays in product launches; difficulties in
processing or filing customer tax submissions; risks associated
with international operations; risk associated with climate change;
changes to public policy, laws or regulations affecting our
businesses; legal proceedings in which we are involved;
fluctuations in the results of our tax business due to seasonality
and other factors beyond our control; changes in tax rates and tax
reform legislation; global economic conditions (including, without
limitation, inflation); exposure to credit, counterparty and other
risks in providing capital to businesses; amortization of acquired
intangible assets and impairment charges; our ability to repay or
otherwise comply with the terms of our outstanding debt; our
ability to repurchase shares or distribute dividends; volatility of
our stock price; our ability to successfully market our offerings;
our expectations regarding the timing and costs associated with our
plan of reorganization (“Plan”); risks related to the preliminary
nature of the estimate of the charges to be incurred in connection
with Plan, which is subject to change; and risks related to any
delays in the timing for implementing the Plan or potential
disruptions to our business or operations as we execute on the
Plan.
More details about these and other risks that may impact our
business are included in our Form 10-K for fiscal 2024 and in our
other SEC filings. You can locate these reports through our website
at http://investors.intuit.com. Forward-looking statements
represent the judgment of the management of Intuit as of the date
of this presentation. Except as required by law, we do not
undertake any duty to update any forward-looking statement or other
information in this presentation.
© 2024 Intuit Inc. All rights reserved. Intuit, QuickBooks,
TurboTax, Mailchimp and Credit Karma are registered trademarks of
Intuit Inc. in the U.S. and other countries. GenOS, GenUX,
GenStudio, GenRuntime are trademarks of Intuit Inc. in the U.S. and
other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20240925641023/en/
Bruce Chan bruce_chan@intuit.com
Intuit (NASDAQ:INTU)
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