Intuit Signs $100M+ Multi-Year Deal with OpenAI to Integrate Financial Apps into ChatGPT

Intuit signs $100M+ deal with OpenAI to bring its apps to ChatGPT | TechCrunch

Intuit has signed a multi-year contract worth more than $100 million with OpenAI, enabling its tax and financial apps to operate within ChatGPT and expanding the company's use of OpenAI's models across its products. Intuit said its tools, such as TurboTax, Credit Karma, QuickBooks and Mailchimp, will be accessible through ChatGPT, allowing users to ask questions and complete tasks such as estimating tax refunds, reviewing credit options, or managing business finances. With users' permission, Intuit's apps will be able to access their financial data to generate responses and complete tasks, like sending marketing messages or issuing invoice reminders. Customers will also be able to use the tools within ChatGPT to review credit cards, personal loans and mortgages. The agreement reflects a broader trend of technology and financial firms adopting large language models in consumer and business software. OpenAI in October introduced a way to let developers build apps accessible through ChatGPT. Early participants in the program included Booking.com, Expedia, Spotify and several other consumer and productivity platforms. But Intuit's integration differs from existing ChatGPT apps, as it will be used for tasks that can directly influence financial decisions. Such uses have raised concerns about the reliability of AI systems, which can produce incorrect or misleading outputs. Intuit employs multiple validation methods and utilizes large domain-specific datasets to minimize the risk of errors or "hallucinated" responses, Bruce Chan, a spokesperson for Intuit, told TechCrunch. "When our AI provides an answer or gives guidance to a customer, it's drawing on the deep expertise that Intuit has developed over many years, plus the data that gives us a 360-degree view of the customer," Chan said. "This helps make sure the answer given is relevant and grounded in the customer's own data, and reflects Intuit's years of domain expertise." Chan said Intuit continues to stand behind the accuracy guarantees offered through its products, including TurboTax, but did not clarify when asked if the company or the customer would be on the hook for errors that result from AI-generated recommendations or insights. Intuit has been expanding its use of AI in recent years with an eye towards taking advantage of its massive data infrastructure. In 2023, the company introduced Intuit Assist, an AI assistant that works across its products. The partnership also involves Intuit expanding its use of OpenAI's models across its business. The company already uses AI models from OpenAI alongside other commercial and open-source large language models. Intuit said the partnership will give it access to new audiences through ChatGPT, adding another distribution channel for its small-business and consumer finance tools. "This partnership will deepen Intuit's use of OpenAI's frontier models, which will help power select AI agents across Intuit's platform," Chan said. The deal also covers Intuit's continued use of ChatGPT Enterprise, which the company said is deployed internally to support employee workflows.

Intuit to pay OpenAI over $100 million for model access, ChatGPT integrates with TurboTax

Tax software provider Intuit has agreed to pay OpenAI more than $100 million in a multiyear deal to use the artificial intelligence startup's large language models to bolster its financial products. Intuit shares climbed 3% on Tuesday. By using OpenAI's technology inside GenOS, its internal AI system, Intuit is aiming to upgrade its products with advanced AI agents. The models will work across Intuit's TurboTax, QuickBooks, Credit Karma and Mailchimp services. The companies are also partnering to integrate OpenAI's ChatGPT chatbot with Intuit's offerings. TurboTax users can link their Intuit accounts to ChatGPT, and take tax or financial actions in a secure fashion. ChatGPT can then guide those customers through tasks tied to their TurboTax filings or financial profile without ever accessing the underlying documents. The experience will run inside ChatGPT. As part of the partnership, users will be able to authorize Intuit to pull the right data and return tailored results, like estimating a tax refund, finding the right credit card, or generating QuickBooks insights off real-time business activity. For OpenAI, the deal adds a major finance partner, a meaningful revenue stream, and momentum behind its strategy of turning ChatGPT into a broad platform that works across numerous industries. The company also needs to show it has significant growth avenues to justify its $500 billion valuation and more than $1.4 trillion in spending commitments. OpenAI has struck similar deals with companies like PayPal, Shopify, and Walmart, which have begun integrating payments, shopping and transaction capabilities into ChatGPT. Privacy is of particular importance when it involves financial data. A user's information will stay inside Intuit's ecosystem, even when accessed through ChatGPT. Correction: A prior version of this story had incorrect terms of the deal between the two companies.

Intuit is integrating its tax and accounting products with ChatGPT

The financial software company Intuit has signed a nine-figure with OpenAI which will allow customers to use its various services within ChatGPT. Intuit's apps include Intuit Turbo Tax, Credit Karma, QuickBooks and MailChimp, all of which will now be accessible when using OpenAI's chatbot for personalized financial advice and management. The partnership is driven by what Intuit calls the "hundreds of millions of consumers and businesses" that ask ChatGPT finance-related questions every week. Consumers will be able to use Intuit's apps within ChatGPT to research credit cards and mortgages, with advice tailored to their spending. They can also permit the chatbot to access their financial data to estimate their tax refund amounts and schedule appointments with a "live, AI-powered tax expert." On the business side, companies can use ChatGPT to get advice on how to increase their revenue based on their current performance. They can also create targeted campaigns to send out to prospective customers and use AI to generate invoice reminders. Intuit has been investing heavily in AI for the last 10 years, introducing its own back in 2023 and building it into its products. Its $100 million contract with OpenAI will also see it widen its use of the latter's models and their agentic capabilities across its platform. Generative AI allows Intuit customers to complete their financial tasks and ask questions about complex subjects using natural language prompts. OpenAI is seemingly committed to growing its reputation as a credible source of finance-related guidance and information. Last month it a personal investing app called ROI, which uses a built-in chatbot to advise users on potential investments.

Intuit partners with OpenAI in $100M deal to integrate its finance applications with ChatGPT - SiliconANGLE

Intuit partners with OpenAI in $100M deal to integrate its finance applications with ChatGPT Financial services software company Intuit Inc. said today it's partnering with OpenAI to bring its applications to ChatGPT and accelerate productivity within its own organization. The multiyear deal, which is expected to generate more than $100 million in revenue for OpenAI, was described as an "end-to-end agreement" that will expose Intuit products such as TurboTax, QuickBooks, Credit Karma and Mailchimp to thousands of potential users through ChatGPT. In addition, Intuit's employees will continue to get access to ChatGPT Enterprise, while its developers will have broad access to OpenAI's suite of application programming interfaces. The financial software firm wants to use the company's cutting-edge frontier models to power various applications and research across its business. Its employees will also continue to embed AI into their daily workflows and enhance productivity, the company said. Intuit sells a number of products aimed at both businesses and consumers, including its tax preparation software TurboTax, the QuickBooks accounting platform for small and medium-sized businesses and the personal finance and credit monitoring platform Credit Karma. It's also the owner of Mailchimp, an email marketing platform for businesses. Each of these products will benefit from the partnership, Intuit said. It plans to use OpenAI's models to power artificial intelligence agents that will be able to automate tasks inside of its platforms and services. In an interview with the Wall Street Journal, OpenAI Chief Executive of Applications Fidji Simo said ChatGPT's accessibility and Intuit's expertise will help to "unlock financial literacy at a scale that hasn't been tried before." She explained that the partnership will help transform ChatGPT from a very useful, albeit fairly insular tool, into something that's "connected to incredibly helpful services". Ultimately, OpenAI wants to make ChatGPT become a kind of "super personal assistant" that's useful for people in every aspect of life, as opposed to trying to build the next "superapp." Intuit CEO Sasan Goodarzi told the Journal that OpenAI will help the company to reach thousands of untapped customers who are currently engaged with ChatGPT on a daily basis. The companies didn't make it clear exactly how ChatGPT will help Intuit to reach more users, but they did explain how it can make life easier for existing customers. For instance, TurboTax users will be able to link their accounts to ChatGPT and ask the chatbot to perform tasks such as estimating tax refunds, reviewing credit options or managing business finances. ChatGPT will be able to guide people through the various tasks they need to do in TurboTax, without accessing their financial information. The entire experience will run within ChatGPT. Perhaps more significantly, the deal represents an opportunity for OpenAI to generate some much-needed revenue from its AI services. The company's monetization troubles are no secret - only a small percentage of ChatGPT's users have become paying subscribers, and it continues to burn through billions of dollars of investor's capital every year on data center infrastructure and research costs. OpenAI has struck similar deals with companies like PayPal Holdings Inc., Shopify Inc., and Walmart Inc, which have begun integrating payments, shopping and transaction capabilities into ChatGPT. The problem of monetizing AI has created a lot of anxiety about the prospect of the market entering a bubble, with sky-high stock valuations and debt levels that cannot easily be justified at current revenue levels. Goodarzi told the Journal he doesn't think the overall impact of AI is being exaggerated, but warned that expectations around the pace of adoption might be. He expressed confidence that the technology will ultimately spark more innovation than was experienced with the emergence of electricity and the internet, but said it may take some time for that to happen.

TurboTax gets an AI upgrade as Intuit inks major deal with OpenAI

The tax software giant Intuit just struck a new deal with OpenAI that will weave AI deeply into its portfolio of financial apps, including the ones many Americans use to file their taxes. In the multiyear deal, Intuit will pay ChatGPT maker OpenAI more than $100 million annually to implement its artificial intelligence models across products like TurboTax, personal finance manager Credit Karma, email marketing platform Mailchimp, and the accounting tool QuickBooks. Through the partnership, Intuit's products will also become accessible directly through ChatGPT -- the latest lucrative business integration for OpenAI. "We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies," Intuit CEO Sasan Goodarzi said. "Our partnership combines the power of Intuit's proprietary financial data, credit models, and AI platform capabilities with OpenAI's scale and frontier models to give users the financial advantage they need to prosper."

Intuit pays 100 million dollars to let ChatGPT do your taxes

Intuit signed a multi-year contract exceeding $100 million with OpenAI for app integration into ChatGPT, expanding AI model use across products. Intuit's tools, including TurboTax, Credit Karma, QuickBooks, and Mailchimp, will be accessible via ChatGPT. Users can ask questions and complete tasks such as estimating tax refunds, reviewing credit options, or managing business finances. Additionally, users will review credit cards, personal loans, and mortgages through these integrated tools. With user permission, apps access financial data to generate responses and accomplish tasks like sending marketing messages or issuing invoice reminders. This agreement reflects a broader industry trend of technology and financial firms adopting large language models in consumer and business software. OpenAI enabled app building via ChatGPT in October, with early participants including Booking.com, Expedia, and Spotify. Intuit's integration differs from existing ChatGPT apps due to its direct influence on financial decisions. This raises concerns regarding the reliability of AI systems, which can produce incorrect outputs. Intuit employs multiple validation methods and uses large domain-specific datasets to minimize errors or "hallucinated" responses, Bruce Chan, an Intuit spokesperson, told TechCrunch. Chan stated, "When our AI provides an answer or gives guidance to a customer, it's drawing on the deep expertise that Intuit has developed over many years, plus the data that gives us a 360-degree view of the customer." He added, "This helps make sure the answer given is relevant and grounded in the customer's own data, and reflects Intuit's years of domain expertise." Intuit maintains its accuracy guarantees for products, including TurboTax, but did not specify accountability for AI-generated error recommendations. Intuit has expanded its AI use in recent years, leveraging its extensive data infrastructure. In 2023, the company introduced Intuit Assist, an AI assistant spanning its products. The partnership expands Intuit's use of OpenAI's models overall. Intuit already utilizes OpenAI models alongside other commercial and open-source large language models. The partnership grants Intuit access to new audiences through ChatGPT, establishing an additional distribution channel for its small-business and consumer finance tools. Chan stated, "This partnership will deepen Intuit's use of OpenAI's frontier models, which will help power select AI agents across Intuit's platform." The deal also covers Intuit's continued use of ChatGPT Enterprise, deployed internally to support employee workflows.

Intuit strikes $100 million deal to integrate OpenAI models into financial tools

Intuit said on Tuesday it has signed a multi-year deal worth more than $100 million with OpenAI to use the ChatGPT maker's artificial intelligence models to power AI agents across its apps such as tax-preparation software TurboTax. Shares of the Mountain View, California-based company rose 3.4% in premarket trading following the announcement. The company said its tools such as personal finance portal Credit Karma and accounting software QuickBooks will be directly accessible through ChatGPT, enabling users to get instant financial decisions such as estimating tax refunds, personal loans or mortgage, all within the chatbot experience. Intuit CEO Sasan Goodarzi said the partnership combines the company's "proprietary financial data, credit models and AI platform capabilities with OpenAI's scale and frontier models to give users the financial advantage they need to prosper". The company had raised the prices of its QuickBooks online and payroll subscription services in July following the launch of AI agents, systems capable of taking actions on behalf of users. Intuit expects the partnership to deepen engagement with its roughly 100 million customers and attract new users to its AI-powered tax and financial applications. The company had forecast first-quarter revenue growth below analysts' estimate in August, hit by sluggish performance at its marketing platform Mailchimp.

Intuit Stock Jumps On Multi-Year Deal With OpenAI - Intuit (NASDAQ:INTU)

Intuit Inc (NASDAQ:INTU) shares are trading higher on Tuesday after the company announced a partnership with OpenAI. * INTU is showing upward movement. Check out the latest moves here What Happened: Intuit announced a multi-year, strategic partnership with OpenAI to add Intuit-powered apps in ChatGPT. Intuit said it will deepen its use of OpenAI's frontier models in its proprietary generative AI operating system as part of the $100 million plus deal. The TurboTax, Credit Karma and QuickBooks parent company said it aims to create the future of financial intelligence by combining the platforms to drive growth. ChatGPT users will gain access to more insightful, more specific and more actionable responses through Intuit apps. Consumers and businesses will now be able to get personalized financial insights and recommendations. "We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies," said Sasan Goodarzi, CEO of Intuit. "Our partnership combines the power of Intuit's proprietary financial data, credit models, and AI platform capabilities with OpenAI's scale and frontier models to give users the financial advantage they need to prosper." How To Buy INTU Stock By now you're likely curious about how to participate in the market for Intuit - be it to purchase shares, or even attempt to bet against the company. Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy "fractional shares," which allows you to own portions of stock without buying an entire share. If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to "go short" a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading - either way it allows you to profit off of the share price decline. INTU Price Action: Intuit shares were up 3.41% at $668.00 at the time of publication on Tuesday, according to Benzinga Pro. Image: Shutterstock.com INTUIntuit Inc $667.263.29% Overview Market News and Data brought to you by Benzinga APIs

OpenAI and Intuit Aim to Turn ChatGPT Into Financial Guru | PYMNTS.com

The collaboration, announced Tuesday (Nov. 18), will let users of OpenAI's ChatGPT take "trusted, secure, and accurate financial actions" through Intuit's various apps, which can be accessed within the chatbot. According to an Intuit news release, this marks the first time consumers and businesses will be able to employ Intuit's AI-driven expert platform and get personalized financial insights and recommendations, all through apps available in ChatGPT. "Every week, hundreds of millions of consumers and businesses search on ChatGPT for answers to their biggest problems," the release said, citing questions such as "how can I pay off my debt faster or improve my credit score?" and "how do I increase the profitability of my business or find new customers?" With the knowledge of their financial data and behaviors powered by Intuit's capabilities, users will get more insightful, more specific and more actionable responses via the Intuit apps in ChatGPT, the companies added. "We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies," said Sasan Goodarzi, CEO of Intuit. "Our partnership combines the power of Intuit's proprietary financial data, credit models, and AI platform capabilities with OpenAI's scale and frontier models to give users the financial advantage they need to prosper." "Intuit's AI-powered financial platform helps millions of people manage their finances and run their businesses," added Fidji Simo, CEO of Applications at OpenAI. "This partnership combines our most advanced models and global scale with Intuit's platform capabilities to help everyone make smarter financial decisions and build more secure futures." PYMNTS has written extensively on the increasing role AI plays in the world as finance. As covered here last month, that means using artificial intelligence not just "as a speculative experiment, but as a pragmatic tool to address acute vulnerabilities." Examples of this can be found in the recent partnership between Anthropic and Deloitte to build AI compliance solutions, as well as the news that Ramp was adding new AI agents to Bill Pay, its accounts payable automation platform. "The pattern emerging across industries is striking," PYMNTS wrote. "Finance leaders are moving quickly to deploy AI where the business case is immediate and measurable, particularly in fraud detection, payments reconciliation and compliance." However, these same leaders are moving forward deliberately, even conservatively, in terms of applying AI across broader finance functions like forecasting, capital allocation or strategic planning, the report added.