Potential and Possible AI use cases in Intuit Products - a conceptual thought
Purpose of this Article
I am writing this article as every organization in 2024 has an Org Initiative focused towards AI and Generative AI Technologies. It is aimed to be informative and thought-provoking, encouraging discussion and collaboration around responsible AI practices. Recently, I wrote an article on Future use cases of AI for Freshworks Products.
For this article, I have had taken "INTUIT TURBO TAX" product as an example for this article.
Let's start with Intuit MISSION, What they BELIEVE, Customer Centric Approach.
Here, you can see that "Technology Product(s) Vision is connected to the Org Mission"
Technology at Intuit - Build an AI-driven EXPERT Platform that Powers Prosperity around the world.
Connecting Intuit's Product/Technology Vision to its Organizational Mission
Intuit's organizational mission is to "power prosperity around the world". This signifies their commitment to developing products and services that empower individuals and businesses to manage their finances effectively and achieve financial goals.
Their product/technology vision revolves around becoming an "AI-driven expert platform". This vision outlines their aspiration to utilize artificial intelligence (AI) to enhance their products and services, offering users more personalized and expert-level guidance.
Where do we see as Potential Product Focus in 2024:
Continued integration of AI and Generative AI (GenAI): As we know that, Intuit has already begun integrating AI and GenAI into their products like TurboTax in 2023 onwards. Gradually, we can expect them to continue this trend in 2024, potentially expanding the use of these technologies to offer more personalized recommendations, automate tasks, and improve the overall user experience.
Focus on customer experience: Intuit emphasizes customer obsession in their company values. We can expect them to prioritize initiatives that enhance the user experience across their product line in 2024. This might involve improving the user interface, simplifying complex tasks, and providing personalized support through AI-powered features (which they have had started already as Intuit Assist).
Expansion into new market segments: Intuit might explore opportunities to expand their product offerings and target new customer segments in 2024. This could involve developing solutions for specific needs, such as financial management tools for small businesses or investment platforms for individuals.
How they do at present? Examples of how Intuit connects their vision and mission:
Intuit Assist: This GenAI-powered feature aims to provide personalized guidance and explanations, simplifying the tax filing process and empowering users to make informed decisions.
Small Business Solutions: Intuit offers various AI-powered tools like QuickBooks, which helps small businesses manage their finances, automate tasks, and gain insights to make informed business decisions, ultimately contributing to their success and prosperity.
Financial Education Resources: Intuit provides educational resources and tools to help individuals improve their financial literacy. This complements their product offerings by equipping users with the knowledge and skills necessary to utilize their AI-powered tools effectively and achieve their financial goals.
While Intuit officially launched their "Intuit Assist" feature in 2023, it's important to understand that the specific details of their GenAI (Generative AI) implementation in TurboTax Desktop are not fully transparent. We can only speculate based on their public announcements and the general functionalities of "Intuit Assist".
Here's what we know:
Intuit Assist, powered by Generative AI, was officially launched in 2023. This suggests a recent integration and continuous development process.
Intuit Assist promises to guide users through the tax filing process in a conversational manner. This aligns with the core capabilities of GenAI, which can generate human-like text and tailor responses based on context.
"Intuit Assist" is expected to offer features like personalized explanations, recommendations, and support. This further suggests the use of GenAI to analyze user data, understand their tax situation, and generate personalized responses beyond static pre-programmed content.
Moreover, the introduction of "Intuit Assist" and its advertised features powered by GenAI suggest Intuit is taking steps towards integrating this technology to enhance the user experience and potentially offer more personalized and comprehensive support throughout the tax filing process.
While Intuit doesn't reveal all the specifics of their AI implementation, based on publicly available information and press releases, here's how they MIGHT BE currently using AI in TurboTax Desktop:
1. Data Automation and Assistance:
Simple Questions & Answers: This feature allows users to ask basic tax questions using natural language, and an AI-powered system attempts to provide relevant answers.
Automatic Data Import: In some cases, TurboTax can automatically import tax data from various sources like banks and employers, reducing manual entry.
Smart Lookover: This feature scans the user's return and identifies potential deductions and credits they may have missed, prompting them to review these opportunities.
2. Analysis and Guidance:
Audit Risk Assessment: TurboTax utilizes an AI model to analyze a user's tax return and estimate the likelihood of an IRS audit.
Personalized Suggestions: Based on user data and tax history, TurboTax might suggest potential deductions and offer basic guidance, although the extent of personalization is not fully transparent.
3. User Experience Enhancements:
Accessibility Features: Text-to-speech conversion and basic language translation features might be powered by AI to provide a more accessible experience.
Overall, Intuit's current use of AI in TurboTax Desktop focuses on automating tasks, providing basic assistance and guidance, and enhancing the user experience. However, they've recently launched "Intuit Assist" powered by Generative AI, which promises a more comprehensive and personalized experience in the future.
How does Future 2024-25 Looks like:
Predicting the specific features and functionalities for any software application a year in advance is challenging due to the dynamic nature of the tech industry and the companies' strategic decisions often being confidential. However, based on current trends and the potential applications of AI in TurboTax Desktop, here's a possible scenario for the expected segment and AI integration for 2024-2025:
Targeted User Segments:
Focus on expanding user base: While TurboTax caters to a broad audience, they might aim to target specific segments further, such as:
Small business owners and freelancers: Providing them with AI-powered features tailored to their specific tax needs, like expense categorization, self-employment tax calculations, and optimization suggestions.
Investors: Offering AI-powered investment portfolio analysis and tax implications forecasting.
AI Integration Enhancements:
Advanced data automation: Expanding AI capabilities to not only import data from various sources but also automatically categorize and populate it into the relevant tax sections, further reducing manual work and potential errors.
Personalized tax filing path: Building upon the existing "Simple Questions & Answers" and "Smart Lookover" features, the AI assistant could become more comprehensive, guiding users through the entire filing process based on their unique situation and offering personalized recommendations throughout.
Explainable AI: Implementing features that explain the AI's decision-making process behind recommendations and suggestions, fostering user trust and transparency.
Additional Considerations:
Industry regulations: As AI usage evolves in the financial sector, Intuit will need to ensure compliance with relevant data privacy regulations and user security standards.
User adoption and feedback: Successfully integrating AI requires careful consideration of user needs and preferences. User feedback will be crucial in refining and improving AI features to enhance the overall user experience.
It's important to remember that this is simply a speculative scenario based on current trends and technological advancements. The actual focus areas and implementation of AI in TurboTax Desktop for 2024-2025 might differ significantly. However, it highlights the potential for AI to play an increasingly significant role in shaping the future of tax preparation software like TurboTax Desktop.
What would be the possible reason that they will include AI and GenAI in their products??
Benefit | Description | Alignment with Mission |
Enhanced User Experience | - Reduced complexity and time spent filing taxes. - Personalized support and explanations throughout the process. - Improved accessibility features for diverse users. | Empowers individuals to manage finances efficiently and make informed decisions. |
Increased Accuracy and Optimized Tax Benefits | - AI analysis identifies potential deductions and credits, minimizing errors and maximizing benefits. - Personalized recommendations help users navigate complex tax laws and opportunities. | Contributes to financial well-being by ensuring users receive the full benefit they deserve. |
Competitive Advantage | - Innovative AI/GenAI features differentiate TurboTax from competitors. - Attract and retain users seeking a more efficient and personalized experience. | Strengthens brand image as a leader in the tax software market. |
Potential for future advancements | - GenAI can offer personalized tax strategies and simulations. - Provide real-time guidance and support throughout the filing process. - Proactively identify and address potential tax issues. | Empowers individuals to make even more informed financial decisions and potentially achieve greater financial success / goals. |
How does their Solution Overview / Architecture at a high level might look like?
A brief technical diagram for Intuit TurboTax Web Application
A comprehensive technical diagram for Intuit TurboTax Web Application
How does the HMW Statement looks like?
Problem statement:
Millions of individuals struggle with filing their taxes accurately and efficiently due to the complexities of the tax code, the time-consuming nature of data entry, and the lack of personalized guidance. This can lead to missed opportunities for deductions and credits, potential errors on their returns, and increased stress and anxiety during the tax filing season.
Make it using HMW and the rephrased statement looks like:
HMW rephrased problem statement:
How might we empower individuals to file their taxes accurately, efficiently, and with reduced stress, despite the complexities of the tax code, time-consuming data entry, and lack of personalized guidance?
Conclusion
Based on the above pointers:
A Future of Revenue Growth Powered by AI and GenAI in TurboTax Desktop
Intuit's strategic vision of becoming an "AI-driven expert platform" is evident in their integration of Artificial Intelligence (AI) and Generative AI (GenAI) into TurboTax Desktop. This not only empowers individuals but also holds significant potential for revenue growth in the coming years:
Increased user adoption: AI and GenAI features can attract new users seeking a more efficient and personalized experience, leading to increased subscription sales and potential for tiered pricing models.
Enhanced product value: Advanced functionalities like personalized recommendations and risk assessments can increase the perceived value of TurboTax Desktop, potentially justifying premium feature options and upselling opportunities.
Improved user experience: By reducing user frustration and simplifying the filing process, AI and GenAI can enhance customer loyalty and potentially lead to increased customer lifetime value.
Data insights and anonymized user data analysis (with user consent): This data, when anonymized and analyzed responsibly, can provide valuable insights for Intuit, potentially leading to new revenue streams through partnerships with financial institutions and other businesses.
While challenges and uncertainties exist, Intuit's commitment to AI and GenAI positions them at the forefront of innovation in tax preparation software. By prioritizing user needs and continuously iterating based on feedback and market trends, Intuit can leverage these technologies to create a future where TurboTax Desktop not only empowers individuals but also drives sustainable revenue growth for the company.
Disclaimer
**All content are written from self-understanding and created by the author
**These use cases and scenarios are projected from the real-time learning and practiced working experience of the author.
About the Author
Anubhav Sinha stands at the forefront of product innovation and education, co-founding the esteemed Product Capability Uplift (PCU). In his pivotal role at PCU, Anubhav spearheads the development of cutting-edge programs, AI capabilities and courses, relentlessly driving the growth and capability-building initiatives of the Product Academy. His unique approach as a Product Thinker has significantly shaped the academy’s direction and impact.
A Post-Graduate learner in Marketing -IB and with over 15+ years of rich practicing experience in product management and development, Anubhav is a recognised community builder in the field. His expertise spans across both B2B and B2IB product landscapes, where he has made substantial contributions, particularly in the start-up ecosystem. Renowned for his role in nurturing start-ups during their formative stages, Anubhav has also made his mark in established industry product organizations as a user-experience flow optimizer.
Throughout his career, Anubhav has donned multiple hats - from a Product Owner to Principal Product Owner to Co-founder to a Product and Design Thinking Coach. His transformative coaching style and profound knowledge in product ownership have made him a sought-after figure in the tech product realm.
A product coach and an avid technology product enthusiast, Anubhav's contributions and insights are not just limited to his immediate professional engagements. His passion for the field resonates through the valuable content he creates and the mentorship he offers, continually inspiring and guiding the next generation of product management professionals.
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