OpenAI vs. Intuit: ChatGPT's New Finance Feature

OpenAI has rolled out a new personal finance feature in ChatGPT for its Pro subscribers in the U.S. This feature allows users to connect financial accounts, view spending dashboards, and get answers based on their data. What's interesting is that this new capability overlaps with parts of Intuit's consumer business, which includes products like TurboTax and Credit Karma. This has made the threat of generative AI to Intuit's products feel more concrete, especially as Intuit's stock has roughly halved this year. However, the relationship is complex. OpenAI and Intuit are also partners. Intuit support is "coming soon" to this new ChatGPT feature, and the two companies have a multiyear partnership to build Intuit-powered apps inside ChatGPT. Intuit is paying over $100 million to use OpenAI's models in its own products. So, OpenAI appears to be both a competitor and a customer to Intuit. Intuit argues that accuracy, compliance, and trust in financial decisions are critical, and its decades of data and human experts are hard to replicate. This situation could impact how consumers manage their personal finances through AI tools.