According to PYMNTS.com, OpenAI and Intuit announced a partnership on Tuesday, November 18 that will let ChatGPT users take “trusted, secure, and accurate financial actions” through Intuit’s various apps accessible within the chatbot. This marks the first time consumers and businesses can employ Intuit’s AI-driven expert platform directly through ChatGPT for personalized financial insights. The companies cited that hundreds of millions of users weekly search ChatGPT for financial questions like paying off debt faster or improving credit scores. Intuit CEO Sasan Goodarzi and OpenAI’s Applications CEO Fidji Simo both emphasized combining Intuit’s financial data, credit models, and AI capabilities with OpenAI’s scale and frontier models. The partnership follows similar AI finance moves like Anthropic working with Deloitte on compliance solutions and Ramp adding AI agents to its Bill Pay platform.
Financial Data Meets Chatbot
Here’s the thing – this sounds incredibly convenient. Who wouldn’t want financial advice tailored to their specific situation, available 24/7 through a simple chat interface? But let’s be real about what’s actually happening here. You’re essentially giving one of the world’s most advanced AI systems access to your most sensitive financial information. Intuit’s platforms like TurboTax and QuickBooks contain everything from your income and spending habits to your tax returns and business finances.
Now, both companies are promising “trusted, secure, and accurate” handling of this data. But we’ve seen enough data breaches and AI hallucinations to be skeptical. Remember when AI confidently gives wrong information about historical events? Imagine that happening with your financial decisions. The stakes are much higher when we’re talking about someone’s credit score or business profitability rather than trivia questions.
The Broader Trend
This isn’t happening in isolation. As PYMNTS notes, we’re seeing a clear pattern across finance where companies are rushing to deploy AI for immediate, measurable business cases. Fraud detection? Payments reconciliation? Compliance? Those are relatively safe bets. But personalized financial advice? That’s entering much murkier territory.
Look at the other partnerships mentioned – Anthropic with Deloitte on compliance, Ramp adding AI to accounts payable. These are mostly back-office functions where mistakes can be caught and corrected. Giving individuals financial advice through a chatbot? That’s a whole different level of responsibility.
Trust and Transparency
So here’s my big question: Who’s liable when this AI financial guru gives bad advice? If ChatGPT suggests a debt repayment strategy that actually costs someone more in interest, or recommends a business move that backfires, where does the responsibility lie? With OpenAI? With Intuit? Or with the user for following AI-generated financial advice?
The companies are being deliberately vague about the specifics. The official announcement talks about “personalized experiences” and “financial advantage,” but doesn’t detail the safeguards or accountability measures. That’s concerning when we’re dealing with people’s financial wellbeing.
Basically, this feels like another case of technology moving faster than regulation and consumer protection. The potential benefits are huge – democratizing access to financial expertise that many people can’t afford. But the risks are equally massive. I’ll be watching this partnership closely to see how they handle the inevitable challenges that come with mixing AI and personal finance.
