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Ashok Srivastava at AI Frontiers : Using AI to Solve Complex Economic Problems


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Nearly half of all small businesses fail within their first 5 years. However, AI-driven solutions can help solve complex economic problems for consumers and small businesses like missed bill payments, insufficient capital, overinvestment in fixed assets, and more.
Ashok Srivastava discusses technology's role in solving economic problems and details how Intuit is using its unrivaled financial dataset to power prosperity around the world. Leveraging technology enablers like deep learning, natural language processing, and automated reasoning and combining with a delightful end-user experience and sophisticated UX, Intuit is using technology to help its users have more confidence in their financial management.

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Ashok Srivastava at AI Frontiers : Using AI to Solve Complex Economic Problems

  1. 1. Ashok Srivastava Senior Vice President & Chief Data Officer November 9, 2018 Using AI to Solve Complex Economic Problems
  2. 2. 2
  3. 3. 3 Who we serve Consumers Small Businesses Self-Employed
  4. 4. 4 Our mission Powering prosperity around the world
  5. 5. 5 People and small businesses struggle with the complexity of financial transactions
  6. 6. 6 A 45 year old today has the same amount of student loan debt as a 27 year old in 2004. Report on the Economic Well-Being of U.S. Households in 2017, Board of Governors of the Federal Reserve System 44% cannot come up with $400 for an emergency. 50% of small businesses go out of business in the first 5 years. Quarterly Report on Household Debt and Credit 2017:Q2, Federal Reserve Bank of New York Research and Statistics Small Business Administration, October 2017 Debts are increasing People aren’t saving Businesses aren’t thriving
  7. 7. 7 Using AI to address financial problems Human-Level Financial AI Intelligent Systems Contextual Inference Virtual Advisor Information Parsing 2. FINANCIAL KNOWLEDGE GRAPH 3. MACHINE LEARNING Representation of financial properties and the relations between them 1. DATA Rich and accurate datasets capturing the essential information about the financial life of our customers 4. NATURAL LANGUAGE PROCESSING Extract semantic and intent from a piece of language and convert information into natural language Derive insights and infer logic from data
  8. 8. 8 Proactively managing financial risk with AI Common causes for small business failure • Lack of experience • Lack of sales • Competition • Insufficient capital • Poor location • Poor inventory management • Over-investment in fixed assets • Poor credit arrangements • Personal use of business funds • Unexpected growth AI flywheel for small business
  9. 9. 9 The AI flywheel for finance Powered by large-scale machine learning for a seamless and delightful UX AI flywheel Endpoints Device-facing Enterprise-facing Technology enablers include:
  10. 10. 10 With AI, Intuit delivers: • More money • Less effort • Complete confidence
  11. 11. 11 CUSTOMER BENEFIT MORE MONEY Average user finds $4,628 in tax savings using QBSE NO WORK 70M+ hours/year of tedious work saved in QuickBooks, and Mint COMPLETE CONFIDENCE More accurate than manual entry … compliant with tax codes AI/ML automates financial tracking in multiple products 13.4 million QuickBooks and Mint customers can automatically categorize 250B transactions per year with >90% accuracy.
  12. 12. 12 AI/ML in QuickBooks Capital funds underserved small businesses Determines credit worthiness using cash flow trends from QuickBooks data. MORE MONEY Funds needed to grow and smooth cash flow bumps NO WORK Automatically pulls QuickBooks data COMPLETE CONFIDENCE Error-free automatic application CUSTOMER BENEFIT
  13. 13. 13 • Learning, representing knowledge, and reasoning across vast data sources • Self-configuring software • Personalization and recommendations Knowledge Engineering Explicitly represents human knowledge and relationships in data Machine Learning Unlocks increasingly harder customer problems Reasoning System Synthesizes human knowledge and data to make decisions Other AI/ML topics we’re pursuing to revolutionize Intuit customer experiences
  14. 14. 14 Thank you