Published February 13, 2024

PwC turns to OpenAI to create AI tax assistant

Explore how PwC harnesses the power of OpenAI to revolutionize tax assistance with latest artificial intelligence. Elevate your financial strategy with PwC's innovative AI tax assistant for smarter, more efficient tax solutions.
PwC turns to OpenAI to create AI tax assistant

“Collaboration with OpenAI and Harvey Sets the Stage for Next-Gen Tax Solutions”

PwC UK has unveiled a groundbreaking AI tax assistant designed to revolutionize client services, offering powerful content generation capabilities. This innovative tool, developed in partnership with OpenAI and Harvey, is specifically tailored for UK tax purposes, marking a significant stride in PwC’s broader strategy to lead AI adoption in the professional services market.

AI-Powered Tax Insights:

The newly revealed tax AI assistant utilizes generative AI to produce content, seamlessly integrating case law, legislation, and PwC UK’s intellectual property. With contributions from Harvey and OpenAI, PwC aims to provide clients with heightened insights, transparency, and quality, blending cutting-edge technology with the company’s profound tax expertise.

Ensuring Accuracy and Responsiveness:

Regular updates to the data used in the AI model will maintain its relevance, ensuring alignment with evolving tax rules. PwC emphasizes that this approach guarantees significantly improved accuracy compared to publicly available large language models (LLMs) commonly used in chatbots like ChatGPT and Gemini.

Laura Hinton, PwC’s Tax, Legal and Workforce Leader in the UK, emphasized the transformative potential of generative AI in shaping their services. She highlighted the synergy between human expertise and AI, stating, “Our approach will always be human-led, tech-powered, and AI will complement our expertise, allowing our subject matter experts to deliver deeper, more robust, and transparent insights to our clients.”

Harvey and OpenAI Collaboration:

Winston Winberg, co-founder of Harvey, expressed excitement about the partnership, emphasizing how AI can augment human expertise and transform professional services. This collaboration follows Harvey’s announcement of $80 million in Series B funding in December 2023, with OpenAI Startup Fund contributing to both the Series A and B funding rounds.

OpenAI COO Brad Lightcap echoed the enthusiasm for the collaboration, stating, “We’re excited to continue partnering to help organizations across all industries thrive in an AI-first world.” PwC’s strategic embrace of AI exemplifies a forward-thinking approach that combines technology and human proficiency to drive growth and deliver unparalleled value to clients.

Merry Walker

I'm Merry Walker, the passionate and dedicated author at Bagittoday Blog. My journey with words and storytelling began early in life, and it has been an exhilarating adventure ever since. With a keen eye for detail and a love for engaging content, I've been steering the editorial team of Bagittoday, ensuring that each post we publish not only informs but also inspires and entertains our diverse readership.

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