Your customers already use it: A typical bank has 10% of its customer base registered with Mint (though the active user base is much smaller).Whereas Mint is now acquiring almost half its customers in the mobile channel. Jump-start mobile money management: Few banks have anything beyond basic balance/transaction info in mobile banking.And the advantage could remain if you are thought of as “that bank with Mint” for the next few years. Early mover advantage: If you are the first in your market with Mint integration, it could provide a meaningful competitive advantage while you have that space to yourself.Attractive UI: While the other players (notably Money Desktop) have caught up, if not surpassed, Mint on the UI front, it still provides a UI that is head and shoulders above the typical banking site.Tax integration: While some may view this as a con, the links between Mint and sister product TurboTax, provide a nice solution for banks to push during tax season.With 12 million registered users (note 1), that means that about 10% of your customers base has already set up an account there and could be off and running MUCH faster than using your home-grown service. Current Mint users can import their history and aggregated accounts right into your bank’s secure site with the click of the button.
So it will be easier to educate the market by simply saying, “we offer Mint built right in to your online banking.” Then they get it everyone seems to have heard of Mint. When I tell friends and family what we do at Finovate, I usually get blank stares until I say that we have companies like Mint on stage demoing their new products. In fact, it’s probably the best known name in all of personal finance, not counting big financial institutions and payment brands. There is no right answer, but here are a few pros and cons to ponder: _ But now that the moment has arrived, banks and credit unions must decide if they want to cede PFM branding over to Mint. As Aite’s Ron Shevlin blogged yesterday, the move comes as no surprise to anyone.
I was briefed by Intuit’s Mint folks Tuesday, so I’ve had 36 hours to ponder the implications ( see note 1). Non-customers will be considerably more wary. Many of Intuit’s 1,100 online banking clients (500 of which use Intuit’s FinanceWorks PFM) will jump at the chance to integrate Mint. See the mockup below for what Mint will look like running within a retail bank. However, FI end users will not see third-party offers, unless the bank decides to run them. The service will contain similar functionality as Mint offers directly today. Several pilots are beginning shortly, but widespread availability is expected towards year-end.
Yesterday, Intuit announced a Mint-branded PFM that banks can install within their secure online banking sites ( press release).