Mint.com For Banks – It’s About Time!
- Will Intuit’s existing online banking customers move to this new version? The overwhelming majority likely will if this becomes a standard component of online banking (Intuit’s online banking is run in an ASP model). Those that won’t want to move, and that number could be substantial, are ripe for being poached by other digital banking solution providers. This could also be examined from a different angle. Perhaps Intuit’s bank customers have been pushing for these types of changes. If so, then this could be a great way for Intuit to retain existing customers and go after new ones. Too bad it’s approximately a year away, as that still makes Intuit’s customers ripe to be poached by other providers.
- How will Intuit’s online and mobile banking customers feel about the changes to the solution? The pilots will provide more information. Intuit has been making iterative changes to its online banking solution, and the frequent changes could prove challenging and frustrating to banks and their customers.
- Will Intuit be successful at selling this revamped offering to larger financial institutions? That’s difficult to say at this stage. Some of the larger banks are pretty deep into the PFM space already, and they are working with other providers. There are still quite a number of mid-tier and large banks that haven’t touched this space that could be great prospects. Intuit will however need to differentiate itself in a very crowded market.
Thoughts on Mint's plans for Home & Business space? Seems like SOHO and Micro businesses need some help coordinating their often combined finances.
Greg, I'm a huge believer in having a "PFM" tool for SOHO and business users. I have addressed this briefly in the report, Serving Small Businesses in a Digital World - http://celent.com/reports/serving-small-businesses-digital-world
It's great to see that retail banking is starting to embrace innovative pathways such as PFM. As well said in a recent PwC banking innovation it is getting tougher for retail banks to thrive is a disruptive mobile regulated world. The Intuit based approach is promising for any institution that is willing to move beyond proprietary solutions.
[...] happens to the newly announced mint.com for banks? Intuit is hanging on to Mint, but selling the online banking piece, so this is [...]