Intuit Will Offer Mint PFM Tool to Credit Unions and Banks
By yearend, Mountain View, Calif.-based Intuit will offer its popular, standalone personal finance manager, Mint, directly to financial institutions to offer as a value add to their customers.
The company said it also plans to continue to offer FinanceWorks, a more traditional PFM that Intuit had offered since 2008.
Mint, acquired by Intuit in 2009, has proven popular, with approximately 12 million users claimed by Intuit, thus the decision to roll out Mint more broadly.
Maria Smith, group product manager, said in an interview that Intuit planned to charge financial institutions for this version of Mint, with fees likely based on number of active users. She did not offer specifics. She did say that Intuit doubted financial institutions would attempt to charge their customers to use Mint.
Smith emphasized that this version of Mint will allow the institution to customize the advisory email messages Mint as become known for. How it presently works is that Mint users receive regular emails noting that, for instance, they could save $500 a month by refinancing their mortgage or that money could be saved by switching to a lower interest rate credit card.
In this FI-centric version of Mint, advice will continue to be given but the content most probably will use Mint to alert consumers to products offered by the credit union that would benefit them.