Intuit brings Mint to your bank

Intuit brings Mint to your bank

Summary: Intuit is making Mint, its popular online personal finance service, available to your bank or credit union. Just how much longer will Quicken stick around as a standalone PC application?


Intuit, makers of Quicken and QuickBooks, is making its popular online personal finance service Mint available to financial institutions. As Ron Shevlin, senior analyst at Aite Group, told American Banker, "I'm surprised it took so long".

Intuit is positioning as your primary connection between you and your bank. (Image: Intuit)

Indeed, you could see this move coming at least three years ago when Aaron Patzer, Mint's founder and then Intuit VP and GM of personal finance said, "Quicken Online will be going away, and we'll be migrating to Mint". At the time, he also suggested that Intuit "will have desktop products for at least another five years, simply due to comfort level more than anything else". We're two years away from that deadline. Could this be the first step to putting an end to desktop Quicken?

That would be premature.

But for now, Greg Wright, vice president of product management at Intuit Financial Services, said in a statement that "more than 12 million people already use to manage their complete financial picture, and have identified savings of more than $30 billion toward their personal goals. By blending Mint with their digital banking home page, financial institutions can provide immediate, meaningful financial insights to their customers, help more people save money, and further deepen banking relationships by recommending relevant financial products at the time when people are most interested."

Intuit argues that the new Mint offering will help financial institutions position themselves as trusted advisors, improving their customers' financial lives. Specifically, its features, which its non-bank branded version already includes, are:

  • Showing customers their entire financial picture in one place: Automatically organizes spending from more than 19,000 financial accounts into categories and shows where money is going with easy-to-understand charts

  • Offering free actionable advice on how to save money: Delivers personalized alerts and insights based on individual transactional behavior, financial habits, and goals

  • Providing on-the-go tracking with mobile apps: Provides an award-winning mobile experience that gives customers the big picture view and dollar-and-cent details of their money on their iOS and Android mobile phones and tablets

  • Suggesting helpful products and services: Alerts customers to relevant products and services from their financial institution that are specific to their situation at a time when they are most interested in learning more.

Intuit's move is also meant to help banks with their marketing. Wright continued, "Mint is more than just online pie charts. It's an easy way for banks to provide valuable advice and services based on a customer's specific needs and use of financial products, all in the place millions of people look for help."

To me, if you add in Intuit's other recent online service moves, such as QuickBooks Online for iPad; the hook-up between TurboTax and local accountants; and its promotion of QuickBooks Online. it's clear that Intuit, one of the last major pure desktop software program players, is getting ready to move its product line once and for all to the cloud. Mint, with its easy-to-use web interface, free price-tag, and compatibility with all platforms, may well be Intuit's future and Quicken's successor.

Why not? After all, three out of four Intuit customers are already using Intuit's online services.

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  • Not for me...

    I use internet banking -- checking balances, bill payments, even deposits. But I have no intention of putting all my financial info or balances in any one place online. Having different online banking/investment accounts setup already enables me to do my banking and investing pretty much anywhere and anytime. I do not have a burning need to know my total net worth online. All that will continued to be aggregated on my desktop -- and password protected.
    • I'll ditto that one

      Not that the Government already knows more about my money than I do, but it's those nasty hackers are the issue. The more offline I can keep my financial connections the better I feel.

      Will the majority agree? I doubt it. It'll probably ge a success because most people don't understand the risks.
    • Me too.

      If Quicken stand-alone goes away, I'll switch to some other software.
  • A Plus for Banks' Marketing

    Just what I want. I can see my bank data mining my investments and offering deals to switch or penalize me with fees b/c the bank has less of my liquid assets than another institution. If Mint is like Quicken, then your heart, soul, very thoughts are there in detail.

    The issue of the cloud, privacy and, due process is virgin territory in the US. Until it is settled, I'd suggest it is also a potential concern. I know Sharepoint and cloud storage is becoming an issue for attorneys and a few CPAs as client information is in the possession of a party not either an attorney or CPA and therefore possibly no longer considered privileged and under attorney bar rules arguably a violation of client information retention.

    Sadly, as they say, you can not fight city hall and over time these technologies will take hold and as we have been seeing with usually some pretty bad consequences over time.
  • Had Mint and Quicken

    Tried Mint. Liked how it interface with my bank account but it is limited. Tried Quicken. Liked the more advanced features but it wouldn't connect to my account like Mint did and they wanted $10 a month to access my account using Quick. Kicked both of them to the curb. There are other options out there.
    Keeping Current
  • usefulness

    Until mint corrects inaccuracies, usefulness is very limited, IMO.
  • what about finance works?

    Banks and credit unions already have "finance works" from intuit which bills itself as "powered by quicken". It's akin to mint but only available through your financial institutions' website.

    I have used both finance works and mint. Oddly they are clearly 2 different products (seems intuit bought 2 different companies...). Each with pluses or minuses over the other. I was wondering if at some point they would be merging them to get rid of all the minuses and have one spot for all the pluses....
  • How does Mint handle items that haven't cleared your bank?

    I was looking this over and have seen one major difference that would be a deal-breaker for me. For instance, I have several checks that were mailed in earlier in the week but haven't cleared the account. If I understand correctly, Mint is just reading what has cleared your account at your bank. So if it doesn't have a way to account for outstanding items, it's worthless to me whereas in Quicken I have not only the transactions that have cleared the bank but also my entries for items outstanding. This could make a BIG difference should you forget an item hasn't cleared and either write additional checks or use a debit card. In my example, my balance that would show in Quicken would be $350 more than I would actually have to spend. So correct me if I'm wrong. Otherwise, I prefer having my financial software residing on my PC and not floating around in the cloud where it can be data-mined or hacked.
    • Correction

      Let me correct my above statement: balance would show in MINT would be $350 more than I would actually have to spend (whereas in Quicken I note all my debit card and check transactions so I know EXACTLY the balance I have available for purchases).
  • I'm still a bit wary about storing all of my financials in the cloud

    And Mint could be smarter. Last time I used it (or maybe it was Quicken Online), it still had no clue about senders and receivers of payments. I realize many organizations use old or legacy systems still, but I need more than an 8-character description of who I may have done business with so that I don't spend an inordinate amount of time trying to figure out a vendor described as "1444 SE 10th - Phoenix" is.