Intuit Offers Mint to Financial Institutions

mint_leavesFinancial services provider Intuit is offering its popular personal financial management (PFM) product Mint to financial institutions on a white-label basis, the Mountain View, Calif.-based company announced today. The service is in pilot mode with several institutions, and will be more broadly available later in the year.

Mint has about 12 million users, according to Maria Smith, group product manager at Intuit Financial Services. Those users are attractive customers for financial institutions, with over $2,000 on average in savings and over $34 billion saved since Mint was launched in 2007.

Intuit Inc, acquired Mint in 2009 for $170 million.

Smith told Bank Innovation that though Mint was designed for a tech-savvy digital banking audience, the product will likely be used by a less savvy audience as financial institutions incorporate it into their offerings. The service be priced based on volume of users.

The purported benefits of PFMs are well-known: PFM users have deeper relationships with their banks and are better customers.

But PFM is at an odd juncture right now. Rather than being viewed as a discreet product by customers, PFM is viewed as a series of tools. So rather than being a tab on an online banking site that contains pie charts and budget projections, PFM is distributed around the online – and even more importantly, mobile – banking experience to help customers see their finances more clearly and make better decisions in real time.

How will Mint, with its award-winning design and user experience, respond to this? What tools does Mint offer to the banks that they can’t get elsewhere? It seems to us that Mint offers a unique experience, highly designed with a self-selecting group of customers in mind, that may not be ideally suited for broader distribution within FIs’ online environments.

Smith declined to discuss which features of Mint will be part of a distributed offering, but acknowledged that distributed PFM is a reality today. Doubtless Mint will work differently as institutions customize the offering. But how much of Mint’s value proposition will survive this sort of treatment? Mint does have a robust mobile experience that could be ported into a bank’s mobile app. But if banks override Mint’s design with their own, is what remains enough?

The transition into FIs’ systems will be made simple in many cases because more than 2,800 financial institutions already use Intuit Financial Services.

A discussion at Bank Innovation 2013 revolved around the issue of whitelabelling successful nonbank financial services.  Panelist Sam Maule of Carlisle & Gallagher suggested whitelabelling was the path to prosperity for a service like Simple. Several attendees disagreed.

Now Intuit, a company that already works closely with financial institutions, is testing those waters to see if innovation can survive inside the walls as well as outside them.

Intuit had revenue of $4.15 billion billion in 2012.

This story was updated to correct the amount of Intuit’s 2012 revenue.

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Philip Ryan is Senior Editor of Bank Innovation and Senior Director of INV Fintech. He began covering financial services in 2012 and has more than 15 years' experience in online journalism, which makes him quite old. He can be reached at

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7 thoughts on “Intuit Offers Mint to Financial Institutions

  1. I think Simple and Mint are very different services, and it’s hard to compare them. Mint is a tool that has a good brand, and Simple is a brand that has great tools. Simple wants to be your friend; and a lot of its offering is based on humanization and personal touches. Mint doesn’t do that.

  2. What does Intuit plan to do with FinanceWorks, which was their integrated PFM (a lighter version of Quicken). They were incorporating Mint features in FinanceWorks–are they discontinuing offering that for Mint now?

    • Hi – my name is Greg Wright, the product leader for Mint. We are not discontinuing FinanceWorks. Mint is our premium PFM solution for our financial institution partners and has differentiated offerings and services such as Mint Advice which targets offers and content to create a highly personalized and relevant customer experiences. Also, Mint has mobile capabilities that can be integrated into mobile banking and table banking apps.

      FinanceWorks will still be available and supported. I think FinanceWorks is a very good PFM solution. I think Mint is even better.

      Let me know if you have any questions.


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