Banks will now be able to integrate Mint, a leading personal wealth management solution owned by Intuit, into their mobile banking offerings through a deal between Intuit Monitise, a mobile money company, announced today. The two companies announced that they are exploring new ways to partner in mobile innovation, and this step will allow banks to introduce an already popular wealth management solution in Mint, which claims to have 10 million users, that is tailored for the mobile experience.
Offering a view of all of the customer's financial data (loans, credit cards, savings, etc.) with Mint as part of the bank's mobile app could be a huge weapon for bank's in the budding digit wallet wars, says Carl Tsukahara, Monitise's chief marketing officer. "One advantage for the financial institutions is the info they have about a customers' financial health," he points out. "If I [as a customer] have a mobile offer for a purchase, I can look at my accounts, and see if I can afford this… A standalone wallet can't do that."
Tsukahara adds that offering a mobile personal financial management service like Mint tied in with a mobile banking app and digital wallet will greatly empower banks in the mobile spaces it will create a closed loop where customers can turn to their bank for all of their mobile money needs.
Many, including Tsukahara, predict that coupons and loyalty offers will be also be key in attracting digital wallet customers. To that end Monitise recently acquired Mobile Money Network, a company known for its Simply Tap mobile shopping and marketing solution. By incorporating Simply Tap into its mobile money platform Monitise can offer a quick and convenient way for customers to shop and receive coupons with their mobile devices, Tsukahara says. The company also acquired eMerit Solutions, a mobile point of sale solutions provider. Tsukahara explains that banks can aim to create another closed loop serving all of a merchant's payments needs if they own the merchant services relationship, the card issuing side and a point-of-sale solution.
Both of these acquisitions came on the heels of an announcement last week from Monitise that it had closed a $150 million round of funding after it made headlines earlier this year when it acquired Clairmail, one of its competitors.
Monitise and Intuit said in a statement that they are also looking to enhance their offerings in mobile payments and mobile commerce by looking into other ways they can work together.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio