5 ways Mint.com is stealing your customers
Some retail bankers think that Mint.com complements their efforts and have even invited account holders to use the service. What these bankers don’t know is that Mint has positioned themselves as a threat to traditional banking and is quietly pulling account holders away.
As the main frontrunner to the online personal financial management movement, Mint.com has had a lot of time to grow. The company was founded in 2006, acquired by Intuit in 2009, and has recently undergone a fresh redesign. In addition, they acquired Check last year and have expanded their services to help consumers effortlessly see their credit score.
All of this growth is good for Mint users and potentially bad for financial institutions. And yet many financial institutions still don’t see Mint as a threat. In fact, some banks and credit unions even encourage their account holders to sign up for Mint.com to track their finances — a suggestion that could easily backfire on financial institutions.
Below are five ways that Mint.com can threaten banks and credit unions. In this list, I walk through a fictional scenario where an account holder at ACME Bank has signed up with Mint at the suggestion of ACME.
continue reading »