MINTの終了は、銀行が個人向けファイナンシャルマネジメントを再考すべき3つの理由のひとつ

Retail banks and credit unions should revisit the opportunity for investing in personal financial tools and features. The recent sunsetting of Intuit’s long-popular Mint digital personal financial management services was a catalyst in the industry for frenetic discussion around the future, or demise, of PFM. After all, PFM has been around for a long time, and banks and credit unions have had varying degrees of success all the way through the late 2010s in getting customers to engage and appreciate advanced money management within digital banking.

Celent believes that a holistic and seamlessly integrated set of personalized, data-driven, proactive, (and above all, convenient) set of personal finance features can be a huge value driver for today’s customer. We call this more holistic approach “Personal Financial Engagement.” We’ve seen financial institutions achieve impressive adoption and retention in the past few years taking this approach with some of the newer, more comprehensive tools available.

Recent and developing external factors are an opportunity for FIs to reconsider a PFE approach to grab deposit share and win loyalty:

• An increased consumer emphasis on “financial wellness”: Post-pandemic savings depletion, consumer price inflation, the resumption of student debt repayment, and an increasing reliance on credit cards for living expenses have all complicated household money management and put a new strain on consumers. Banks have an opportunity to increase proactive engagement with customers, reaching a wider base, more often. Forward-thinking FIs are increasingly positioning themselves as their customer’s partner and central resource for improving their financial wellness.
• Fewer consumer options for personal financial management: Mint shut operations in March (remaining customers were invited to join Credit Karma). Although Mint usage appears to have declined significantly in recent years, customers today will increasingly look to their primary banking institution for help in managing their finances, and if they don’t find comparable services there, could be seeking a new bank.
• Pressure on FIs to help customers avoid fees: In the US, a recent Consumer Financial Protection Bureau proposal would treat overdraft fees as finance charges subject to Regulation Z. Restrictions on these fees would compel banks to get active in helping customers avoid overdrafting in the first place. Non-banking regulations (ex: the US FTC’s ‘click to cancel’ subscription proposal) would open the door for banks to provide a centralized value-added service to customers.

Celent has published a new report that profiles many of the modern personal finance solution vendors, all of whom offer white-label integrations and partnerships with financial institutions. We hope this report will help our banking clients levelset on the landscape of solutions available, and we’ll include recommendations for PFE strategies that all FIs should consider.