A few months back, Quicken (Intuit) announced that their Quicken Online personal financial management (pfm) product was going to be replaced by their newly acquired mint.com. Having avoided mint for the last year because of security concerns, it does make sense for Intuit to take the best of both models and put their eggs in one basket, but are they really going to only keep the mint name? It looks like it. But the experience between the two are night and day. Why not support both products and declare a winner down the road?
What’s most interesting to me is that they aren’t being completely clear with their online communities. While this post helps (http://blog.quicken.intuit.com/announcement/2009/12/02/quicken-online-mint-com-the-best-of-both/), what is the new combined business model? QO users who avoided mint would like to know more about what is changing. While I like some of mint’s features, I really didn’t like their revenue model which was very big bank sourced. Certainly Intuit will cross sell their own products, but market big credit card companies over smaller banks with better rates? What changes will they make with their suggestions model for saving money by changing their bank, credit card, etc? Or, will Intuit actually take all if the good features in mint, drop the cross sells for products held at national banks, and truly make the best PFM software out there. If I were Intuit, I would think about a way to give an ad free cross sell free online and mobile PFM that could one day integrate with their online banking division Digital Insight and the Finance Works platform.
Or the could just keep them separate, but why waste the opportunity to make something 10 times better than even mint?
It will be interesting to watch.
It appears that Quicken Online users will be left in a lurch of sorts. At least Intuit makes it very clear that Quicken Online will no longer be supported. It has to be frustrating to its users that there will be no way to take transaction history from Quicken Online and import it into Mint. If this is the way that Intuit thinks will bring ‘customer delight’, then they need to re-think this strategy going forward because people like me are not happy about this change. I preferred Quicken Online to Mint. So if you are going to make me change, at least figure out a more pleasing way to make the transition a smooth one. The technical transfer of data is relatively simple, would require minimal changes to allow for login with quicken credentials to mint, and a mass conversion of data on the backend for those users that opted-in to allow this to happen. Hmmm. I wonder how many Quicken Online users will migrate to Mint, or maybe the user base was so small that Intuit simply made the call that this wasn’t worth it.
Watch this space for more, because I think Intuit just lost some of its loyal PFM customers.
ABOUT THE AUTHOR
Bradley Leimer is a dedicated senior marketer with experience in brand development, online / offline marketing, database marketing, web development, and online banking / mobile financial applications. Connect / Follow via linkedin.com/in/leimer and twitter.com/leimer (@leimer).