Mint’s Shutdown Presents Opportunity for FIs Willing to Evolve
- Date:January 23, 2024
- Author(s):
- Dylan Lerner
- Report Details: 6 pages, 4 graphics
- Research Topic(s):
- Digital Banking
- Digital Strategy & Experience
- PAID CONTENT
Overview
The PFM space has always been FIs’ game to lose. Unlike fintech startups running on limited funding and desperate for customer acquisition and profitability, FIs are already in consumers’ pockets—on their smartphones and in their wallets. But FIs’ troubled history with PFM has proved that this prime position doesn’t guarantee success. Once bitten and twice shy, jaded bankers are understandably reluctant to pursue it further. However, Mint’s longstanding success and the reaction to its demise underscore that there is still an opportunity for FIs to win if they can learn from the past.
The first lesson for FIs: Don’t strive to be the next Mint. Strive to be better. Although bankers may wince at the sight of “PFM”—and rightfully so, as the controversial term carries a connotation of outdated, do-it-yourself tools—they understand that personal finance features have a powerful potential to engage customers. In this report, Javelin Strategy & Research explores the successes and failures of PFM apps like Mint and five key ways FIs can build beyond Mint.
Learn More About This Report & Javelin
Related content
Generative AI in Small-Business Banking: The Race Is On
Generative AI is poised to revolutionize the way small businesses interact with their banks. But are financial institutions ready to seize the opportunity? Fintechs like Intuit, Bl...
Mobile Deposit: A Success Story With Three Caveats
In 2023, mobile deposit became the most frequent way consumers chose to deposit a check. It is by far the preferred deposit method, and it is a winner among younger consumers. None...
Positive Messaging: Recasting How Banks Communicate with Customers
It’s hard to deliver bad news to banking customers in digital channels. Most financial institutions are in the first phase of Javelin’s Positive Messaging Maturity Path, where the ...
Make informed decisions in a digital financial world