Bank technology

Letter to the Editor: Intuition on Intuit Deal

September 24, 2009, 5:10 p.m. EDT 1 Min Read

To the Editor:

Intuit's plans with Mint Software may not be as foggy as they appear to be at present ["Intuit to Pay a Mint for Unclear Gain," Sept. 16].

I recently received an e-mail from an Intuit account rep indicating that Microsoft will be suspending sales of MS Money and exiting the consumer market for personal financial management.

With a major competitor to Quicken exiting the market, combined with the acquisition of Mint — arguably one of the better-known free sites for PFM — I see Intuit angling for a much bigger share of the consumer market. As Intuit becomes the 800-pound gorilla, its appetite for increased licensing fees will also grow.

If you're a banker with an Internet banking site, I'd hold on to my wallet, because Intuit's going to want to take a great big bite out of it.

Mike Block
Vice president
The Equitable Bank
Wauwatosa, Wis.

For reprint and licensing requests for this article, click here.

Bank technology

MORE FROM AMERICAN BANKER

Politics

What banks are worried about during the House's 'crypto week'

Some last-minute drama has derailed planned votes on crypto and stablecoin in the House, but the political maneuvering isn't likely to improve the long list of criticisms that bankers have raised about the legislation before it heads to President Donald Trump's desk.

By Claire Williams

July 15
Earnings

Citi shows progress, but still needs to impress regulators

The global bank reported solid second-quarter results as executives maintain confidence in the bank's ability to achieve a return on tangible common equity of 10-11% next year. But an analyst said Citi's progress on reducing expenses will hinge on its ability to get freed from various enforcement actions.

By Allissa Kline

July 15
Payments

Starling looks to list in the U.S.; Lloyds may buy Curve

The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.

By John Adams

July 15
Politics and policy

Pettit cruises through Senate confirmation vote

Luke Pettit, a Senate Banking Committee staffer, will serve as the Treasury Department's next assistant secretary of financial institutions.

By Kyle Campbell

July 15
Blockchain

U.S. Bank begins testing a blockchain for trade finance

The Minneapolis-based bank worked with WaveBL and ICICI Bank to handle an export shipment with fully digital documents via blockchain technology.

By Melinda Huspen

July 15
Federal Reserve

Fed's Barr warns of BNPL 'debt trap,' other risks

The Federal Reserve governor said the uptick in buy now pay later repayment issues is likely a sign that consumers don't understand the terms of the emerging credit offering.

By Kyle Campbell

July 15