Why don’t banks integrate Mint directly into their sites, and is that good or bad for Mint?
Banking
Asked by Question Bot02/Feb/20151 answer
1 Answer
F
Faisal Khan
Answered 02/Feb/2015
Most do, most don't. Mint (or its equivalent) that are using a free-connect model are great apps, but banks would prefer that clients use their own apps. In such cases, they use providers like Yodlee to increase their own customer revenue, retention and up-sell from their own apps and portals.
The attraction of Mint is a ready-to-use app (provided your bank is supported on it), otherwise it is really useless. For those banks that do not want to invest in an app, they would rather that their customers just go and download and start using Mint. The bank would simply make an arrangement to ensure Mint connects to their systems for account reconciliation. All this to keep clients happy and not having to worry about maintaining a competitive app.
The attraction of Mint is a ready-to-use app (provided your bank is supported on it), otherwise it is really useless. For those banks that do not want to invest in an app, they would rather that their customers just go and download and start using Mint. The bank would simply make an arrangement to ensure Mint connects to their systems for account reconciliation. All this to keep clients happy and not having to worry about maintaining a competitive app.