Online Personal Financial Management - A Closer Look at Manilla and Mint
 

Online Personal Financial Management - A Closer Look at Manilla and Mint

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In recent years, numerous personal financial management (PFM) tools have emerged online. These tools give consumers a detailed view of their finances, allowing them to effectively budget and manage ...

In recent years, numerous personal financial management (PFM) tools have emerged online. These tools give consumers a detailed view of their finances, allowing them to effectively budget and manage their money. Many of the PFMs offer both easy-to-use online interfaces and mobile apps to manage finances on-the-go.
This slide deck analyzes two of the major players in the PFM space: Manilla and Mint. While different in terms of functionality and purpose, both PFMs offer user-friendly websites and apps that are popular with consumers and continue to grow.

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Online Personal Financial Management - A Closer Look at Manilla and Mint Online Personal Financial Management - A Closer Look at Manilla and Mint Presentation Transcript

  • ONLINE PERSONAL FINANCIAL MANAGEMENT A CLOSER LOOK AT MANILLA AND MINT AUTHOR: JOHN GREENOUGH PUBLISHED: DECEMBER 2013 COPYRIGHT 2013 CORPORATE INSIGHT, INC.
  • ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nation’s leading financial institutions. For over 20 years, the firm has tracked technological developments in the financial services industry, identifying best practices in online banking and investing, online insurance, mobile finance, active trading platforms, social media and other emerging areas. There are no assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing our clients with unparalleled, unbiased intelligence on the competition. Media Inquiries Corporate Insight welcomes the opportunity to speak with the media. If you are interested in citing our research or would like to schedule an interview with one of our analysts, please contact Intermarket Communications at 212-888-6115 or corporateinsight@intermarket.com. Connect With Us JOHN GREENOUGH BEN POUSTY Research Associate Marketing Manager 646-751-6963 646-454-2662 jgreenough@corporateinsight.com bpousty@corporateinsight.com 2
  • TABLE OF CONTENTS  Introduction  Personal Financial Management Tool Reviews o Manilla.com o Mint.com  Corporate Insight Thought Leadership  About the Author 3
  • INTRODUCTION 4
  • INTRODUCTION In recent years, numerous personal financial management (PFM) tools have emerged online. These tools give consumers a detailed view of their finances, allowing them to effectively budget and manage their money. Many of the PFMs offer both easy-to-use online interfaces and mobile apps to manage finances on-the-go. INTRODUCTION The purpose of this slide deck is to analyze two of the major players in the PFM space: Manilla and Mint. While different in terms of functionality and purpose, both PFMs offer user-friendly websites and apps that are popular with consumers and continue to grow. 5
  • PERSONAL FINANCIAL MANAGEMENT TOOL REVIEWS 6
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  • COMPANY PROFILE What is Manilla.com? Manilla is a free online bill aggregator. Its primary function is to alert users of any bills that are due. While the website does not process payments, Manilla stores all of the user’s online billing login information and is able to consolidate the information gained from those accounts (i.e. statements, due dates, APRs, fees, etc.) into one platform. Customers are alerted via emails, text messages and mobile push notifications when bills are due. Manilla is also able to track reward points and alert customers when points are about to expire. Manilla.com Founded in 2010 and owned by Hearst Publishing Expected to reach 1 million by end of 2013 Product Offerings MANILLA.COM # of Users Bill Aggregator Bill Pay Alerts Reward Points Tracking Accessibility Online Interface Mobile Application 8
  • ENROLLMENT  Enrollment process requires basic personal information and to link desired accounts. o Basic information (name, email address, password and security questions). MANILLA.COM o Customers are asked to link desired existing accounts (credit card, bank, cable, electric, etc.). Manilla Enrollment Process 9
  • LINKING ACCOUNTS To link accounts to the Manilla site, users must already have an online account with the biller. Customers are required to first enter their pre-existing online account login information. Manilla then uses that information to login to the account and access billing information. MANILLA.COM Manilla encourages users to link six accounts to the site. Users are required to login with the biller to link accounts. Often times, customers are also asked security questions they have setup with that biller. Linking Accounts to Manilla Site 10
  • HOMEPAGE Once customers are fully enrolled and accounts have been linked, the Manilla homepage posts alerts when bills become due. The top navigation bar links to accounts, documents and reminders. A Contact Us sidebar appears throughout the site, enabling customers to send messages to customer service. Notification signals at the top of each section alert customers that a new bill has arrived. Customers can view each bill within the Documents tab and can set alerts within the Reminders tab. Contact Us sidebar allows users to easily contact Manilla with questions or concerns. MANILLA.COM The firm offers an expansive list of billers for customers to access. Manilla Enrollment Process 11
  • BILLER PROFILE Once an account is linked, Manilla customers can select the biller profile to see account information. This includes when payments are due, current rates and online statements. Manilla does not provide payment processing but does link customers to the biller’s website and auto-populates the login information to direct them to the private site homepage. MANILLA.COM Aggregates all account information into a single profile. The Manilla mobile app offers push notifications when a bill is due and is able to direct the user to the biller’s website or mobile app (if available) to complete payment. The Pay Bill link on the biller profile directs customers to the biller’s site. Manilla will auto-populate the login information and instantly direct the user to the private site’s homepage (plugin required). Biller Profile 12
  • KEY TAKEAWAYS: THE GOOD 1. The Manilla service offers a user-friendly interface for customers to manage all of their bills. The interface is easy to navigate and the biller profile provides all pertinent information. 2. The Manilla mobile app is great to use on-the-go. Customers no longer have to be tethered to their computer in order to see if a bill is due. A simple push notification directs the user to the Manilla application where they can manage their bills. 3. The firm has an expansive list of billers covered, but also allows customers to enter in non-covered biller information. MANILLA.COM Manilla iPhone App Reminder 13
  • KEY TAKEAWAYS: THE BAD Manilla does not offer the ability to pay bills online from their platform. This forces customers to access the biller’s site to complete payment. 2. While helpful, the automatic login tool does not direct the user directly to the biller’s private site bill pay page. The user still must traverse through the private site to make a payment. MANILLA.COM 1. 14
  • 15
  • MINT.COM: COMPANY PROFILE What is Mint.com? Mint is an online and mobile money management tool that allows users to track their spending habits, set spending goals, seek advice and find the best ways to save. Users can link bank accounts, investment accounts, loans, real estate and vehicles to help manage their income and calculate their net worth. One of Mint’s primary functions is to alert customers of changes to their finances. This includes a low balance or a savings opportunity. Additionally, Mint sends a weekly summary email and text regarding balances and budgets. Mint.com Founded in 2006 by Aaron Patzer and Purchased by Intuit in 2009 for $170m 13 million Product Offerings MINT.COM # of Users Spend Analyzer Tools Financial Goal Tools Financial Calculators Financial Based Bill Reminders Spending Alerts Customized Spending Reports Upcoming Bill Alerts Ways to Save via Top Product Offerings Accessibility Online Interface Mobile Application 16
  • ENROLLMENT  Enrolling is easy: o Requires basic information such as name, email address, zip code and password. o Does not ask to setup security questions specifically for the Mint account. After enrollment is completed, Mint prompts the user to sign into their preexisting bank account and link additional accounts (i.e. brokerage, credit cards, etc.) as they see fit.  MINT.COM  Mint offers a tour of the site’s various sections and features upon initial login. Mint Account Enrollment 17
  • HOMEPAGE  Homepage is neatly organized and extensive: o Provides a brief overview of each feature the site offers including advice, alerts, budget, goals, ways to save, etc. o Graphical analysis provides an excellent visual aid to view budgets, trends, goals, etc.  Navigation throughout the site is straightforward: MINT.COM o Users can use the top navigation menu and homepage links to access key sections of the website. Mint Homepage 18
  • WAYS TO SAVE The Ways To Save section on Mint.com shows the top products offered by partnered firms. Based on personal information provided by the customer, Mint is able to display suggestions on which financial products would lower customers’ costs. Shows suggestions for the best savings accounts, home loans, brokerage accounts, and insurance accounts. Also links to a credit bureau for credit scores. The comparison does not extend across the industry. Mint promotes products based on sponsorship deals. MINT.COM Users can filter the products by their preferences. Mint Ways to Save Page 19
  • KEY TAKEAWAYS: THE GOOD The site’s user interface is organized and easily navigable. The homepage offers a complete view of customers’ finances and quick access to key sections of the site. 2. Although the Ways to Save section focuses primarily on partnered firms’ products and services, it does offer customers an interesting view of different offerings that may be beneficial to them. The credit score feature is also an underrated benefit of the site and one that may often get overlooked. 3. MINT.COM 1. The mobile app is a nice complement to the online service. While not as comprehensive as the online interface, the app allows customers to sufficiently track their finances on-the-go. Mint Mobile App 20
  • KEY TAKEAWAYS: THE BAD Spend analysis is limited to transactions made using a magnetic-stripe card. Customers who primarily use cash may not find the service as useful since they have to manually input transactions. 2. The Mint service has a slight security flaw. Through a hacked email address, an outsider can easily gain access to the user’s account. While access to those accounts is strictly limited to viewing spending habits, added security questions would be beneficial. 3. Alerts are customizable but can pile up quickly. Customers may become aggravated by the high volume of texts, emails, and mobile alerts and discontinue their use of the service. Adding customizable alert preferences during the enrollment process would benefit customers. MINT.COM 1. 21
  • CORPORATE INSIGHT THOUGHT LEADERSHIP Next-Generation Investing: Financial Startups and the Future of Financial Advice CI tracks over 100 startups that covers a wide range of new ideas across financial advice and investing. This study will focus on each idea, analyze compares them to what established financial institutions offer and examine the potential impact on the industry. Download the study preview! Senior Citizens and Mobile Finance: Design and Support Solutions to Empower the Senior Set Using CI’s user-testing expertise and ongoing mobile finance research, this slide deck highlights specific areas where seniors may struggle with financial services apps and offers design and support solutions that will give this valuable audience the comfort and confidence to engage in mobile finance. Peer-to-Peer Lending: Examining the industry and the Borrower experience This slide deck offers background on the P2P lending industry and takes a closer look at the borrower experience by profiling two leading firms in the space – Prosper and Lending Club. Five key takeaways and tips for P2P lenders are also highlighted. Tablet-Friendly Web Design: Best Practices for Financial Services The study examines the tablet-friendly website features provided by four leading firms across financial services and provides recommendations for financial services firms building tablet-optimized websites. 2013 Mobile Finance Trends and Innovations This slide deck includes commentary on mobile developments, key takeaways for financial services firms and thoughts on what’s next for mobile finance. 22
  • ABOUT THE AUTHOR JOHN GREENOUGH RESEARCH ASSOCIATE BANK MONITOR AND CREDIT CARD MONITOR John Greenough is a Research Associate for Corporate Insight’s Bank Monitor and Credit Card Monitor research services. He has conducted extensive research on the online user experience offered by leading banks and credit card issuers. One of John’s passions is researching digital innovations in the financial services industry. In October, he released a report on the rapidly growing peer-to-peer lending industry, reviewing the platforms offered by two leading providers in the space. John graduated from Trinity College in 2013. CONTACT JOHN: ABOUT THE AUTHOR T: (646) 751-6963 E: jgreenough@corporateinsight.com CONNECT WITH US: Bank Monitor & Credit Card Monitor are service marks of Corporate Insight, Inc.; all rights reserved. 23