Personal finance app Mint, owned by Intuit, is getting a new featured called MintSights, according to the company, which will bring personalized financial recommendations to its more than 20 million users. The company noted that the average user of the app, who has a savings account, has investable assets of $17,000, totaling $30 billion in investable assets across those users. The new feature is designed to help users decide what to do with that money, “much like a financial advisor.”
While Mint has been around since 2006, the new feature will step up the app’s competitiveness, as it jostles amid a software-based financial services crowd that includes apps like quasi-hedge funds and debt management robos. Currently available for iPhone, and soon to be available online and for devices operating on Android, MintSights makes recommendations from how to better manage cash flow to how to get started with investing. The product is responsive to users’ behavior, learning their financial patterns to provide “predictive money-saving offers and actionable insights based on your personal financial history.” It’s one more way that algorithms are providing actionable, tailored money management insights, said the company.
Mint also sees the new tool as a marketing opportunity. The tool “will grow with you over time to help you save more money and find outstanding offers from our trusted partners,” according to a company blog. Intuit, which used to partner with Yodlee, does its own data aggregation.
“We’ve heard from [Mint] users for years that they wished for an easier way to figure out what actions they should take to improve their financial health,” said Varun Krishna, VP of Intuit’s consumer division product management. “With this refresh, we are leveraging the rich financial data that users have shared to help create unique financial profiles and insights for each user.”