Online Personal Financial Management - A Closer Look at Manilla and Mint
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COPYRIGHT 2013 CORPORATE INSIGHT, INC. ONLINE PERSONAL FINANCIAL MANAGEMENT A CLOSER LOOK AT MANILLA AND MINT AUTHOR: JOHN GREENOUGH PUBLISHED: DECEMBER 2013
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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 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.
Transcript of Online Personal Financial Management - A Closer Look at Manilla and Mint
COPYRIGHT 2013 CORPORATE INSIGHT, INC.
ONLINE PERSONAL FINANCIAL MANAGEMENT
A CLOSER LOOK AT MANILLA AND MINT
AUTHOR: JOHN GREENOUGH
PUBLISHED: DECEMBER 2013
ABOUT CORPORATE INSIGHT
Connect With Us
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.
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 [email protected].
Media Inquiries
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JOHN GREENOUGH
Research Associate
646-751-6963
BEN POUSTY
Marketing Manager
646-454-2662
TABLE OF CONTENTS
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Introduction
Personal Financial Management Tool Reviews
o Manilla.com
o Mint.com
Corporate Insight Thought Leadership
About the Author
INTRODUCTION
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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.
The purpose of this slide deck is to analyze two of the major players in the PFM space: Manillaand 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.
PERSONAL FINANCIAL MANAGEMENT TOOL REVIEWS
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COMPANY PROFILE
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Manilla.comFounded in 2010 and owned by Hearst Publishing
# of Users Expected to reach 1 million by end of 2013
Product Offerings
Bill AggregatorBill Pay AlertsReward Points Tracking
Accessibility Online InterfaceMobile Application
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.
ENROLLMENT
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Manilla Enrollment Process
Enrollment process requires basic personal information and to link desired accounts.
o Basic information (name, email address, password and security questions).
o Customers are asked to link desired existing accounts (credit card, bank, cable, electric, etc.).
LINKING ACCOUNTS
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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 encourages users to link six
accounts to the site.
Linking Accounts to Manilla 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.
HOMEPAGE
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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.
Manilla Enrollment Process
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.
The firm offers an expansive list of billers
for customers to access.
Contact Us sidebar allows users to easily contact Manilla with
questions or concerns.
BILLER PROFILE
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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.
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.
Aggregates all account information into a
single profile.
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
KEY TAKEAWAYS: THE GOOD
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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 iPhone App Reminder
KEY TAKEAWAYS: THE BAD
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1. 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.
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MINT.COM: COMPANY PROFILE
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Mint.comFounded in 2006 by Aaron Patzer and Purchased by Intuit in 2009 for $170m
# of Users 13 million
Product Offerings Spend Analyzer ToolsFinancial Goal ToolsFinancial CalculatorsFinancial Based Bill RemindersSpending AlertsCustomized Spending ReportsUpcoming Bill AlertsWays to Save via Top Product Offerings
Accessibility Online InterfaceMobile Application
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.
ENROLLMENT
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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 pre-existing bank account and link additional accounts (i.e. brokerage, credit cards, etc.) as they see fit.
Mint offers a tour of the site’s various sections and features upon initial login.
Mint Account Enrollment
HOMEPAGE
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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:
o Users can use the top navigation menu and homepage links to access key sections of the website.
Mint Homepage
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.
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Shows suggestions for the best savings
accounts, home loans, brokerage accounts,
and insurance accounts. Also links to
a credit bureau for credit scores.
Users can filter the products by their
preferences.
The comparison does not extend
across the industry. Mint promotes
products based on sponsorship deals.
Mint Ways to Save Page
KEY TAKEAWAYS: THE GOOD
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1. 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. 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
KEY TAKEAWAYS: THE BAD
1. 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.
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CORPORATE INSIGHT THOUGHT LEADERSHIP
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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 SetUsing 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 experienceThis 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 ServicesThe 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 InnovationsThis slide deck includes commentary on mobile developments, key takeaways for financial services firms and
thoughts on what’s next for mobile finance.
http://www.corporateinsight.com/blog/2844-2013-mobile-finance-trends-and-innovations-slide-deck.html
http://www.corporateinsight.com/blog/2844-2013-mobile-finance-trends-and-innovations-slide-deck.html
ABOUT THE AUTHORA
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JOHN GREENOUGH
RESEARCH ASSOCIATEBANK 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:
T: (646) 751-6963
CONNECT WITH US:
Bank Monitor & Credit Card Monitor are service marks of Corporate Insight, Inc.; all rights reserved.23
