Intuit Confirms It Will Have Its Cake (Mint) and Eat It, Too (FinanceWorks)

Intuit confirmed that it will keep its FinanceWorks private-label PFM product in market while pitching its new Mint third-party option to banks.

Last week, Intuit announced that it would broadly offer its Mint.com product to banks on a private-label basis later this year. The white-label product is currently being piloted by several financial institutions, according to Intuit.

But Intuit already sells a private-label PFM offering, FinanceWorks, and some market participants wondered what would happen to that existing product. Would FinanceWorks’s PFM product be discontinued, especially since it appears that some Mint features are being incorporated into FinanceWorks?

In a comment on Bank Innovation, Greg Wright, vice president of product management at Intuit Financial Services and the product leader for Mint, said no.

We are not discontinuing FinanceWorks. Mint is our premium PFM solution for our financial institution partners and has differentiated offerings and services, such as Mint Advice, which targets offers and content to create a highly personalized and relevant customer experiences. Also, Mint has mobile capabilities that can be integrated into mobile banking and table banking apps.

Wright insisted that both products can coexist:

FinanceWorks will still be available and supported. I think FinanceWorks is a very good PFM solution. I think Mint is even better.

As a result, we are pleased to offer Brad D. Smith, Intuit’s CEO, a free helping of cake here in our offices. Mint-flavored, of course.