Mint, one of the first personal finance aggregators, is updating its client experience and adding support for new offerings thanks to parent company Intuit’s Credit Karma acquisition and a new team.

Why should we care?
Mint, launched in 2007 and acquired by Intuit in 2009, was one of the first digital personal finance tools on the market. Since its launch, however, new platforms have taken market share, including Digit, Albert, Qapital, and others. While each personal finance app offers a different flavor of tools, many struggle with retention. A recent CB Insights study found that after one day, retention is about 23%, and falls to around 6% after a month of use. Mint, which reportedly has more than 7 million users, is now on a mission to update a client experience many feel hasn’t kept up with the times. Varun Krishna, Mint’s head of consumer finance said in an interview that Mint has made it easier for clients to gain data-driven insights, and the platform has added support for crypto aggregators and subscription tracking. Looking ahead, the company plans to improve automation tools and add artificial intelligence-based capabilities. Intuit is also planning to diversify its monetization model for Mint beyond referral marketing, and is currently testing a subscription offering that may include added services. “We're [testing] more advanced functionality, leveraging premium-type business models that we've learned from other offerings in the space, and we're also going to be testing services where we can offer things like financial advice and other areas,” said Krishna.