Microsoft Teams Up with Citibank to Create a Personal Online Accounting and Finance Website
September 27th news, according to foreign media reports, informed individuals say that Citibank has joined hands with Microsoft to form a joint venture, aiming to compete with Mint.com, the largest personal online accounting and finance website in the United States. Last week, Intuit agreed to pay $170 million to acquire Mint. Since the beginning of this year, Citibank and Microsoft have invested approximately $5 million in this project.
The company is provisionally named Bundle and will be led by Jaidev Shergill, Vice President of Citibank's Venture Innovation Department. Similar to Mint, Bundle will also allow users to monitor multiple bank and brokerage accounts. Spokespeople for Citibank and Microsoft did not comment on this matter.
Previously, Citibank had mentioned that Microsoft helped design the online banking project Citibank Direct BE, which mainly targets corporate financial managers and personnel.
Currently, Microsoft's MSN Money website can display stock quotes, provide tools for checking bank accounts, and publish articles and columns on investment, personal finance, and credit maintenance. Meanwhile, Citibank's US customer website, Citibank Online, offers services such as account inquiries, payments, transfers, and low account balance warnings.
Mint was founded in 2006, with its headquarters located in California, USA. It is a website that provides users with free multi-account expense monitoring services. Its profit model involves introducing customers to financial institutions and earning intermediary fees. Prior reports indicated that Mint had received over $31 million in venture capital investments.
Intuit is a listed company on the NASDAQ stock exchange in the United States and is the world's largest developer of financial software, owning the TurboTax software, which has taken away a large number of tax-preparation customers from H&R Block. Intuit expressed hopes that acquiring Mint would connect counter, web, and mobile users.
Informed individuals stated that the Citibank-Microsoft joint venture aims to establish its own website within the next 1-2 years. Both companies view this business area positively and hope to compete with Intuit.
A report published in June by the consulting firm Javelin Strategy & Research pointed out that Mint's inability to conduct transactions while only monitoring accounts is one of its major limitations. The report indicated that the "true strength" of personal finance websites would only become evident once banks and credit card alliances integrate their tools into their online banking platforms.
Earlier this year, Citibank integrated its one-year-old myFi personal finance website into its U.S. consumer banking operations. MyFi offers services similar to Mint, such as aggregating account balances from multiple banks and brokerages, while also allowing users to conduct transactions.
Latest Developments in the Field of Online Accounting and Finance:
Recently, there has been significant activity in the personal online accounting and finance sector in the United States. First, Mint.com secured a third round of $14 million in funding, followed by Intuit, the largest financial software developer in the U.S., investing $170 million to acquire Mint. Google also partnered with Intuit to provide financial tools for small and medium-sized enterprises.
In mid-June of 2009, Microsoft announced it would cease sales of its standalone personal accounting software, "Money." Following this, Microsoft collaborated with Citibank to launch a personal financial management website aimed at competing with Mint.com. This clearly demonstrates the vast market potential of personal financial service websites, prompting international software giants and banking giants to join forces.
China’s largest online accounting website, Caike Online (www.caakee.com), recently secured a significant investment. Moving forward, it plans to expand its team size, enhance research and development of new products, and continue maintaining its innovative advantages in the market, product, and service areas. Due to differences between China's national conditions and those of the U.S., the question arises: Will Caike Online aim to become China's Mint or pursue its own path of innovation? For Caike Online, which consistently prioritizes innovation, this poses a challenging decision...
American Financial Software Developer Acquires Mint.com for $170 Million in Cash
http://tech.sina.com.cn/i/2009-09-15/08543438473.shtml
American Accounting Website Mint.Com Secures $14 Million Investment
http://news.iresearch.cn/0468/20090813/99144.shtml
Rumors Suggest Financial Software Company Intuit Plans to Acquire Personal Finance Website Mint.com
http://news.iresearch.cn/0468/20090914/101213.shtml
Google Forms Strategic Alliance with Intuit to Assist Small Businesses
http://news.iresearch.cn/0468/20060914/54984.shtml
Microsoft Plans to Cease Sales of Money Software by the End of the Month
http://www.techweb.com.cn/news/2009-06-11/410461.shtml
ICBC Launches the First Enterprise Online Financial Software in Domestic Market
http://news.iresearch.cn/0468/20090703/96544.shtml