Moneycontrol, a finance portal from Web18’s fold has announced their tie-up with Intuit to provide a new personal finance management tool. The tool is currently in beta but soon would be rolled out to all users on Moneycontrol.
The service named ‘Intuit Money Manager’ would also provide bank details on web itself in addition with slew of other personal finance tools. Moneycontrol currently is popular for Personal investment solutions as it provides portfolio analysis for Stocks, Mutual Funds, Ulips, Property etc. The site also attracts eyeballs due to numerous services like IPO, earnings and news updates.
Joyson Thomas, Chief Operating Officer, Web18 said, “We have been the premier end-to-end business and finance portal for Indian consumers and investors, and Intuit is a leading brand in the personal finance management space. This partnership will give our customers a 360 degree view of their finances. We are proud to be associated with a leader that has changed the way personal finance is managed, and we see a lot of value creation for our users through this partnership.”
Why Moneycontrol Stepping into personal finance management?
The tool would provide Moneycontrol’s users information regarding financial savings and goals achievement. To put in simple words it would be Similar to Mint but would track account balances and other expenses in simplified manner for its users. The success of simplified personal finance management solutions like Mint have also awakened Web18 to provide similar services to its users.
Intuit Money manager would allow users to see all the current balances in different bank accounts. Users through the tool can also plan and track expenses, saving and goals. The personal finance manager would also helps users in planning tax outgoes.
Overall the service looks much simplified than Moneycontrol’s current portfolio solutions and should attract users who are in no way connected to Equity markets. The service is still in beta but if you want to know more about it visit Moneycontrol Intuit promotion page.
The entry in personal finance space is to gain Information and trust from users regarding their financial details. This would help Moneycontrol in improving its demographics as well as help in bargaining with advertisers as it umbrella of service would now include personal finance. Although its still not clear how users could attach their bank accounts without much hassles.
The overall usage of finance management tools is on a stupendous rise as according to an estimation by intuit, “small businesses using its products in the United States generate revenue of more than $2.6 trillion, almost one-fifth of the country’s gross domestic product”. According to similar stats by Mint, “Mint is tracking over $50 billion in transactions, $15 billion in assets and has already identified more than $100 million in potential savings for its users.”
The personal finance tie-up with Intuit would also provide Moneycontrol good leverage in providing such services as Intuit is also known for personal finance tools like Quicken. The personal finance foray is thus a welcoming change and at the same time would also invite a slew of similar services if this service tastes success.
This space is becoming more exciting. A whole lot of players entering this segment.