Mint will soon be your bank.

So back in January of 2005 I suggested a bank should add additional services around their online solution. I think everyone in the world suggested it, a real no-brainer. Now, someone else is providing these services. Mint pulls your data and creates usable and actionable information. It allows you to set up alerts to your mobile phone to avoid fees and even suggests ways to save money.

So my prediction is that the banking industry, as it is today is about to go away... Once Mint offers the services, why do I really need my traditional bank? To stop by an ATM? I actually, physically go to a bank to see why I got the latest fee that I got. Now that mint is going to keep me from having fees (I hope.) why wouldn't I just give them the money or their partner bank the money to hold which is not much with my money. Mint's business model is a positive, customer-focused model. Today's banks are punitive, bank-focused models. They make money from your mistakes, not by helping you. Another no-brainer, Mint wins, banks lose.

Now, I have had a little trouble getting my all my accounts set-up but Mint has been quick to work on it. I am guessing it will only be a matter of time before that is overcome. Actually, I am thinking of leaving any institutions that won't work with Mint. They are offering the valuable service. There are lots of options to creating bank accounts!

Below is my post from 1/2005.

Online Banking and Online learning

I had a thought. My online banking account is so not smart. It really only scratches the surface on the kinds of services it could offer me. I doubt that the banking industry is any less smart about technology then I am, but why don't they already offer additional online services?

For instance, make categorizing my expenses a lot easier (metatagging), more intuitive. Have some very short (5-10 minutes) modules on how to budget money, build a portfolio, avoid banking fees. I doubt that last one will surface.

ROI - If I felt like the bank was trying to assist me in my financial activities I would really increase my loyalty to them. I think this would work better then the billboard that says "Your local bank."

Just a thought.