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Intuit in deal to boost its mobile banking services

June 29, 2011

Intuit is building out mobile banking offerings

Intuit Inc. has acquired the mobile Web banking assets of Mobile Money Ventures as it looks expand its mobile services for financial institutions.

Mobile banking is growing quickly as interest in these solutions increases among consumers, businesses and financial institutions. The deal for MMV’s assets will help Intuit bring mobile banking solutions to market more rapidly.

“Intuit is innovating very fast in this space to help financial institutions meet customers’ needs,” said Tobin Lee, spokesperson for Intuit, Moutain View, CA.

“We’ve already built online, text-based and mobile banking apps for a variety of devices, and we’ve been partnering with MMV to provide mobile Web banking technology,” he said.

“Bringing MMV’s technology in-house will give us even more control over the support and design of our mobile Web offerings, and ultimately, we’ll be able to bring new innovations to market faster.”

Intuit is a provider of business and financial management services for small and midsized businesses, banks and credit unions, consumers and accounting professionals

Mobile Money Ventures is based in San Mateo, CA. It was formed in 2008 as a joint venture of Citigroup and SK Telecom Americas.

Banks need mobile
Currently, more than 320 United States banks and credit unions use Intuit’s existing mobile Web technology. The technology was provided by MMV.

Intuit also provides SMS and application services that enable financial institution customers to conduct their banking via their mobile device.

The company  has been in the mobile banking space since 2004. Today, mobile is one of the its highest growth areas.

Intuit sees significant opportunity for further growth as interest in mobile banking continues to grow  among consumers, businesses and financial institutions.

“Banks and credit unions have just now begun to understand they can’t afford to be without a business strategy that involves mobile if they are going to remain relevant to their customers,” Mr. Lee said.

“These assets will help us provide technology to people and business so they have the capabilities they need to save time and money on any device they choose,” he said.

According to Mr. Lee, this includes the ability for consumers to make and receive mobile payments through their financial institution and have access to financial information.

“After all, engaged mobile banking customers are more valuable to a financial institution than a customer that has turned elsewhere to get help,” Mr. Lee said.

MMV’s platform is optimized for all major handsets and screen sizes. It currently reaches more than 400,000 consumers.

As part of the deal, Intuit will also gain a small team of MMV employees with experience in mobile banking solutions for financial institutions.

“People today are always connected–  from the moment they wake up, go to work, break for lunch and then go home, they’re on a mobile or Web device that gives them access to financial information,” Mr. Lee said.

“Today, banks and credit unions are the place people first look to get this info, but if bankers can’t support their lifestyle, people and businesses will look elsewhere for insights and service,” he said.

Final Take
Chantal Tode, Assoc. Editor, Mobile Commerce Daily

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