Dec 16, 2014
Recent Intuit acquisition Check will now be known as Mint Bills.
When the mobile bill pay company’s acquisition was announced earlier this year, Check co-founder and CEO Guy Goldstein noted that his team looked forward to merging their “talent, mobile mindset and spirit of innovation with Intuit to build products that delight consumers and become a part of their everyday financial lives.” This rebranding helps to publicly solidify that intent to integrate the services.
Intuit has simultaneously used this opportunity to refresh the Mint logo, with each of its products having a subtle difference in the colored line in the leaf to distinguish them from one another.
With this integration there is a great opportunity to expand the respective user bases of Mint and Mint Bills, which have more than 20 million registered accounts combined. Here are two screenshots from the new interface:
Mint Bills is also focused on partnering with billers (namely utilities) to offer their customers a mobile bill payment experience. That effort should also gain traction with the increased brand recognition and user base that will likely come with this rebranding. I recently caught up with Steve Schultz, Chief Operating Officer at Mint Bills, to discuss the Intuit acquisition, as well as the progress that Mint Bills is making on its biller partnership strategy. There are several reasons that utility billers make attractive partners for Mint Bills:
- Utility bills—water, gas, electric, garbage—are core household bills that reach more than 115 million households in the United States.
- Many of the companies driving these bills are small-to-medium billers. They lack the IT resources to keep pace with advances in technology and changes to consumer preferences—namely around mobile experience.
- Unique from other large billers, small-to-medium utilities are generally focused on getting paid quickly and have little desire to drive customers back to their own websites for marketing or promotional reasons.
For Schultz, the timing of the acquisition, rebranding, and quickly evolving mobile payments market are helping to create a perfect storm for Mint Bills. “We’re excited about the traction we are gaining with billers and we believe that our customer focus is a primary driver,” he explained. “Our rebranding will afford us new opportunities to expand our partner base while also reaching more customers.”
Given that the service (which launched as Pageonce in 2008) has already reached 11 million registered accounts, it is fair to say that Mint Bills has proven that it can attract users. The next challenge will be increasing its partnerships with the billers, but Mint Bills has an advantage in their approach.
InfoTrends tracks this market closely. Our Annual State of the Customer Communications Market Survey revealed that only 38% of utilities have a mobile-optimized website today, yet 73% expect to see growth in mobile payments in 2015. When compared to respondents from industries like telecommunications— that cite 77% mobile optimization—utilities are clearly in need of support.
Mint Bills is banking on it.
Director, Advisory Services:
InfoTrends tracks the customer communications delivery and payment markets via our Customer Communications Channels & Trends advisory service.
More blogs from Matt Swain