Intuit Inc. (Nasdaq: INTU) and Monitise (LSE: MONI) announce they are exploring the delivery of new mobile solutions that will help businesses and consumers better manage their money on the go.
The two companies share a common mission to simplify the financial lives of consumers and small businesses through the mobile channels of financial institutions of all sizes.
Monitise and Intuit Financial Services are collaborating to forge a strategic alliance focused on delivering Mint to financial institutions through Monitise's Enterprise technology platform. Mint is a leading personal and small business financial management solution designed to help people manage all of their finances in one place.
The companies also plan to work collaboratively to identify additional joint opportunities, including the possibility of Intuit enhancing its mobile banking suite by leveraging Monitise's mcommerce and mpayment solutions. Monitise serves a rapidly growing client base and more than 18 million registered consumers. The alliance is intended to be global, with an initial focus on Europe and the United States.
Intuit and Monitise both deliver mobile services that are affordable, cost-effective and scalable for businesses and financial institutions, including banks and credit unions of any size. The collaboration between the two companies comes as more than 60 percent of the world's banking customers are expected to use mobile banking and payments by 2015, according to Capgemini's 2012 World Retail Banking Report.
"Whether at work, home or on the go, people are increasingly using a multitude of devices to get the personalized financial insights they need to make better financial decisions and take action," said CeCe Morken, general manager of Intuit Financial Services and senior vice president of Intuit. "Working with Monitise could provide even more consumers and small businesses access to these capabilities on the device of their choice, through the partner of their choice, consistent with our open platform strategy. Together we hope to solve a wider array of specific customer challenges and, ultimately, help financial institutions delilight their customers."
Customers of more than 500 U.S. banks and credit unions actively use Intuit's existing mobile web, SMS and downloadable app solutions, while Monitise provides Mobile Money services to more than 300 financial institutions and partners, including a third of the top 50 North American financial institutions.
"The way we are empowered to better manage our money at a corporate and personal level via the always-on, always-with-you power of smartphone technology is transformational in so many ways," said Alastair Lukies, Monitise Group Chief Executive.
"At Monitise, our globally-established platform is leveraging our proven and bank-grade technology as a gateway to connect businesses and consumers to each other. We have a vision of a whole new generation of services tapping into the potential for mobile to assist consumers' financial decisions as they go about their busy lives. Intuit's financial management software is world-renowned, and we hope to work together on new initiatives that will make managing money more cost effective in so many ways," Lukies said.