ICICI Partners With Intuit To Offer Online Personal Finance Management
At a recently concluded e-commerce event co-hosted by Techcircle.in in New Delhi, panelists and the audience collectively mourned the lack of initiatives by the Reserve Bank of India, and various banks and merchant establishments, to port a portion of their transactions online. As if in answer to their prayers, ICICI Bank and Intuit have launched 'Money Manager' , an online personal finance management solution.
What Money Manager does is it aggregates all ICICI Bank accounts (Savings Account, Credit Cards, Loans, DEMAT etc.) automatically on one screen, so users can track their income-expenses on a daily basis, create and track budgets, and monitor investments, as also bill payments.
Money Manager follows the Mint model. Mint is also a Intuit service, and is a free personal finance software. It brings all financial accounts together online - Mint can talk to Chase or Bank of America or American Express in the backend, and provide users with updated snapshots every time they sync their accounts. Various financial institutions have tie-ups with Intuit which makes this possible. Users log in with their online banking password, on the Mint site itself. Similar things can be done with Money Manager in India, which lets multiple online banking (from various banks, including non-ICICI banks) be collectively configured into the dashboard.
Money Manager is currently available for all ICICI Bank Net Banking customers. It is a subscription based product with 90-Day free trial, and costs Rs. 365 a day after that. Intuit is the company behind QuickBooks, a popular money-management software for small businesses, and offers payroll and payment services as well.