Tuesday, October 16, 2012
Intuit's Mint
Great idea and excellent execution for a customer focused user experience that has obviously wowed the public. The only con I have seen so far is the amount of data that is uncategorized. I think for any normal company this may be an acceptable level, but this is Intuit, the wanton consumer data leader. Only a small issue, but an important one, I think can be easily fixed. Data is the future and the key to data is completeness and accuracy. I'm sure the issue here is the way that vendors/banks code there transactions. I know from my experience in the payment/transaction industry there is no way to fix it at the vendor level or even the banking level. The amount of vendors/banks in the US is just too vast and each one codes their transactions based on a local or corporate level IT manager and is therefore deemed irreparable. The only way to fix this is either to build a team that can code all of the uncategorized data as it is entering the system or to do it at the ground level hiring hourly employees regionally to make purchases across the country to gain the data necessary. Given that Intuit already has a vast sea of data I would venture that the first option may be the most cost effective. If the data is lacking certain regional information it may be necessary to market Mint in those areas to get the necessary data into the system. Coding is the key and it can be done with a small data team.
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