Intuit is taking a B2B route in India and while the entry strategy was to partner with Moneycontrol, the company is taking the most logical step, i.e. integrate MoneyManager with India’s largest largest private bank, i.e. ICICI.
When you login to your ICICI Bank account, you will now notice the “Go to Money Manager” link on the right. You can integrate all your accounts (Savings/Credit/Fixed Deposit) in Money Manager, which now offers 90 day free trial.
Intuit money manager for India (website) is money manager plus budget planner that supports investment tracking and spend categorization.
A Look at Personal Finance Products
Typically, personal finance companies fall under following categories:
- Manual – companies like trackspends fall under this category.
- Screen Scraping (Arthamoney does this).
- Bank Integration – Very few companies claim to do this.
ICICI’s MoneyManager currently works only for ICICI bank accounts, while Moneycontrol lets you link accounts from other banks as well.
Now that Intuit has made the first mega move (i.e. bundling), it will be interesting to see how others react to this (there are close to 5 startups operating in personal finance tracking space).
An interesting space to watch out for. Tell us how do you track your personal finance/spend?
Startups in this space: TrackSpends (lets you track your Expense Via SMS), OnYeM, TrackEveryCoin, Perfios (raised Series A), PaisaGate, Beezang.
Recommended Read: 5 personal finance mistakes that first time entrepreneurs must avoid
[Hat Tip: Yogesh R]