Scobleizer: This guy just won a “mint”
Kevin
· 2 years ago
Is anyone else a bit leery about giving Mint your username and password to bank and credit card accounts?
David Geller
· 2 years ago
Mint looks great! Another "why didn't someone think of that before" product! Another service I like, and use often, is Sharebuilder.
Mike Cohen
· 2 years ago
Yes, Kevin. I didn't sign up because I'm a bit leery of giving them all of my bank info. My biggest concern is how well they protect the information. A breakin at their site would be a lot more damaging than a single bank site if I have everything stored there.
After Fred Wilson blogged about Mint... I called my credit union and asked them to get their act together. So far no joy. @Kevin above... my answer is "I'd trust them in a freakin heartbeat!" The exposure these solutions providers and financial institutions assume is real and large. No worries here.
Esteban Vigano
· 2 years ago
Hi there, long time reader first time commenter Just Adding the same comment I left at techcrunch, because i think this is very scary!:
unless Mint gets bought by say, Google, Yahoo or Microsoft, (or partner up with all the big banks) there is NO CHANCE that I will put ALL my users and Passwords to all my financial information into some unknown website, Jeff Atwood (codinghorror.com) just posted about this issue a couple of days ago, and I quote : “…This is a deplorable state of affairs. We’re teaching users that their credentials are of little value and should be freely handed out to any passing website that catches their fancy. It’s an incredibly dangerous habit to inculcate in users; it makes them far more vulnerable to phishing”
gwhiz
· 2 years ago
Corrxn... Fred was talking about Wesabe (one of the Union Square portfolio companies). One of the commenters on the post was talking up Mint. Important tidbit to get right and on the record.
David Mackey
· 2 years ago
The service looks pretty fascinating. I'm looking forward to trying it out.
Tom
· 2 years ago
I have nothing to add except to say that I'm not really someone who is afraid of risk as far as on line ventures are concerned but even I have to admit I probably won't give Mint a try. It looks great I just can't bring myself to put all my financial records in the hands of a company who I have no experience with.
As was said above, I think getting acquired is their best bet. Being a small company is just too big of a draw back in the financial space.
Rachel Luxemburg
· 2 years ago
After an incident where a thief gained access to one online credit card account, sucked all the cash out of my checking account, and then charged a pile of stuff on my Amex -- all 72 hours before I was about to leave for Europe -- I am VERY VERY cautious about online financial transactions. I do not link online accounts, and I only do online payments via push from my bank's website.
Mint sounds interesting, and no offense intended to their team, but I'm just not willing to trust them until they're a more proven commodity. Once burned.....
searchengines
· 2 years ago
It is so sad that society has this archaic *winner takes all* attitude
It is not who won - but how may EXCELLENT services were displayed
Why should there even be a winner????
Why cant people enjoy excellence in a non competitive fashion?
Does EVERYTHING have to be a competition?
Damon Billian
· 2 years ago
Hi Folks,
I actually work for Mint as a consultant & some of the concerns about passwords can be addressed here:
Additional note: Having worked for PayPal in the past, I think that most folks should know username & password issues actually occur due to phishing.
Marc Duchesne
· 2 years ago
Very high concerns about giving all my bank & credit card infos to such a new player...
It's time to wake up, Folks. You share your friends on Facebook, you share your intimate thoughts on Twitter, now you share your finances on Mint. What's next ? Sharing your p*nis ?
A.Falk
· 2 years ago
My concern with mint.com isn't that I need to share my login info with the service (I already need to do that today with Microsoft Money). My concern is that it apparently doesn't scale: http://www.xmlaficionado.com/2007/09/mint-not-r...
rangelab
· 2 years ago
I am very cautious about putting my financial record online, but I will wait and see before giving Mint a try.
Tom Augenthaler
· 2 years ago
The Mint concept is very intriguing, even compelling. A lot of folks have expressed concerns about privacy and their personal financial info (is it safe?). These concerns are top of mind in my book too. I wonder if the solution is subscribing to Lifelock before signing up with Mint?
Jeremy Toeman
· 2 years ago
My concern is this: how do they prevent the biggest player in the space (Intuit) from directly competing? There is no technology barrier to entry, nor is there a first mover advantage (as they aren't first-mover). Further, Intuit generally has a positive reputation by "regular folks" who most certainly aren't going to trust some new Silicon Valley startup with their personal finances.
I agree with the commentor above - this is an acquisition play only, where a "big player" (Yahoo, Goog, etc) must come in and buy it up. Getting to mass adoption will be next-to-impossible independently.
John
· 2 years ago
I've been a Mint beta tester for a few weeks. It works pretty well. The only thing though is that I'd like to track more than just my savings and spending, but my investments as well.
What happens when Intuit brings Quicken online? I can totally see Mint being acquired by a Yahoo!, Microsoft (though they have Money), eBay (tie in with PayPal?) or Google.
Mr. Gunn
· 2 years ago
Mint is proof either that knowing the right people counts for a lot, or that the other submissions were really lame.
They're using the same software that all the major US financial institutions use. It's called Yodlee, and it's been available for years, for free(as long as you're comfortable using beta software to manage your finances).
The comparing your spending to the average spending of the aggregate of others' accounts is a neat idea, but hardly something that would provide a barrier to entry by a large corp. like Microsoft. I hope the VCs are prepared to take the hit.
Christopher Bermingham
· 2 years ago
I am surprised nobody has mentioned Yodlee- Yodlee does account aggregation, transaction reports, etc and has been around for a while, and it even has been offered as a free "add-on" service through many banks.
Robert Bousquet
· 2 years ago
Have you seen our Electric CheckBook entry for RailsRumble07? It was completely designed and built our 3-man team during the 48-hours Rails competition.
Its flexible double-entry ledgers can be shared within a group enabling remote partners, your accountant and spouse can share access to the appropriate accounts without emailing files back and forth.
Mint is obviously a bit more mature, but ours was designed, developed and launched in 48 hours. It has already replaced Quickbooks for our small distributed team and handles our accounting, project budgeting, and contractor timesheets. We'll continue to add features that we need to manage our personal and business finances.
Bertil
· 2 years ago
Two concerns about Mint: 1. It will have a very hard time getting out of the US: money is managed very differently here and elsewhere, and unless their hire a cultural consultant very early (like Google did) there are in for a "What the fµck is PayPal for?" and local competition. 2. It doesn't appear to be a social service: unless they set up BillMonk-like features, you don't have any interest in having it adopted by your relatives, and attacks are increasingly likely if it grows (Safety will probably increase too).
Therefore, certainly a great stuff. I probably won't ever use it.
Albert
· 2 years ago
Ignoring the potential threat of an Intuit, MS Money solution doesn't seem wise, but as someone who's worked for several large internet companies I don't imagine that they will be able to act quickly enough to curb Mint's potential growth.
I've also been using the private beta and having used Quicken and MS Money before it just seems simpler, nicer and easier to set up. Good luck Mint and please add the ability to incorporate investment accounts. ;)
paul
· 2 years ago
Mint had a hospitality suite with placards posted all around the Plaice Hotel.
This competition was not about start-ups, it was about VC's.
Robert
· 2 years ago
50k for an unoriginal uninovative idea? as others have said, the risks are too high from a secruity, scalability, and competitive perspective. This proves once again that SV writes software for themselves and not the average user
But given the type of user that uses web 2.0 apps, there probably won't be a lot of financial data on Mint that would be worth stealing.
Sam Purtill
· 2 years ago
Aaron Patzer (CEO) has a few patents on the algorithms that Mint uses to figure out the best ways to save you money. Read their privacy and security policies, they've got top notch guys from the big banks doing their security, I would trust these guys over Google -- I hope they stay private and file for an IPO, I would invest in them today.
Robert
· 2 years ago
every service like this has security and privacy policies. Does Mint have the same security guys from the big banks that had credit card data compromisedin the past? Point is having a security policy and top notch security guys doesn't make them immune. In fact I think the fact they now have pub makes them a bigger target. The last thing you want to do is tempt hackers by publically touting your security
cam balkon
· 1 year ago
marc & team are certainly smart guys & i'm sure they'll be successful, most especially with folks like you & fred & OATV behind them.
that said, i'm also confident there are other models for personal finance that can work quite well on the web. guess we'll find out ;)
bloger
· 1 year ago
I determine with the commentor on top of - this is an merger fool around usually, where the “big player”( Yahoo, Google, etc) contingency come in as well as buy it up . Getting to mass embracing a cause will be next-to-impossible independently.
All Comments
Just Adding the same comment I left at techcrunch, because i think this is very scary!:
unless Mint gets bought by say, Google, Yahoo or Microsoft, (or partner up with all the big banks) there is NO CHANCE that I will put ALL my users and Passwords to all my financial information into some unknown website, Jeff Atwood (codinghorror.com) just posted about this issue a couple of days ago, and I quote :
“…This is a deplorable state of affairs. We’re teaching users that their credentials are of little value and should be freely handed out to any passing website that catches their fancy. It’s an incredibly dangerous habit to inculcate in users; it makes them far more vulnerable to phishing”
As was said above, I think getting acquired is their best bet. Being a small company is just too big of a draw back in the financial space.
Mint sounds interesting, and no offense intended to their team, but I'm just not willing to trust them until they're a more proven commodity. Once burned.....
It is not who won - but how may EXCELLENT services were displayed
Why should there even be a winner????
Why cant people enjoy excellence in a non competitive fashion?
Does EVERYTHING have to be a competition?
I actually work for Mint as a consultant & some of the concerns about passwords can be addressed here:
http://forums.mint.com/showthread.php?t=703
Additional note: Having worked for PayPal in the past, I think that most folks should know username & password issues actually occur due to phishing.
It's time to wake up, Folks. You share your friends on Facebook, you share your intimate thoughts on Twitter, now you share your finances on Mint. What's next ? Sharing your p*nis ?
My concern is that it apparently doesn't scale:
http://www.xmlaficionado.com/2007/09/mint-not-r...
I agree with the commentor above - this is an acquisition play only, where a "big player" (Yahoo, Goog, etc) must come in and buy it up. Getting to mass adoption will be next-to-impossible independently.
What happens when Intuit brings Quicken online? I can totally see Mint being acquired by a Yahoo!, Microsoft (though they have Money), eBay (tie in with PayPal?) or Google.
They're using the same software that all the major US financial institutions use. It's called Yodlee, and it's been available for years, for free(as long as you're comfortable using beta software to manage your finances).
The comparing your spending to the average spending of the aggregate of others' accounts is a neat idea, but hardly something that would provide a barrier to entry by a large corp. like Microsoft. I hope the VCs are prepared to take the hit.
ElectricCheckBook - http://electriccheckbook.com
RailsRumble07 - http://vote.railsrumble.com
Its flexible double-entry ledgers can be shared within a group enabling remote partners, your accountant and spouse can share access to the appropriate accounts without emailing files back and forth.
Mint is obviously a bit more mature, but ours was designed, developed and launched in 48 hours. It has already replaced Quickbooks for our small distributed team and handles our accounting, project budgeting, and contractor timesheets. We'll continue to add features that we need to manage our personal and business finances.
1. It will have a very hard time getting out of the US: money is managed very differently here and elsewhere, and unless their hire a cultural consultant very early (like Google did) there are in for a "What the fµck is PayPal for?" and local competition.
2. It doesn't appear to be a social service: unless they set up BillMonk-like features, you don't have any interest in having it adopted by your relatives, and attacks are increasingly likely if it grows (Safety will probably increase too).
Therefore, certainly a great stuff. I probably won't ever use it.
I've also been using the private beta and having used Quicken and MS Money before it just seems simpler, nicer and easier to set up. Good luck Mint and please add the ability to incorporate investment accounts. ;)
This competition was not about start-ups, it was about VC's.
as others have said, the risks are too high from a
secruity, scalability, and competitive perspective. This proves once again
that SV writes software for themselves and not the average user
But given the type of user that uses web 2.0 apps, there probably won't be a
lot of financial data on Mint that would be worth stealing.
that said, i'm also confident there are other models for personal finance that can work quite well on the web. guess we'll find out ;)