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Please provide a competitive landscape of three major competitors in the Personal Finance Tools industry. How do they differentiate themselves (products, target markets, brand positioning, etc.)?
Hello! Thank you for your research question for a competitive analysis in the personal finance tools industry. The most useful sources I found to answer your question were the company websites and Owler. The short version is Mint, Quicken and Prism Money are 4 competitors in the personal finance tools industry with a combined revenue of $16.1 million. Please see the summary in this Google spreadsheet. Below you will find a deep dive of my findings.
I conducted advanced Internet searches using a variety of key words and query types. I sifted through information from trusted media sites, industry reports and company websites and annual reports. I confined the results to within the last of 2 years unless otherwise noted and kept a global scope. To determine the “major competitors” in the industry, I consulted Owler (revenues and list of competitors) and SimilarWeb (website traffic stats and number of app downloads). The request did not indicate if the personal finance tools should be free or paid, so that was not a consideration as I evaluated the other attributes.
After extensive searching, as requested I identified three major competitors in the personal finance tools industry as Mint, Quicken and Prism Money. I summarized my findings in this Google spreadsheet. During research, I learned that some personal finance tools can lean heavily toward budgeting, investing and bill paying. I excluded companies like this and focused on tools that had a balance of functions. Aside from Mint, the other finance tool mentioned in the request was LearnVest. Based on company revenue, it did not turn out to be a competitor in the field.
I did additional searching to look for fast-growing, up-and-coming personal finance tools, but I did not locate any potential candidates at this time. IbisWorld reports that growth in the market is slow (0.4% from 2010 to 2015) due to all of the free web based programs that are available, with more consumers choosing them over paid products.
The market size for personal finance tools was elusive. However, I was able to locate data on IbisWorld that says the total market size for “Personal Finance & Money Management Software Developers” is $1.0 billion. Using this information, I was able to calculate a market share for each of the 3 tools in this report. See the the Google Spreadsheet for links to the revenue data for each company that was obtained from Owler.
Total Market Size = $1.0 billion
Mint Market Share = ($7.1 million / $1.0 billion) x 100 = 0.71%
Quicken Market Share = ($5.0 million / $1.0 billion) x 100 = 0.50%
Prism Money Market Share = ($4.0 million / $1.0 billion) x 100 = 0.40%
Market Share of these 3 products = (($7.1 million + $5.0 million + $4.0 million) / $1.0 billion) x 100 = 1.6%
CONCLUSION
To wrap it up, Mint, Quicken and Prism Money are 4 competitors in the personal finance tools industry with a combined revenue of $16.1 million.
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