Emerging technology concepts and applications

Technology

Financial management software is nothing new; in fact, financial management may be one of the first common uses of personal computers. However, financial management has become sophisticated, thanks to a wide array of tools and services. Many tools and services for financial management are multi-platform, and can work with smartphones as well as computers. One such application is called Mint, which is the application associated with Mint.com. Mint.com is owned by Intuit, which is a long-standing financial management software company. The Intuit suite of products was designed for stand-alone use, as a client application that sits on a personal computer. What makes Mint.com different is that it operates completely on the Web. Users upload their financial data directly through their financial institutions, rather than inputting individual information manually. The Mint.com interface is simple and easy to look at due to solid graphical user interface design and a lack of clutter. The mobile app for the iPhone is even simpler, albeit with more restrictions. For example, it is not possible to add new accounts with the mobile device, as it is with the Mint.com Website. However, having the mobile app does allow for easy access to multiple account balances. The beauty of the Mint.com service is that a person can input multiple credit cards, bank accounts, loans, and even assets like homes. Moreover, Mint.com allows for robust financial management because it allows individuals to track income vs. spending, and to set financial goals for saving money. Mint.com is a revolutionary step in using new technology for managing personal finance.

The main potential problem with Mint.com is security. Users of the service are required to log into their financial institutions directly from the Mint.com website -- thereby providing Mint.com with valuable passwords. Mint.com offers extensive literature on how they protect consumer data. The company claims to use "bank-level security" and 128-bit encryption. Several third party security monitoring organizations have asserted the safety of Mint.com, including TRUSTe, VeriSign, and HackerSafe ("Remember Kids, Safety First," n.d.). Furthermore, Mint.com provides read-only access and does not allow for the manipulation of financial data or the transferring of funds from account to account. Email alerts of account movement add an extra layer of security to the Mint.com service.

However, Mint.com admits, "Your information may be seen by technical personnel in accordance with specified procedures and safeguards governing access in order to operate, develop and improve the Service." This raises major concerns about who works for the company, or whether Mint.com outsources their technical support personnel. It is also uncertain what would happen if the Mint.com account or system were hacked. Would the banks claim that the user volunteered to give away their password, thereby relinquishing responsibility for a problem?