It is the natural tendency of all firms, product lines, governments and even households to build up too much complexity - complexity that adds little value. Why did the company that made its mark with a simple user interface (the very name “Intuit” is a riff on “intuitive”) have to buy Mint? Why couldn’t they have built it themselves? We’ve been pondering that question, and we think it’s because it is very hard for a complex organization to build something simple. According to the New York Times, they have tracked over $200,000,000,000 in spending and have 1.5 million users, meaning that Intuit is paying over $100 per user. Mint is a web- and phone-based tool with a simple design interface that helps people manage their finances in an integrated way - across all their credit cards and asset accounts. This post was co-authored with Paul D’Alessandro.
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