The financial daily Mint, which belongs to HT Media, has entered the finance and investment segment with a new app called MintGenie.
With MintGenie, users can follow live markets and find all the information on mutual funds and stocks. In short, users can access the latest price movements, financial metrics, historical annual and quarterly results for all companies listed on BSE and NSE.
In addition to the must-have, the app also offers a function for learning about investments through the use of virtual money: a portfolio tracker. Like the paper (mint), Stress, and attention seem to have been paid to the design and user interface, both of which work hard to be a differentiator.
This is the third time that the owner of a financial daily has entered the fintech segment. Times Internet Limited, a subsidiary of BCCL that publishes the financial daily Economic Times, has a similar app called ETMoney.
Moneycontrol, which is operated by Network18, had also launched a similar platform called Moneycontrol Transact. However, the company later discontinued the app. For equity investments, Moneycontrol has a connection with Smallcase and for mutual funds with Fisdom.
MintGenie’s competitors include Paytm Money, but the Noida-based major’s app has more use cases like health insurance, term life insurance, and NPS investing. Then there is the venerable ValueResearchOnline, which has existed the longest and has been expanded to include stock recommendations and a consulting service such as Moneycontrol.
MintGenie is currently sticking to knowledge sharing, with gamified tests to check users’ awareness and willingness to invest, as well as a recommendation section limited to health insurance for the time being.
MintGenie will likely add more use cases to the app in the coming months to cover more aspects of investing and finance. Corresponding Trickypedia Sources, HT Media has been working on the app for a year and it looks like an attempt to diversify the group’s business. Some experts also point out that HT Media is also trying to mirror Times Internet’s strategy.
While the category is definitely overcrowded, Mint is clearly hoping to use the brand’s credibility to break into a niche, especially in key sectors like mutual funds, which will now be booming with simpler entry-level norms. Adding actual transaction options could potentially be on the agenda at some point.
HT Media also operates digital real estate such as the job portal HT Shine and the film review site DesiMartini. However, these products are not popular in the segments they operate.
Mint Genie faces a daunting challenge. It’s no secret that nobody likes to enter all of their investment data repeatedly, and once you’ve created a portfolio tracker in an app or website, it can be a pretty strong reason to stick with this brand, unless they are do something drastic like major mishaps (Rediff’s money department) or a complete shutdown.