Credit Karma Introducing Net Worth Tool Built with Mint
This week, Credit Karma announced that it was introducing a Net Worth tool. In a press release, the company said that the addition is part of their goal to become “a full-service personal finance management platform.” The new feature will apparently begin rolling out to users with credit scores of 720 or higher but they hope to eventually expand it to a larger population.
According to Credit Karma, this initial version of the Net Worth tool will mostly focus on helping customers understand the components of their net worth, while also allowing them to track their progress. However, in the future, the service has plans to evolve the feature to help guide members on a path toward increasing and protecting their wealth by offering investment insight and portfolio diversification advice. Notably, in order to build the Net Worth tool, Credit Karma works with fellow Intuit business Mint.
Commenting on the new feature, Credit Karma founder and CEO Kenneth Lin said, “Credit Karma’s mission is to champion financial progress for all, but we know that financial progress looks different for everyone. This next evolution of Credit Karma will combine the expertise and momentum generated by Mint with Credit Karma’s scale and technology, and enable us to help more Americans, in particular those who are faced with a new set of financial challenges and are looking to elevate and protect their net worth.”
Meanwhile, Mint GM Ryan Steckler stated, “Net Worth was built for U.S. consumers who have already made significant progress on their credit score and are looking for that next financial health indicator to track and take action on, as they continue their financial journey. Before we can help consumers grow their net worth, we’ve built a seamless product experience that gives consumers a holistic view of all of their financial accounts, directly within the Credit Karma app.”
The initial launch of Credit Karma’s Net Worth tool happens to come as a popular platform that also helps consumers track their wealth has undergone a rebranding. This month, Personal Capital changes its name to match its parent company, Empower. Specifically, the tool is referred to as Empower Personal Dashboard on the site. Akin to what Credit Karma seemingly intends on building, Empower Personal Dashboard not only allows customers to track and monitor their net worth but also includes such features as a retirement account fee analyzer to help them understand how much of their investment gains are lost to fees.
On the one hand, adding this Net Worth tool makes a lot of sense for Credit Karma as it already houses several other financial tools. However, in this pursuit to be a “full-service personal finance management platform,” one must wonder what this means for Mint going forward — especially if Intuit is promoting Mint’s involvement in this project and titling a section of their press release “Building on Mint’s Success.” Could we eventually see the two services fully folded into one? It doesn’t seem so far-fetched now. In any case, we’ll have to wait and see how Credit Karma’s Net Worth tool is received and what lies ahead for the platform.