Meniga, the Icelandic personal finance management service, has signed Applicon as its partner in Scandinavia to offer its service to banks. Meniga is an Icelandic startup founded in January 2009 with a very similar plan in mind compared to the famous US company Mint.com.
With the signing of the contract and the press release associated with it, it has become clear how Meniga plans to position their product and get it to market. They have signed the contract with Applicon, which is a Swedish company closely affiliated with banks. Applicon offers its customers a combination of standardized IT software with the help of its 50 strong organisation.
Arne Nabseth, the CEO of Applicon Sweden said in the press release regarding the partnership that “PFM (personal finance management) is the next generation of online banking and a big step towards virtual financial advisors. PFM will revolutionize the relationship between banks and their customers in much the same way that online banks did 15 years ago. Offering PFM is the best and most efficient way a retail bank can help its customers manage their money and is essential for any retail bank’s long-term strategy to stay close to its customers. Meniga’s PFM offering is state-of-the-art and we are excited to bring it to our customers to help them better serve their customers.”
This clearly positions the service in comparison to other competitors in the market, like the Finnish Balancion, which offers a similar personal finance management solution. Where as Balancion aims to sell itself to the consumers as an independent service, Meniga is clearly trying to capitalise on its offering with banks.