Wesabe launches

So, Wesabe launched today. I’ve been waiting for this since I first saw Marc’s post on the Radar. As you may know I run a personal finance site, NetworthIQ, so I’m always on the lookout for related ideas and competition. I’m also happy to discover other people thinking about how to improve the way we manage our money.

Wesabe is a compelling product that I myself will try out. Features such as tips and goals are nice community features that are also slated for NetworthIQ one of these years (though my vision of these is a bit different). I need to still explore the account uploaders, but this could be the best part of Wesabe These uploading features give Wesabe the potential to be a Quicken/Money killer.

To beat Quicken/Money, I believe an app has to get out of the transaction entry approach and solve the problem of tracking finances differently and bring a lot more to the table feature-wise (like with social features). Yet, most new web-based personal finance apps (PFMs) still rely on transaction entry and have no social features. The data is already out there in the banks’ databases, so why should we have to enter it again? Plus, banks are rolling out better applications all the time, so it doesn’t make a lot of sense to compete directly with them. One of my top goals for NetworthIQ was to provide account aggregation but never require a user to enter a purchase/transaction manually. That’s why it’s incredibly simplified down to just entering account balances once a month (which is stretching the bounds of data entry far enough IMO, and still needs to simplified further with automation and import/export tools).

Like we’ve faced with NetworthIQ, there is hurdle to overcome for users to trust their financial data to a web-based application. This is why you probably won’t see the desktop PFMs die anytime soon. But, like with online banking, the time is coming and Wesabe should help.

5 Replies to “Wesabe launches”

  1. Ryan,

    Hi, I’m Jason CEO of Wesabe. I think we have a shared view of where personal finance tools needs to go. Thanks for the support (that read like a positive review to me). I think our companies are interested in doing different things to help with money, so I think there might be an opportunity to work together down the line.

    If you have an interest please drop me a line [email protected]

  2. Ryan,

    Thank you for your wonderful comment over at my financial blog. How exactly did you find my post so quickly? Although I only make a few posts in regards to personal finance, it is very important for me to bring the best of the web to my readers.

    NetworthIQ is simple, yet it is a hit with the online world because of its quick-to-use software that makes it painless for the masses out there to use. Of course you know this already!

    Let me know if you would be interested in doing a link exchange. With excellent money management people then need the ability to find solid investment research and recommendations. That’s where my blog comes in 😉

    Take care and please keep in touch,

    [email protected]

  3. Jason – Thanks for comment. It was indeed a positive review, as I see Wesabe being very useful itself and helpful in raising the tide for all web-based personal finance tools. I appreciate the consideration of working together, I’ll do some thinking about ways to do that as I start using Wesabe.

  4. Stephen – Google’s blog search is very fast at finding mentions of NetworthIQ. I subscribe to a couple search RSS feed to be notified as soon as someone links to the site or mentions it. It’s one of my favorite tools.

    I appreciate the comments and agree with the value of NetwothIQ in being simple, that was one of my biggest goals. While there is still much to do, I’m glad it’s proven useful in its current state.

    I’m thinking about adding a resources page to the site to help people find more information/tools in their particular interests of personal finance. I think the the Jutia Group blog will be a good addition there. I’ll let you know you when I get it up (probably will be a couple weeks).

  5. Ryan

    I am agree with you. Personal money is very sensitive case for all of us. So that’s why I think it’s so critical to upload our personal money database to website and prefer to use desktop based to manage our personal finance.
    But I am still agree if our database is just shared to make a comparison with another for benchmarking use.

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