Intuit does a Mint in India – To Launch Personal Finance Tool (in partnership with MoneyControl)
Intuit has announced ‘Intuit Money Manager’ in India, in partnership with Moneycontrol. The beta version will initially be available for customers of Moneycontrol.com who have opted in for this early trial program and will be extended to all the customers of Moneycontrol.com in the near future.
Intuit has conducted market research in India (rural included, p primarily urban for money manager product) and the outcome is a money tracker/planner tool that they will be launching in the fall of 2009.
While the product details are not yet out, it seems its going to be a meta aggregator of bank accounts (related startup: OnYeM). In a country where 97% transactions are all-cash, it would be interesting to see how Intuit fares in this market (upcoming startup: trackeverycoin).
What’s your opinion?
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Perfios is a company that offers an innovative software application to manage personal finance in a Safe and Trusted environment and help users analyze and understand their finance in a simple, easy and secure way. Perfios was created by individuals who are backed by extensive years of experience in the software domain and are further backed by financial domain experts from various financial institutions.
It is like Mint but a lot more.
It is specifically made for India rather than forcing Indian consumer with modified version of US or other country software.
Check it out.
http://www.techcrunch.com/2009/09/13/intuit-to-acquire-former-techcrunch50-winner-mint-for-170-million/
The first financial management software specially made for India is ManageMyPaisa. It is superior to anything that is available out there in the market. Visit http://kahantechnologies.com/managemypaisa.html and download a free copy and give it a try. Vikash, you should give it a try as well and let us know what you think.
Unfortunately Intuit has made an error in deciding to make their product requiring banking passwords to access date. That is immediately a non- no. They should have made this optional. NO ONE gets my banking data, 128 bit or 256 bit encryption or whatever. At a stroke they will alienate at least 75% of potential customers. I am a great fan of Quicken, the worlds finest personal finance software. But on line bank account access? Never . Intuit states that they never require your transaction password. Citibank and State Bank of India, for example, do not have any such password. They only have a single access, both for viewing and transacting. Keep away from such software, the very fact that they have to state that they do not need your transaction password is itself an indicator. Someone, somewhere in some backoffice will have access to your passwords. Only use software which permits manual entry, that is my advice.
Hey Manjit,
Thanks for the reply. I think you are spot on because I would not be comfortable giving away my username and password to anybody.
There are a lot of software that are being developed for personal finance in India. One such software is ManageMyPaisa. It can import OFX/CSV (and a whole lot others) AFTER you have downloaded your statements to your own computer.
I think you should give it a try.
http://www.kahantechnologies.com/Website1/html/download1.aspx