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What do you guys think of this website?

Discussion in 'General Entrepreneur Discussion' started by Allthingznew, Sep 19, 2007.

  1. Allthingznew
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    Allthingznew Contributor

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  2. JScott
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    JScott Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I have a couple friends that work there, and it's an interesting concept. Basically, their business model aims to leverage three things: access anywhere (by being online as opposed to installed software); simplicity; and FREE.

    They also have some serious backing by current and former eBay, Google, Yahoo!, and Intuit execs, so they should prove to have strong reach, at least among the Bay Area technologists.

    The real question is whether they have the ability to overcome the basic paranoia that the typical user will have -- "do I trust a startup to access and store all my personal financial data?" If they can overcome that obstacle, and assuming they market well in areas outside of Silicon Valley (where every Web 2.0 company is well known), I believe they can be very successful.

    That said, I know of at least two other startups that have tried a similar business model (though not exactly the same) over the past five years, and neither has gotten off the ground...
     
  3. RAiMA
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    RAiMA New Contributor

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    Interesting concept. Don't think I'll move away from my financial software package tho. Just too much history.
     
  4. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Yup, that's what I kept asking myself as I cruised the site.

    Actually, it's not even the fact that it's a *startup*. Would I trust *anyone* to have all my financial data in one place?

    Eventually, yes.

    But today or next week?

    Probably not.

    That being said, though-- this is a great idea.

    If they can address the security concerns, even if they go to pay for play, they'll have a HUGE market here.

    HUGE as in tens of millions of people-- perhaps even more.

    -Russ H.
     
  5. Allthingznew
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    Allthingznew Contributor

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    I agree with the concern over divulging financial info and access. I like the concept, but it's a big leap.

    Thanks for the "inside scoop" JScott, I know Intuit already handles sensitive information through Quickbooks and all, but that's on your computer, not a third party location. And I think your computer accesses your banking info to sync them if I'm not mistaken?
     
  6. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I think its a great concept but far before its time. Like many capitalists on Sand Hill Road, they have great ideas to put forth that are targeted to the masses, yet, only attracts and ultimately consumed by early adopters.

    Some great ideas never launch simply because the market isn't ready for it -- the market is 90% average joe and not tech savvy, early adopters. I think this is a good case.

    I know I wouldn't use this service ... just yet - I feel rock-solid internet security is still an unsolved need.
     
  7. hakrjak
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    hakrjak Bronze Contributor Read Millionaire Fastlane

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    I gave it a try -- Looked a like a good concept, and I've got fraud protection on all of my credit cards.... Welp, it's very clunky and it's now taken me about 20 minutes just to try to get 4 of my cards inputted. I've got about 10 cards that I may have in use at any given time, so this service would definitely not be for power users like myself.

    It's also taking forever to connect to the banks and download the info. 80% of the time it does not work. No wonder the service is free -- looks like users of this service would be unpaid :banana:Beta testers...

    - Hakrjak
     
  8. hakrjak
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    hakrjak Bronze Contributor Read Millionaire Fastlane

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    Also I have multiple accounts at most banks (i.e. 5 at Chase, 3 with B of A, 5 with Amex) -- And I think the system gets confused when you have more than 1 account at a bank.

    Oh well, maybe they will get better one day

    -Hakrjak
     
  9. Legacy Dad
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    Legacy Dad New Contributor

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    This is the same business model as Mvelopes except that mvelopes has been around longer.
     
  10. Shawn
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    I think it's a good idea, but you are basically giving all your information out to them for free and you know nothing about them. What do you spend your money on and how much? That's invaluable market research and on an aggregate level that data alone would be worth billions to potential buyers of their company.
     

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