But if you haven't tried Quicken before - there's nothing in the version to convince you to start now. The question is can Quicken be turned into software that is again a must-buy. It's doable, but requires the software to be reinvented as much as the PC itself - the device on which Quicken flourished - has.
The diminishing role of Quicken is partly by design as the software became a tiny part of a giant financial software company, Intuit INTU. Intuit , which turned into a multi-billion corporation on the success of Quicken, is giving up the fight trying to sell Quicken to consumers. Intuit is shifting its focus to online financial services and tax preparation and has put Quicken up for sale. Intuit is betting on its Mint. A buyer for Quicken hasn't been announced yet.
It's easy to write off Quicken as a dead product of a bygone age of desktop software. But that would be a mistake. Quicken stands at the crossroads of a new age of technology - where it could play a vital role.
While Quicken isn't exactly going to win over converts, it's what happens with the software next that matters. The product continues to fill a gap for investors and anyone interested in managing their own money to a great level of control - without hiring human help.
For investors and savers looking for control over their finances that gives them the tools to be their own financial advisor - or at least educate themselves - Quicken even after years of neglect remains an unrivaled tool.
Quicken still has the edge on its rivals in terms of:. Unlike Web-based tools, all your financial information are stored on your own hard drive not on the service providers'. That means you don't have to worry about the service getting hacked and your data being compromised - or if the service will just close one day leaving your data hostage.
Most online services require you to share your usernames and passwords of your banks and brokerages - which is generally something that should cause you pause. But even major banks' Web sites have been compromised, so it's safe to think that security is a real concern. Some banks are starting to push back - seeing the greater security risks. Also, since you pay for Quicken, it's your software not a guised vehicle that pitches you products.
You'd be hard pressed to find an app or financial Web site that gives the level of customization and control as Quicken. That's especially true for investors. If there's a piece of data you need from your financial records, Quicken allows you to find it fast whether that your cost basis on investments or even helping you decide which lots of stock to sell to minimize your taxes. New versions of Quicken and TurboTax come with dozens of embedded links to the site, making sure that if users want to update their stock portfolios or check the latest tax law changes, they do it at Quicken.
To attract new customers, Intuit has cut a flurry of deals with companies that operate some of the most popular gathering sites on the Net. As a result, if Excite or AOL. Few online rivals have the kind of cash or clout it takes to cut such deals. One that does is Microsoft, the Redmond, Wash. And while Quicken. But federal regulators blocked the deal over antitrust concerns. But over the last year, Cook said, he has come to see the failure of that deal as an advantage because many financial institutions are nervous about being squashed by Microsoft.
Microsoft executives say they have no trouble finding willing financial partners on the Net. Just last week, Intuit announced a deal that will allow NationsBank and others to deliver customized versions of Quicken software to their customers.
Analysts say the battle with Microsoft, and the legions of other online firms, is bound to drag on with little payoff in the short term. This is a costly approach because, unlike many sites that merely provide links to products or services, Intuit wants its site to be able to handle entire transactions. Intuit executives acknowledge that Quicken. Monthly closes since March and latest:. Greg Miller can be reached via e-mail at greg.
Intuit Inc. The company, though primarily known for such software packages as Quicken personal finance and TurboTax tax-preparation, attributes about half of its sales to QuickBooks, an accounting software program for small businesses, and tax-preparation software programs for businesses. Intuit, focused on increasing its Internet presence in the late s, offers a range of financial services and information through its Quicken. The company's other Internet products include mortgage lending, auto and life insurance, and payroll processing.
Intuit was the brainchild of entrepreneur Scott Cook, who cofounded the company with Tom Proulx in One night he and his wife, Signe, were sitting at their kitchen table in San Francisco paying their bills. It occurred to Scott that there must be a better way to manage their household finances and automate the hassle of bill paying.
Inspired to start his own software company, he went to Stanford University to place an advertisement for a programmer.
When he got to the campus, he stopped a passing student, Tom Proulx, for help in locating a bulletin board. Proulx, it turned out, had done some programming and agreed to write a simple check-balancing program for Cook.
In his dorm room he created the first Quicken program, which he and Scott used to launch Intuit. Cook's idea for a check-balancing program was unique, but he was only one of many people trying to break into the burgeoning personal computer software market at the time.
According to many of his associates, it was his background, intellect, and enthusiasm that separated him from the rest of the pack. He credited summer internships with the federal government with encouraging him to go into business rather than the bureaucratic public sector. Also at USC, Cook took it upon himself to resurrect the school's ailing ski club.
The club became one of the most successful organizations on campus and played an important role in getting him accepted into Harvard's graduate business school. Indeed, Cook was one of only a handful of students to enter Harvard straight out of undergraduate school and was the youngest member of his member class. In the couple moved to California for its climate, with Scott taking the consulting job with Bain and Signe becoming vice-president of marketing at Software Publishing Corp.
During the next few years Scott gained important experience related to banking and technology while Signe learned about marketing software. Meanwhile, Tom Proulx labored in his dorm room creating the first version of Quicken. After polishing up the program the pair launched Intuit in While Proulx contributed the technical expertise to the original Quicken program, Scott drew on his consumer marketing background to ensure that the program would meet a real need in the marketplace.
He conducted numerous telephone interviews and focus groups, for example, in an effort to determine exactly what households needed financially and what features were most important to potential customers. Coworkers called his emphasis on customer input fanatical, and Cook's fixation eventually became well known within the software industry. The application resulting from this research allowed people to enter data on screens that looked much like a check and a checkbook.
The data was automatically processed, thus eliminating much of the tedium of balancing a checkbook. Cook and Proulx started Intuit in Proulx's basement with a single product and seven employees. Cook originally planned to sell the software through bank branches, a strategy that soured when he realized that banks were poorly equipped to sell prepackaged software.
Moreover, because Intuit was just one of several companies trying to market a personal financial software program, Cook was unable to find a retail distributor that would take his unknown product. By the company was struggling to stay afloat. Three employees left when Cook and Proulx became unable to pay salaries.
The other four, still believing in their product, kept working for six months without any pay. Cook remained surprisingly upbeat and helped to buoy the Intuit team during their initial struggles.
Whenever Proulx's wife would come down into the basement to see how things were going, Cook would tell her that they could not be better. By Cook and Proulx were beginning to see some light at the end of the tunnel. Importantly, the Apple version of Quicken was getting positive attention in the trade press, and sales were slowly picking up.
Recognizing the power of such trade articles to generate sales, they made a pivotal decision that turned the company around. Instead of selling the programs through banks, they would sell them directly to customers through advertisements. He emphasized the benefits of the program as opposed to its features, unlike most software ads of the time.
The advertising campaign was a success, and from that point forward Intuit's fortunes improved. Still, the company lacked a broad retail distribution channel and faced growing competition in the financial software market.
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