While I started tracking Intuit when it launched in India in 2009 in collaboration with moneycontrol.com, its recent collaboration with ICICI Bank got me interested in writing about it. For someone who has seen the tool since launch but never used it beyond the 90 free trial, the product is useful but not as useful as Intuit would claim it to be. However, its utility (or the lack of), its monthly subscription etc are not the reasons why I don't use the Money Manager. There is a more serious issue which concerns me and is not considered by the few paid customers Intuit has in India.
What concerns me is that my bank account details go outside of my bank into the Intuit Money Manager. I am concerned about the fact that one needs to login via the moneycontrol id and not directly to the Intuit Money Manager. In short, I am concenred about the safety of my bank account details.
While Intuit would claim that it has a very secure solution in place to protect confidential data. I am sure that the systems put in place by them are really world class and as good as they claim them to be. however, there are no guarantees in life. What if the confidential data of a customer is leaked or hacked or misused due to situation outside the control of Intuit. What if? I dont have a convincing answer to the what if and I am sure Intuit would also not have it. What if something like tis happens, at best Intuit may come up a generic note of regret.
All those currently using the Intuit Money Manager or are considering becoming paid users should spend spend sometime convincing themselves about the security and privacy offered by the solution.
Is it security, or the maturity of Indian consumer or any other reason which I am not aware of but I wonder why a product like the Intuit Money Manager is not very popular in India. I would be very surprised if it had even 10,000 paying customers for more than say 6 months.
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