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I thought that wesabe's integrating at the bank level might have been a smarter approach. For instance Bank of America has a mint-like finance aggregation tool
by rwhitman 16y ago
I thought that wesabe's integrating at the bank level might have been a smarter approach. For instance Bank of America has a mint-like finance aggregation tool built into their online banking. I already entrust them with my finances why not use their tool?
As far as I recall, Wesabe was providing a similar service to smaller banks, as their solution for this, right? Personally I would guess that market opportunity would be at the bank level, you sell $500k-$1m/yr licenses to integrate the tool directly with a banking website, you don't even need consumers, just a really friggin good sales team...
- wiredfool 16y agoIt might work, but you'd need a hell of a runway. Think year plus sales cycles, if you're lucky. Not a real good fit for an agile, non-vc backed startup. Banks are slow, conservative, and no two are alike under the covers, even the ones running the same outsourced core software.
- rwhitman 16y agoVery true, and you'd really need a team with a serious track record in banking. I imagine half of selling the product would be based on the perception of trust and experience.