Why I’ve Abandoned Quicken, But Not Intuit

3/19/10Follow @wroush

Somebody at Intuit must have seen the writing on the wall. Last September, the Mountain View, CA, software company, which has been selling PC-based personal finance programs since 1983 via floppy discs, CD-ROMs, and downloads, paid $170 million to buy a two-year-old Web startup called Mint.com. If you believe, as I do, that almost everyone who uses a computer to manage their personal finances will be doing so using a Web-based service like Mint.com within a few years, then you have to conclude that Intuit got a great bargain.

In essence, Intuit (NASDAQ: INTU), by acquiring the one company that had the potential to destroy its personal finance business, bought that business an indefinite life extension. Imagine how much stronger Microsoft’s position would be now if it had bought Google when the search company was two years old, back in 2000, and you begin to get a sense of what I mean.

The move was unexpectedly insightful. Few companies have the wisdom to recognize that they’ve been superseded, let alone the courage to admit that they aren’t competent to reinvent themselves from within. As a result, Intuit, the maker of Quicken and TurboTax, has won back at least one customer, namely me.

Mint.com logoI used Quicken for years, probably starting around 1996. At home I have an ancient Dell Inspiron laptop computer, purchased in 2004, that I have kept around far past its point of obsolescence—and long after switching the rest of my life over to my Mac—solely in order to run Quicken. (Until very recently, there wasn’t a decent version of Quicken for Mac.) But even that use tailed off around 2008, as I ran into more and more difficulties with the aging version of Quicken that I was running, and as the online alternatives grew more attractive. Finally, in the middle of 2009 or so, I stopped using Quicken altogether.

I haven’t missed it in the least, because the combination of Mint.com’s free service and my bank’s website give me all the information I need about the status of my savings, checking, investment, and credit card accounts. (I use Bank of America, which has pretty good online tools.) But now that Mint is part of Intuit, I’m back in the fold.

I should say up front that I was never an advanced user of Quicken, and neither do I make use of all of the features of Mint. Also, my financial situation isn’t very complicated—I’m single with no kids and no mortgage. Mainly, I just need to see all of my updated account balances in one place. I don’t care much (though I probably should) about comparing the performance of every fund in my 401(k) to the broader market. Plus, being a natural-born skinflint, I don’t need help from software to … Next Page »

Wade Roush is a contributing editor at Xconomy. Follow @wroush

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  • 15-month loyal mint user

    I agree with Wade that Intuit made a great move acquiring Mint. I have used the service for over a year and love it. My wife and I manage our funds separately outside of Mint to allow different investment styles, but we now aggregate all our accounts into one Mint view. The Mint iPhone app is really great. When i’m on the T or waiting in line, i go through transactions to edit tags. If you are OCD, you may find yourself checking your net worth 20 times a day though (i have real estate and mortgages included). One concern is financial institutions control the content and at some point may shut off the dataflow unless ever-increasing fees are paid by Mint which would be passed to users. However, as long as there is adequate competition…maybe we just go to a different financial institution if that happens.

  • Mike

    Great article, but where you do you get that Mint.com was a company that could put Intuit out of business? Turbo Tax is Intuit’s main business, not Quicken, and they have several other flourishing lines of business like Intuit Financial Services(formerly Digital Insight). TT is their biggest money maker and IFS is their fastest growing unit.
    You also left out the web version of Quicken. If you were stuck on an old version, you could’ve migrated your data and used Quicken OnLine for virtually the same price.

  • Verinder Syal

    I, for one, am one of those people who have a more intense need for the various features of Quicken and have been using them almost from their inception. (Also use Quickbooks). Over the years, I have gone from being a raving fan to someone who detests them, but still uses them for lack of viable alternatives. This company went from being customer-centric to one who has used its near monopoly power to gouge, and even worse, make the lives of their customers miserable. Their model calls for making changes each year, and then every 2-3 years forcing customers to upgrade.

    Last year I was forced – yes forced, because I needed some features like online bill pay and portfolio downloads to preserve 20 years of data- both Quicken and Quickbooks. The conversions take time, and then the programs invariably take even more time to work properly. To add insult to injury, I had to call some number and read out some verification code over the phone to a person who’s aspiration is to be promoted to a job at the TSA.

    A great company who has lost its rudder.

  • busy mom of three

    I have been using Mint since November of last year and dumped Quicken because I really needed a web based application I could access from where I really live, my office. I tried quicken online before it’s demise and found Mint just easier to use overall. However, with Intuit’s acquisition of Mint I am a bit worried about the products longevity….

  • Tried Mint

    I agree that this was great foresite on Quicken’s part.

    There are a few things about Mint that exasperate me and apparently other potential users. Mint uses subjective descriptions such as “shopping” rather than objective category descriptions. That would be OK if you could create your own categories. Not possible, you can only create subcategories. Hopefully a fix is coming!

  • bill

    I’ve got a really old, sixteen-bit version of Quicken that still does exactly what I want, and only what I want. Not that I wouldn’t like some more help — I keep financial spreadsheets with macros to do some crunching, and it’d be nice if Q did that, too. In search of that, I did upgrade once, and was aghast at the plethora of ads and suggestions for other products that the version popped up. I’ll keep using this old Quicken as long as it’ll boot.

    I share Busy Mom of Three’s concern. How often does an acquisition like that result in ‘improving’ the product? Not for me, thanks. I’ve seen Intuit’s idea of improvement.

    Now, if I could just find where that missing QFNGLU16.DLL file went….

  • Rose M Hewlett

    looking for mobile phone software compatible with quicken. I want to be able to sync moble phone “checkbook” with desktop Quicken.

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