Intuit Money Manager set to make India debut

By : |November 2, 2009 0

BANGALORE, INDIA: Intuit Inc., a provider of business and financial management solutions, is all set to launch its first India-made, India-focused product in the market. The expected product, Intuit Money Manager, is a Software-as-a-service (SaaS)-based finance management tool for individual.

Speaking to CIOL, Umang Bedi, managing director, India and Emerging Markets – Intuit India Software Solutions, said, “While observing the Indian market, one of the biggest pain we found among the individuals was money management. We all want to plan and grow our money. We are therefore looking at introducing wealth manager for them.”

Adding to Bedi, Vijay Anand, managing director, Inuit Technology Services said, “Our flagship product, Quickbooks based on a accounting, was launched with focus on US market. It soon found good demand in SMBs in other countries as well, who used to access Quickbooks online.

This made us realize that each and every SMB is a consumer with their own needs. So the new products will initially find users among salaried individuals and self-employed businessmen.

On being asked about introducing existing portfolio on SaaS and mobile, Anand added, “We already have a mobile application for existing products like Quickbooks, but following our methodology of Delight for Design (D4D), we saw that Cash management becomes a bigger and more widespread issue and a good opportunity to start our India chapter. This is the beginning of what we think would be fantastic product journey.”

Intuit has tied up with moneycontrol.com to provide information and help the customers. MoneyManager will provide cash management by calculating data and keeping a track on various finances handled by the individuals.

To be launched in a few months, Intuit Wealth Manager will start off as a pure SaaS product accessible over the Internet and would later come in mobile platforms as well.

Bedi explained, “We are starting off with consumers, but would take this journey forward to Micro SMB’s very soon in 2010. We also plan to enter the mobile devices, either as an application on the mobile, or through Internet (as 3G rolls in), or even through SMS.

Earlier this year, in March, Intuit Inc. had announced to create and offer products for the Indian market – products that will be developed in India, for India. As mentioned Intuit had announced to tab consumers and small businesses through the Web and mobile devices. These products will help consumers manage money, track expenses, and assist with their taxes.

Other solutions will help small business owners find and retain customers and grow their businesses. There are 250 million small and medium-sized businesses in the region; 120 million of those are in India, including 30 million in urban areas and an additional 90 million in rural regions, who can benefit from the products Intuit plans to develop in the coming months.

Based in Bangalore, The Intuit India Development Centre is a product development and innovation center, established in 2005. Spread in the 100,000–square-foot, the facility houses more than 300 employees.

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