I just read the news that Quicken is now for sale by Intuit. According to Intuit, they are still committed to supporting Quicken while it’s for sale. What does this mean for the service and how will this affect you?
Intuit’s claim that they will still offer customer service for the product, is corporate speak for not alienating their existing customers more than they have already done.
It’s obvious that Quicken hasn’t been a focus for Intuit for years with releasing minor new features on an annual basis, the constant introduction of new software bugs, and outsourced tech support from India.
From a business standpoint, I can’t blame them for wanting to unload Quicken. It’s been a thorn in their side for quite a few years, causing increased headaches and declining revenue.
Intuit’s founder Scott Cook, created Quicken as their first product and it’s what made Intuit what it is today. Though it’s no longer a primary revenue generator.
According to Intuit’s financials, Quicken is a very small part of their business. For a $4 billion+ company, Quicken just made up $51 Million in revenue for their fiscal 2015 year. In 2014, Intuit made $98 Million from Quicken. Younger generations are not using desktop computers as their primary computing device. Mobile is where it’s at and Quicken hasn’t kept with the times.
The Quicken software is 32 years old and has a lot of legacy code. In my opinion, Quicken is in need of a complete overhaul. With everything happening within cloud-based services, Quicken isn’t the future. Intuit has stated in its sale of Quicken, that Mint.com and Mint Bills are not included.
Though what I’ve seen with the possible revenue generated with Mint, I suspect that also is a small part of their annual revenue. Perhaps with this sale Intuit will beef up Mint’s investing reporting, which has always been weak. As I’ve stated in my review of Mint, Mint is good for budgeting but very poor for any type of financial planning.
What’s the Future of Quicken?
Intuit released Quicken 2016 and it was a minor update.
See our review of Quicken 2017 for more info.
We aren’t sure what to make of the sale and the exact future of Quicken. A new owner could mean a revitalization of Quicken, or it could mean a very slow death.
As for me personally, I have moved on from Quicken to Personal Capital. I believe this news will further strengthen Personal Capital’s position and make them even more the leader in the personal finance app space.
This is pure speculation but perhaps Personal Capital will buy Quicken? Over the years, they have hired quite a few employees from Intuit, and the CEO of Personal Capital, Bill Harris, was the former CEO of Intuit. It would be a good fit with their future business model in my opinion.
What Other Options Are Available?
Previously we did a write up listing the alternatives to Quicken.
If you are wanting to stay with desktop installed software, you really don’t have many viable options left. YNAB (You Need A Budget) is a viable alternative for budgeting, but not much else. YNAB lacks the automatic syncing of your financial data and bill paying. YNAB is strictly for budgeting.
In light of the recent news, we’ve removed Quicken as one of our recommended products. We cannot in good faith recommend Quicken until we know the new owner and the exact future of Quicken. Nothing is worse than locking yourself into a product or service (especially something you use on a regular basis and that encompasses your daily life) only to see the service go further downhill in quality.