Intuit, the world’s largest provider of personal and small business finance software, is going to offer Quicken for iPhone users. The service will cost $3 a month and launches on January 8 of next year. Intuit hopes this will expand Quicken’s 14 million user base and boost the market penetration of a brand that already generates around 1.7 million new copies of software a year.
The new Intuit product is geared to appeal to younger people who aren’t leery of online banking. The software will help users track where and how their money is being spent.
“Our first mission is to make sure we are solving the needs of people who are not currently using a personal finance solution,” Intuit senior vice president Rick Jensen said.
Quicken online will be accessible through regular Web browsers and most mobile devices with browsers, protecting the data with the same technologies that banks use to secure online transactions. The version that Intuit has developed for the iPhone offers fewer features than the regular version for Web browsers.
The new online product will allow users to download banking information, credit card charges and electronic bills. It will automatically download new information from those companies as it is made available. In the case of credit card charges, transaction details will be pushed out to Quicken online users as they are accrued, rather than requiring customers to wait until the end of the month to see all charges for the billion period.