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Replying To:
Banks should worry about Quicken[ Parent ] (none / 0) (#57)
by Anonymous User on Thu Feb 17, 2005 at 07:50:26 AM PDT

I'm a freelance Notary Public in addition to being a programmer, and one of the things I do as a Notary is that on occasion I get orders from banks and mortgage companies to go out to a customer's home or office to witness them signing the paperwork. (Certain documents in a loan transaction must be notarized, which requires it be done in the presence of the Notary.) One of the companies that is offering home loans is Quicken Loans. Now I'm not sure if they are simply a mortgage company or they are a bank, but it means Quicken is a competitor of the banks that use its on-line service. And in view of how fairly easy it is for a bank to set up its own on-line service (based on the number that are doing it, and on it apparently not being all that difficult to design a web site to allow on-line banking), tying in with Quicken is on the order of competitors to Microsoft allowing it to dictate terms for them, the result being eventually your competitor will eat you alive.

I think financial institutions need to have serious considerations about how Quicken/Intuit runs its business, before they run them out of it.

Paul Robinson
paul at paul-robinson.us



[ Parent ]


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