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WIKINVEST (Yuting) Samantha Lu June 03, 2010 ISM 158
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Why was it created? Problem was how do users who want to track spendings/savings for their stocks or taxes do it easily instead of manually like the other sites available? Other website, Mint.com, helped Web users who were willing to enter bank/credit card information track their spending/savings Wikinvest wants to do the same for investments
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Why was it created? (continued) It is a site with user-generated information information about stocks (Wikipedia meets Yahoo Finance) More people paying attention to markets, but no good way to do this Some people enter manually in spreadsheets or on sites like Yahoo or Google Finance but is not commonly used because requires entering information manually Will introduce a tool that imports information from user’s brokerage and investment accounts and arranges in readable way
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What does it do? Will sync with 25 brokerages (i.e. Scottrade, Charles Schwab, Vanguard) The users will enter their brokerage account log-ins on Wikinvest first Wikinvest will import investment information and present in easy-to-read columns that show additional information (like 52-week price range for stocks, recent news headlines, Wikinvest articles that could affect investments)
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What does it do? (continued) Charts would compile all user’s investments, access brokerage accounts, dividends and fees, compare performance to rest of market
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Why is this useful? All information piled in one place is useful especially when tax season comes around because Wikinvest could fill in Schedule D forms Easier to access information Easier to fill in, instead of doing it all manually
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Additional Features Will add personalized, real-time e-mail alerts about news related to stocks that individual owns Company is also building features for iPad and iPhone Service is free for everyone, so furthers attraction
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How would Wikinvest make money then? Plans on making money by running various types of advertisements Examples of ads: - suggesting index fund similar to one that somebody owns but with a lower fee - could refer users to accountants, brokers, financial planners
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Why should you use Wikinvest? They hope that the result provided would be worthwhile Site has taken pains to secure hardware and encrypt the website - even if someone hacked the website and could see a user’s balances, it would be impossible to trade or access brokerage accounts from the site
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Sources http://bits.blogs.nytimes.com/2010/06/02/wikinve st-introduces-tool-to-track- investments/?scp=9&sq=information%20technology &st=cse
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