Thank you Fred Wilson for pointing out Wesabe, a new online financial management tool. Wesabe does what Quicken does, but online. It consolidates all of your spending in one place and then goes one step further by allowing you to tag (think Delicious) all of your spending. For example, if you go to a restaurant on vacation and have dinner at a particular restaurant you can tag the name of the restaurant with the restaurant location, restaurant name and vacation. If interested, you can connect with others in the Wesabe social net that have had similar or identical experiences to compare notes or suggestions.
Bringing the world of social nets to online banking is a huge step forward. Nothing tracks behavior better than the way you vote with your dollars. Wesabe gives users a Amazon like recommendation engine that takes into account everything you spend money on. Powerful.
That's the Wesabe of today. Now take it a step forward to tomorrow. What if Wesabe was more than a social network? What if it transformed into a financial control tool? What if you were paying interest on a credit card and Wesabe made a real time suggestion on how to transfer the balance to a lower cost alternative. What if you had Verizon phone service and Wesabe recommended a AT&T service that could save you $500 a year. To change services all you need to do is click accept. Your insurance is up, what if Allstate is cheaper than Geico with the insurance application already filled out since they know you own a Volvo XC90, which has a lease that is up in 4 months and sitting next to it is an offer from Lexus. You get the idea.
Wesabe. A social network. A financial planning tool. A way to control expenses and make competitive choices. A major disruption to banking, insurance, telephone, pay television, auto, vacation......industries. Wow.