The Economist has an article about Wesabe this week — a nice summary of the larger purpose of the site. I had a great conversation with their reporter about what we’re doing and why we think it’s useful to people.
Even if they have not heard the term, most people will be familiar with the idea of what a company called Wesabe refers to as “bank puke”. This firm, which is also based in San Francisco, plans to make money by clearing up such puke and turning it into useful information. The idea is that its customers will be able to feed their bank statements, credit-card accounts and so on into the system as if they were throwing reams of paper onto an accountant’s desk.
Wesabe’s software sifts through all the transactions and makes comparisons between users. It can then do some of the things that a human financial adviser might, such as recommending to a customer a different car-repair shop if other customers in the same area are using a cheaper one.
Leave it to The Economist to understand the economic implications of what we’re building! Thanks to them for the great coverage.