I’m very happy to announce the new Wesabe Tips tab. We’ve been working on the new version of Tips for a while, and in many ways, it fulfills the whole idea of Wesabe: to automatically and easily find ways for people to get more for their money. We’re calling this idea the Wesabe “Value Engine,” and we think it’s a great way to find values in your current spending, local to your neighborhood.
When you manage your finances on Wesabe, we look through the places you spend, and find suggestions for competitors that might offer you lower prices, higher satisfaction, or ideally, both. We then suggest those comparisons to you right in the transaction list of your accounts:
These tips are pulled out of the billions of dollars worth of transactions that members have uploaded to Wesabe. We look at how much people spend at a merchant, how often they come back to give that merchant repeat business, and what they have to say about their satisfaction with that merchant. From these points, we build a comparison that lets you narrow in on the values in your neighborhood, and decide which merchant is best for you and your needs:
In the case above, Wesabe recommended a local grocery store I’ve seen but have never been to, since I shopped at a more expensive option, Andronico’s, in my area. What’s great about this tip is that it shows me a cheaper option that also makes far more people happy. That’s great for me to know, and it may very well change where I shop.
You can also use the very rich tagging data on Wesabe to find related merchants that might be hidden values, or might be well-known to you as brands but not as economic options:
Here, people spend more at Ikea than at other “home“-tagged items, but they’re also far more happy with it. Between Lowe’s and Home Depot, two close competitors, Lowe’s costs a little more but also seems to make more customers satisfied.
On top of that, you can search for merchants that you know about, and want to learn more about — and that you want to compare to other options in your area:
As a consumer, these kind of comparisons, and this kind of data, just haven’t been available before. We know about big brands, and maybe we think well of them, or maybe we don’t. But while they know all about us — our credit score, our salary, where we shop, and even our personal details — we know far too little about them. Wesabe Tips intend to change that, and to empower consumers to make better decisions with our money.
This is a new feature, so the quality and number of tips we identify will vary based on how long you’ve been using Wesabe, and how you tag. We also know that you’ll find some hilariously bad suggestions in there — our favorite in testing was, “Don’t shop at Federal Income Tax — State Income Tax is way more affordable!” Oops. 🙂 In order to account for problems like this, we’ve added a way for you to say, no, this tip isn’t useful, and here’s why:
The more feedback like this we get, the better the recommendations will become.
Of course, all of our aggregate data is available for free, without registering, to anyone. We’ll talk more about getting the most out of the Tips tab in the weeks to come. Also, all of the Tips our members have contributed over the past year and a half are now part of the new Tips system — check out, for instance, the creditcard tag, which is full of fantastic advice from Wesabeans.
Congratulations to everyone at Wesabe — especially Jeff, Brad, and Coda — for their work on this great new feature. We hope that this is a great new tool in the movement to empower consumers, so that we can all get more from our money and reach our financial goals.