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Wikinvest

Wikinvest. (Yuting) Samantha Lu June 03, 2010. ISM 158. 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 ?

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Wikinvest

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  1. Wikinvest (Yuting) Samantha Lu June 03, 2010 ISM 158

  2. 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

  3. 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

  4. 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)

  5. What does it do? (continued) • Charts would compile all user’s investments, access brokerage accounts, dividends and fees, compare performance to rest of market

  6. 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

  7. 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

  8. 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

  9. 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

  10. Sources • http://bits.blogs.nytimes.com/2010/06/02/wikinvest-introduces-tool-to-track-investments/?scp=9&sq=information%20technology&st=cse

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