Intuit Quickens Pace of Online Metamorphosis

Accountancy software developer Intuit has begun its transition to become an online centre for financial services, moving away from the company?s core products.

Over the next two years, the vendor plans to build a number of Web sites giving customers internet access from its Quicken desktop product. Users will be able to buy insurance policies, home mortgages and retirement plans from various suppliers online from these sites.

The US version of Quicken has significant online capabilities, allowing customers to look at insurance content, stock quotes and investments from their PC.

But the UK is unlikely to adopt this technology quickly because the domestic market?s online facilities are relatively undeveloped.

Tony Macklin, UK product manager for Quicken, said: ?Our plan is to encourage as many people to come online as possible, but we have to localise content.

?In the US we have been developing online capabilities for a while. We have a larger user base there and there is a higher penetration of modems and people online.?

Intuit has a 70 per cent share of the personal finance software market in the UK, but according to analysts, the company is diversifying because of slowing sales and competition from Microsoft Money.

Jacqueline Maartense, UK managing director of Intuit, said: ?The company will continue to develop and make money from our desktop applications, but over time online financial services will become our primary focus.?