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Tuesday, December 14, 2010

Welcome to Perfios



You have recently registered with Perfios - India's best personal finance management software. I thank you for that and would like to quickly answer some of the typical questions that we at Perfios are asked by our new users. Here goes...

1. I am concerned about how Security & Privacy is handled by Perfios

Security & Privacy concerns are perfectly understandable and our approach has been to be forthright about the topic and we are always happy to spend time to educate our users. Security and privacy is an issue Perfios takes VERY  seriously and we have approached the same both from a software engineering perspective as well as sound processes and audit mechanisms. Additionally, unlike other services, we DO NOT store users' financial institution credentials on our servers. It is encrypted and stored on your machine. Why is it such a big deal? Imagine a scenario where we store a million users' user ids/password on our servers. It would be a worthwhile target for any hacker to break into. We "dis-incentivise" a potential hacker by not providing a single point of failure. Is it safe to keep encrypted credentials on a user's machine? Yes, it is because it can be decrypted only on our servers. However, we advise our users to practice some basic discipline when using ANY w b based service...like having a good anti-virus software, keeping it up-to-date, run scans regularly etc. Our service is purely read-only and you cannot do any transactions. We do not ask for anything more than an email id for you to use Perfios. The less we know about you, the better! :) And yeah, we DON'T sell or pass on your email id to anyone :)

2. It appears Perfios is free... Are you the bleeding heart/tree hugging types who are in it for charitable/noble purposes? What are your revenue streams? Will you "trap" the users by suddenly introducing a subscription model?

If we got a Rupee every time we answered these questions that would take care of our revenue stream :) Jokes apart, we definitely intend to roll out a subscription model in the near future. We will provide the basic feature-set free of charges and only charge for advanced features (eg, advanced reports, analytics, Income Tax related reports, VA/premium service etc). The details are sparse right now so I am not in a position to share more on what will go into the subscription basket. As thought leader in this space, our philosophy has been to introduce users to a service like this and work with them to address their pain points and unless we can provide significant value to the users the talk of making it a paid service is moot. As for "trapping" users who signed up thinking it is free for perpetuity, the answer is an emphatic NO! We believe in the Freemium model - so, there will be a version of the product that will always be available free. So, yo u can always continue to use the prod ct for free without the fear of being "trapped" to pay. Also, only if you want to use the advanced features, you have to get into the paid version. So, the option will always be yours and you won't be forced to get into the paid mode. Fair enough?

Another lesser known source of revenue for Perfios is a product called MyClients. This is a fantastic tool for wealth management firms for managing their backend operations and seamlessly provides a view into their activities to their clients (through the Perfios application). We have deployed it in some of the top 20 wealth management firms in Bangalore and we will expand our operations to other parts of the country soon. That constitutes a significant revenue stream for us today. Some of you would have seen another solution that we have put out for the Chartered Accountant community - Perfios.CA. This also constitutes a revenue stream for us.

3. I want to know more about Perfios, where can I get more information?
You can track Perfios in our social media groups like LinkedIn, Facebook and Twitter. See the links below. You can interact with other users and also follow some interesting discussions.
Hope this answers the initial questions that might have come to your mind. If you have more queries feel free to drop in a line to me or support@perfios.com and we will be happy to answer them.

Have a great day!
Thank you, Santhosh
Co-Founder - Perfios
Let's manage money...better!

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