I'm always on the lookout for drivers of the hosting industry. One of those drivers is "Software as a Service" (SaaS). After seeing this article where Gartner thinks that the SaaS market will basically triple over the next four years, I wondered if the SaaS movement was affecting me yet.
I then realized that the SaaS market had grabbed me in one very important area – personal finance software. I had become disenchanted with my common desktop personal finance package – it had a lot of features that I didn't use and it didn't do some things that I need. So I began searching for options and discovered Mvelopes.
Mvelopes is a SaaS solution. Rather than buy the software, you subscribe to it over the Web. Anywhere you have an Internet connection you can access it, even from a mobile phone. It logs into the web sites of your bank accounts, investment accounts, retirement accounts, credit card accounts, etc., and brings your account info together in a convenient one-screen view. It will download info from accounts that your old desktop software can’t touch. And because it’s a subscription, you never have to worry about keeping up with new versions, patches, etc. Every time you log on you have the latest production software updates at your disposal.
It doesn't do asset allocation, portfolio analysis, technical analysis, stock screens or other fancy things that desktop personal finance software attempts to do. But it does planning and budgeting VERY well. This is what I need my personal financial software to do most of all, and my old software didn’t do this very well.
Probably the biggest hurdle in latching on to a SaaS solution like this is getting comfortable with placing the data security outside of your control since it doesn't reside on your local machine. But when you realize that the vendor hosts the data at a secure data center and has far better data security, physical security, and network security than your spare upstairs bedroom office, it is possible to make the move.
According to Gartner, software consumers will quickly realize the simplicity of subscribing to secure hosted solutions that are accessible from anywhere. Naturally, these rapidly growing SaaS solutions need a home. Consequently, we at SoftLayer would like to ask these SaaS providers such as Mvelopes, "Who does your hosting?"