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Evolution Finance Launches WalletHub.com, the First Personal Finance Social Network

by Liana M Arnold on August 2, 2013

New Site Provides the Tools Needed to Make Smarter Financial Decisions & Save Money

Today, Evolution Finance, parent company of the leading credit card comparison website CardHub.com, is reinventing personal finance with the launch of WalletHub.com out of beta mode.

WalletHub is the first social network built from the ground up specifically around personal finance. It therefore fills a substantial void in the industry, allowing consumers to not only read and write reviews on more than 1 million financial companies, products and professionals, but also to interact with each other and use shared experiences as well as expert insights and the latest rates and fees to find the right credit card, bank account, loan, insurance policy, mortgage broker, attorney, financial advisor and much more.

“WalletHub simply puts the ‘personal’ back in personal finance,” said Odysseas Papadimitriou, founder and CEO of Evolution Finance. “It helps individual consumers make truly educated financial decisions customized to their particular needs instead of relying on big-bank marketing rhetoric and disparate information sources. But even more important than giving people access to all of the latest financial products and service in one place, WalletHub makes it possible to utilize our greatest resource of all: each other. We’re a globally connected society now, and we can all certainly learn a thing or two from each other’s experiences.”

Rate and Review

WalletHub’s unique benefit starts with the power it gives consumers to rate and review financial products, services, companies and professionals across categories ranging from bank accounts to mortgages to car insurance.

The personal finance industry has long suffered from a pervasive lack of transparency and while recent legislation, such as the CARD Act, has helped change this, there are unfortunately still companies and professionals out there that do not have their customers’ best interests at heart. WalletHub’s reviewing features serve as an integral safeguard against unscrupulous service providers and a way for the best companies and professionals to garner the recognition, not to mention the business, that they deserve.

  • Rate & Review: Consumers can rate their experiences dealing with companies and professionals, thereby enabling quick rating-based searches, as well as provide detailed feedback by writing reviews. Reviews eliminate much of the guesswork from finding the right financial service providers, as they give you a sense of not only what products and services a given company or individual offers, but also what the customer experience is like.In addition, WalletHub enables the companies and professionals in question to respond to their reviews in order to create as fair and balanced a marketplace as possible.
  • Pull Back the Curtain: Perhaps the most important aspect of the review functionality is the fact that hundreds of thousands of the financial companies and professionals that can be found on WalletHub can’t be reviewed anywhere else. Until now, the bad apples have therefore been allowed to operate in the shadows while some of the best providers haven’t been given the attention they truly deserve. WalletHub is changing that by shining a spotlight on the full breadth of the personal finance industry.

“You can review restaurants; you can review nightlife; you can even review the chair that you’re sitting on right now. But, until WalletHub came about, you couldn’t review all of the companies and professionals that play a part in some of your biggest expenses as well as how you plan for retirement,” Papadimitriou said. “We needed a place where anyone could come, learn a lot quickly, and leave confident that they are doing the best thing for their money. In short, we needed WalletHub.”

Social Features

WalletHub also brings consumers closer together, allowing them to organize around shared interests and learn from one another. Whether a consumer is an expert in a given area or a novice with a thirst for knowledge, that person has something to contribute to the community.

  • Question & Answer: Users can ask questions about any financial topic, either to the community at large or directly to specific companies, professionals and other individual users.
  • Groups: WalletHub enables people to gather around shared interests, both big and small, across personal finance. Though it is called “personal” finance, we are certainly not alone with our questions, curiosities and interests.
  • Wallet Points: As users ask and answer questions, write useful reviews, share their experiences using products, and post other content, they accrue Wallet Points, thereby gaining credibility and increased status in the community. This serves as a built-in vetting process of sorts.

“There’s no reason why personal finance has to be taboo,” Papadimitriou said. “I’m not saying you should share your financial information with others, but together we’ve all seen a heck of a lot, so why not use that – both the good moves and the mistakes – for the common good?”

Customizable Financial News

Much like technology is changing the way we manage our money, it is also changing the shape of the media landscape. People no longer get their news only from the local morning paper; instead, we use a variety of traditional and non-traditional sources across a number of mediums. WalletHub enables users to feed their minds with the information they need to feed their wallets, regardless of where it comes from.

  • Customizable WalletNews: Members can follow news websites, blogs, individual writers, topics, companies, other WalletHub members and more in order to customize their WalletNews. For example, a consumer interested in information about credit cards, stock tips, and daily deals who also likes to read The New York Times, CNN’s “Smart Money” blog, and the stock tips provided by a particular financial advisor can customize their WalletNews so that the most up-to-date information about these topics and from these sources is waiting for them every time they log onto WalletHub.
  • News Suggestions: WalletHub also uses your interests to connect you with information sources that you are likely to enjoy. Some of the best and most informative blogs and news providers have a difficult time connecting with the right readers, and WalletHub bridges the gap.
  • Latest Product Offers: The ability to follow companies, products and topics also means WalletHub members will be among the first to know about the latest products, offers and rates.

“There’s a wealth of information out there, and it’s not all coming from what you’d traditionally think of as the media,” Papadimitriou said. “So why not bring everything together in one centralized location? That location is your WalletNews.”

About Evolution Finance:

Evolution Finance was founded in 2008 by Odysseas Papadimitriou, a widely-respected personal finance veteran and a former Capital One senior director. Papadimitriou founded Evolution Finance with the belief that consumers needed and, in fact, deserved a better way to navigate an often confusing and ever-changing personal finance environment, and the first manifestation of this belief was CardHub.com, a website that allows consumers to search for and compare credit cards, prepaid cards and gift cards. CardHub has quickly grown to be a leader in the industry, not only helping consumers find cards that would suit their personal needs, but also providing valuable and widely-quoted studies, statistics and commentary.

 

Author
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Liana Arnold is currently CardHub.com and WalletHub.com's Director of Communications. Previously she worked as a financial advisor, a project manager in commercial kitchen equipment, and a designer in professional and…
73 Wallet Points