Money Dashboard also took the opportunity to make a technology overhaul. Money Dashboard has since made the switch to API integration and in fact, championed its introduction from the start. Secondly, they used secure API's in order to connect to the banks (via open banking), rather than using a process known as 'screen-scraping', which required users to hand over their online login details to a third-party provider. Firstly, they were built 'mobile-first', a huge advantage in a world that is dominated by the use of smartphones. The introduction of open banking in 2018 and advances in the mobile app industry saw a surge of rivals enter the personal finance management space which had two main advantages over Money Dashboard. In 2022 The ClearScore Group acquired Money Dashboard with the view of building on ClearScore's position in the open banking market. Launched in 2010, a time when open banking didn't exist, Money Dashboard helped its users to understand their finances, adding more and more features and eventually a mobile app. In the world of personal finance management, Money Dashboard could be considered as something of a pioneer. In this independent review, we look at how Money Dashboard works, how to set up an account with Money Dashboard and how safe it is. Founded in Edinburgh in 2010, it now boasts over 600,000 registered users. Unless IGG introduce PSD2/OPen Banking and better quotes and mutual fund support in the next six months then I will be investing the time to move 24 years of data to Moneywiz sometime next year.Money Dashboard is a personal finance and budgeting tool, available on desktop and smartphone. It just feels much more solid with none of the annoying glitches you get with Banktivity. The synch and connectivity are so far ahead of Banktivity. I can't move my B7 data just yet because of these small details, but what is compelling for me is that the basics are all so strong. And the subscription is half the price of B8! However, these are all due to be added in the next six months or so according to Moneywiz roadmap. Investment reporting is quite poor at the moment - eg dividends cannot be attributed to an individual ETF or stock so it is not possible to get a true ROI or IRR of a dividend-paying security. There are no complex splits (ie split between category and account which I use a lot for business expenses and pay checks). There are no Asset accounts - you have to use a cash account as workaround. Moneywiz2020 is fairly new in the development cycle so there are a lot of features missing compared to Banktivity. On Moneywiz the Yahoo prices just download reliably and consistently in pounds with no errors seen so far. Finally, it is way better at downloading stock prices - it still uses Yahoo data, but interestingly it seems to be using a cleaned up data stream because there is no pounds/pence flipping, or pounds/dollar flipping on LSE stocks and ETFs which Banktivity suffered from when it still downloaded Yahoo (until they switched to useless IEX). Moneywiz uses Saltedge, Yodllee, and Plaid to download bank data and that works great too with PSD2 - new transactions just pop into your account automatically. It also downloads currencies automatically in the background - and works with a far wider range of currencies than Banktivity - "Updating Currencies" on Banktivity takes nearly a minute - and even then it is not very complete. It just happens automatically, almost instantly - no clunky "exchanging file data" that you get with Banktivity. The biggest wow factor is undoubtedly the amazing sync between desktop and iPhone/iPad. I am now trailing Moneywiz 2020 and first thoughts are that it is very impressive. Add to that the option of hanging on to B7 is tenuous because it seems it is not compatible with Big Sur. Paying $100 per year for such poor connectivity and synch is not value for money. I am starting this thread to share initial thoughts.įirst, my reasons for dissatisfaction with Banktivity are primarily that B8 is just not good value for European users like me because it does not work with PSD2/Open Banking so does not download bank data, and it only has end of day stock quotes and no support for mutual fund prices, currency exchange rates are slow and wonky and the synch between mac and iOs is slow, clunky, troublesome and inaccurate. I'm a dissatisfied Banktivity user so am trialling in parallel Moneywiz to see if I can make the switch.
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