I am happy to announce that in early May 2020 we’ve started working on MoneyWiz 4.
MoneyWiz 4 for iOS/macOS should be released in August and Windows/Android will follow after MoneyWiz 4 gains maturity, probably sometime next year. If you are wondering why the delay or just want to learn more - read on.
Since the worldwide lockdowns started, due to the Coronavirus pandemic, we’ve seen a decline in new purchases and existing subscriptions which negatively affects our bottom line. Because of this, we’ve decided to approach MoneyWiz 4 a little differently than previous major updates…
Some history for perspective…
For a long time now, we’ve maintained 4 code bases for MoneyWiz (i.e. 4 different projects, developed completely separately) - iOS, macOS, Android and Windows. As you can imagine, there is a tremendous cost in maintaining 4 separate code bases. Largely due to that cost, we’ve been rather slow in implementing major new features, because whatever we do must be done on all platforms to avoid breaking the sync between devices.
One code base
Since we need to innovate faster than ever, we’ve decided to cut our work from 4 code bases to 1 for the time being. We’ll build MoneyWiz 4 using just the iOS code base, which we’ve already modified so that it can take advantage of the macOS Catalyst project which allows us to distribute the iOS (iPad specifically) app on macOS with native macOS features such as Touch Bar and Touch ID support, drag & drop etc. Since we’ll now be using some of the latest features released by Apple, it would mean MoneyWiz 4 will require iOS 13 or higher and macOS 10.15 or higher.
Once MoneyWiz 4 gains maturity (i.e. it's feature complete, not just first version released) we'll then port it to Android and Windows, instead of doing it simultaneously on all platforms.
Migrating iOS code to macOS
Let me dig a little deeper about the implications of dropping the macOS code base and replacing it with our iOS project, compiled for macOS Catalyst…
Technically we’ve already achieved compatibility (meaning we can now run MoneyWiz for iPad on macOS), and we’re now working on bringing the native macOS features to this project. Those are features that MoneyWiz for Mac has had for years, but since they are essential in making your macOS experience great, we need to re-do them on the iOS project. To name a few: support for Touch Bar, Touch ID, Drag & drop, Keyboard shortcuts & navigation. On top of these features, we’ll also be implementing some macOS specific features that we previously didn’t have in MoneyWiz for iOS, for example - spreadsheet/table view for transactions (on top of the existing list view) and advanced reconcile. That means that these features will automatically become available on iPad too, which is great!
Migrating from Yodlee to Plaid
For those of you who’ve been using MoneyWiz with online banking through Yodlee, I wanted to let you know that we’ll be adding a new online banking provider - Plaid (www.plaid.com). They are the leader in US bank data aggregation now, and after years of issues with Yodlee, we’ve decided to give Plaid a try. Once we release MoneyWiz 4, all new US connections in it will go through Plaid but don’t worry - we’ll also continue refreshing Yodlee accounts. If you choose so, you will also be able to re-connect your Yodlee accounts through Plaid. We strongly believe that Plaid will provide a much better and trouble-free experience for all of you using the online banking feature.
Historically we used to work for a year or so on a new major version before releasing it. That has proven to be an ineffective approach as it prevents our customers to enjoy new features that are already developed but just not released. So for that reason, for MoneyWiz 4, we’ll do some new features, then release, and then continue to rapidly work on more new features.
We hope to release the first beta of MoneyWiz 4 sometime in June or July, and then have first public release in August.
Features, Features, Features
So what will be new, you are asking? Here is our focus for initial (v.4.0) release in August. Have in mind that coding is tricky, things sometime take much more than anticipated, so we might not be able to follow this plan, but I promise you - we’ll do our best!
- macOS compatibility features such as spreadsheet/table view of transactions for iPad/macOS, Touch Bar, Touch ID, drag & drop, keyboard shortcuts.
- Advanced reconcile!
- Plaid integration for online banking.
- User interface improvements throughout (not sure we can pull out a major redesign for the first release, but there will be many noticeable improvements).
- Grouping of budgets.
- Goals (i.e. income budgets).
- Ability to navigate previous budget periods easily
Really, really want to do:
- Completely redo Reports section to be faster & more intuitive & beautiful (with new charts too).
- Smart notifications (customizable about various events such as new transactions, high credit utilization, bank fees etc)
- Background sync of online banking accounts
After first release
After the first release, as I said, we’ll continue to rapidly release updates with new features, as working on just one code base would finally allow that! There are too many things we’d like to do to list them here, but to name a few:
- Complex split transactions.
- Redo the Apple Watch app.
- URL schemas, rich notifications, new widgets.
What about MoneyWiz 3?
Rest assured though that MoneyWiz 3 will continue to work on all platforms. MoneyWiz 4 will be an optional upgrade for customers using only Apple devices with the latest software versions. If we become aware of major issues in MoneyWiz 3, we’ll also be able to release updates with fixes for any platform.
Thank you for being a customer! Stay safe!