Why we don’t support live banking (yet)

MoneyCoach is full of features and small details that make it one of the best finance apps in the App Store.

Recently we are getting a lot of requests about linking live bank accounts. Although we are evaluating possible solutions and integrations, here are our thoughts and arguments on why we didn’t include this feature.

Here is why:

We believe that if you see and enter your transactions, you are more in control of your money. MoneyCoach is not simply an app, it is a way of managing your financial life. If you put your expenses on automatic, then it wouldn’t have that cognitive load that a manual transaction has on your brain.

By “forcing” your brain to enter new transactions, you become more self-aware of what you are spending and earning. You think more about your financial lifestyle and try to find a better solution. 

It is psychologically verified, that if you see and “touch” your money, you become financially independent.

If all your transactions are inputed for you (automatically), you might lose grip faster of what is happening. Consider a Netflix subscription for example, if you let it run on automatic, more than $120/year will slip out of your pocket, without you even knowing it.

There are different point of views on this one, and we always listen to our users. This is one of our core values.

That is why we plan a future release with live bank accounts. If more users vote for this feature on our portal, then its priority will increase.

Cheers,
Perjan

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