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4/20/20: An Update from Eric Dunn, Quicken CEO

Quicken KathrynQuicken Kathryn Administrator admin

Hello All,

Eric Dunn, our CEO, has sent an update to all Quicken members about the state of our company.  You can review that information here:

State of Quicken—Year 4

Quicken users:

I am writing to give you an update on the state of Quicken as we hit the four-year mark as an independent company. But, before I do, I want to acknowledge that these are not normal times. The COVID-19 pandemic is affecting all of us in one way or another, but we are trying, at Quicken, to maintain a level of "normalcy" and to continue to deliver on our mission of helping people live healthy financial lives. With that said, I will share my thoughts.

Overall, the state of Quicken is good. The specific product improvements we've made over the past four years are too numerous to cover here, but some of the highlights include greatly extended reports, investment tracking, and budgeting along with significant downloading enhancements in Quicken for Mac; a UI refresh for Quicken for Windows; a powerful new online bills-and-bill-payment system for both desktop products; hundreds of user-suggested changes, bug fixes, and performance improvements; much-improved mobile companion apps; and an all-new companion web app. Of course, we are aware that there are still many opportunities to improve the product ... and we are hard at work doing so. But, overall, what we've heard from you is that Quicken for Windows and Mac are better products, that the mobile app is much improved, that the web app is coming along nicely, and also that the new Simplifi by Quicken is a strong addition to the Quicken family.

This is not just anecdotal data. Based on how you are rating Quicken in quantitative surveys, it is now a better product than it has been at any point in the last 15 years ... and Simplifi is rated even higher. Furthermore, our internal testing shows that the exception rate (exceptions often lead to crashes) in desktop Quicken has been reduced by over 60% in both Windows and Mac since 2016. We also monitor the performance of the cloud-based services that we operate in support of Quicken and Simplifi and can report that our websites and the core sign-in, sync, and entitlements services have had less than five minutes of downtime so far this year.

We know that the Customer Care we provide with Quicken and Simplifi is also very important to you, and we have worked hard to improve it. Compared with the last year before we became an independent company, our Care team answers the phone much faster, is more knowledgeable about the product, and is equipped with far better software tools to help answer your questions. We continue to make investments in our people and technology to deliver the best support experience possible. In addition, we have extended the scope and improved the quality of the online materials we provide at quicken.com/support and will soon be making all of the help content from desktop Quicken available, and easily searchable, on the care website.

At the same time, we have been trying to make our company easy to do business with, through a fast, modern website where you can manage your subscription, meaning that there are minimal commercial interactions as you use the product. In fact, in the current releases of Quicken, you can directly control if and how we contact you via in-product settings, including controlling "pop-up" messages on startup.

An area that almost all our users care about is reliable connectivity to their financial institutions: as users of the leading personal finance software products, our users rightfully expect the best connectivity available. Quicken has been well served by OFX ("Direct Connect") and Express WebConnect, and these systems will be with us for years to come. However, over the last year, we have kicked off three major initiatives to add additional connectivity paths between Quicken and Simplifi and your financial institutions. These are complex projects that need to be thoroughly tested and incrementally deployed, but we expect that you will see these improved connectivity methods becoming available in about 18 months.

Our vision for the future of Quicken is to continue to make the Quicken products more reliable, more connected, more capable, and fully available on all the platforms you use—desktop, web, and mobile. At the same time, we will keep enhancing Simplifi by Quicken for mobile and web to serve a new generation of users. We will continue to have fair, subscription-based pricing for our products and will always be looking for ways to make our company "easy to do business with" for you.

Let me close with a few words about our team. We are not a large company—just 140 employees—but we 'punch above our weight' thanks to the experience, focus, and dedication of our people. It's been hard work to get desktop Quicken back on track, alone. But this team has done that and much more, with the new mobile and web versions of Quicken and Simplifi; with our all-new Quicken Bill Manager; with our major new connectivity projects; and with countless other initiatives that operate behind the scenes. You can be confident in the future of Quicken because of these amazing people.

Thank you for being a Quicken customer.

Eric Dunn
CEO
Quicken Inc.

... and the Quicken Team

Quicken Kathryn
Community Administrator
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Comments

  • wgc3wgc3 Member
    I have been a user of Quicken Home and Business for many years. It has been a wonderful program and saved me a lot of work over the years. I have especially enjoyed the ability to download my bank accounts into my software. My latest software is 2017 and I had planned on upgrading this year until I received an email the other day from your company.

    The email I received a couple of days ago that said I would not be able to download from my bank unless I upgraded to the latest version and paid a yearly membership fee that was the price of the software, I FEEL TOTALLY BETRAYED BY THE COMPANY THAT I HAVE SUPPORTED FOR MANY YEARS AND RELIED ON FOR MY BOOKKEEPING CHORES! Your new policy amounts to almost a form of blackmail. You are disabling my working software and then saying I must pay every year in order to have it work the way it has always worked.

    I talked to my personal banker to see what was going on and they did not know anything about this and she was kind of shocked that you would do what you are doing when I told her that you had gone to a membership basis at that ridiculous price in order to be able to down load into Quicken. She is also a Quicken user.

    YOU HAVE TRAMPLED ON YOUR LOYAL CUSTOMERS WHO CANNOT AFFORD THE BIG ANNUAL MEMBERSHIP YOU CHARGE. SHAME ON YOU FOR YOUR COMPANY GREED.

    I am now looking for an alternative to your software after using Quicken for more that 20 years. In a time of national problems such as COVID-19 and the crash of the petroleum market that is costing so many jobs, your company greed has just added one more point of stress to so many lives. I have seen many comments on searches of sites that sell your product (like Sam's Club) that are warning anyone purchasing your software from them that what they are purchasing is a download as a subscription service on a yearly basis, not the actual software installation disc, and you have many unhappy customers from the posts I read.

    It amazes me that you think that you are so well liked and appreciated by us long time users that you can just do what ever you please to milk the cow for every drop it will give. I will no longer be purchasing your software as it is only available by subscription in order to do what it has always done for the price of the software! As much as I wanted to upgrade to a newer version. something I have always done every three years, that will never happen again.
  • pmrussell892pmrussell892 Member ✭✭✭
    But are you planning to remove the limits on the new bill manager? That is the question!
  • el.halsteadel.halstead Member
    I cannot download my accounts info to my quicken for a couple months now. My financial institution is ABNB Federal Credit Union. (Amphibious Base Naval Base FCU) I have been using Quicken for years but this is the first time I have had this problem. I also download from Bank Of America to Quicken with no problem.
    Can I get some help?

    E. Leonard Halstead (34406 and 44871)
  • SnowmanSnowman Member ✭✭✭✭
    edited April 23
    You fixed quite a few issues but many old ones remain.  The Print Checks module needs a complete rewrite as the workflow is flawed.  For just one example, when you select the print checks screen and you click the "Selected Checks" option the field at the top of the dialog box says "You have not selected ANY checks to print"   That is just NOT TRUE.  If you then click choose button you will see that ALL of the checks have BEEN selected when NONE should be selected.  In fact if instead of selecting the CHOOSE button I selected the OK button ALL of the checks would have printed.  I have done this once or twice resulting in dozens of checks being printed and having to shred most of them.

    Many reports still DO NOT SAVE properly.  If I open a saved report and close all of the subcategories so that only the parent categories are shown and save the report, the save does NOT work.  The next time I open the report ALL of the subcategories are opened again.

    These are just two areas that you really need to focus on now as they have been an issue since before Quicken separated from Intuit.
  • RalphBRalphB Member ✭✭
    I'd like to echo the Mac users' comments above, wondering why the Mac version remains so far behind in features. I, too, have been using the product for decades. I still like it. But feels true that while you're fussing with a "mobile" version, you've left the desktop users breathing fumes on bread-and-butter features. (Are people really trying to use Quicken on a mobile phone? Really? Other than maybe just paying bills? Can't possibly be using it for serious budget/investment and multiple account management.)

    I have a handful of specific observations I'd like to bring to your attention here:

    1. Unlike Quicken/Windows, Quicken/Mac does not allow any soft of "archiving." It's not possible, for instance, to select transactions by date and "export" or "archive" them so they may be referred to in the future (or maybe even re-imported if needed in the future) without having them dragged along over the decades in the currently-in-use Quicken file. Quicken's support staff acknowledges this problem.

    2. Lack of archiving is more than a mere annoyance, because it results in impossibly large Quicken data files. Mine had grown to almost 6 GB in recent months. Since I back up (encrypted) versions to a cloud, that huge size meant having to wait for 6GB to encrypt, download, encrypt and upload (much more slowly, of course) every time I opened the file. That became not only a time sink, but also a data hog. And because there's no way to export some-but-not-all transactions, there was no way to slim the working file. Quicken's support staff acknowledges this problem, too.

    3. I've learned through extensive, time-consuming trial-and-error that much of the data-bloat is related to storing investment transaction "history," which can be important, of course. But it's also the sort of thing that archiving would help.

    4. I decided to solve the data-bloat problem by starting a fresh Quicken file, from scratch. By re-downloading into this new file only recent transactions, I achieved a file size of merely 30.5MB. Within one week, however, Quicken re-bloated that file to almost 75MB. (and in a single "opening" and transaction download just today, the file added 2MB!). That's still much smaller than 6GB. But it does make me wonder what Quicken is doing behind-the-scenes to more than double the size of its file in one week.

    5. Another problem is highlighted by the fact that I retained my old 6GB file in case I ever need to refer to older transactions. This problem is that Quicken/Mac does not permit opening two files at the same time for side-by-side comparisons, or copy-pasting individual transactions.
  • dsfQdsfQ Member
    Thanks Eric and team for your focus on improving and maintaining Quicken. I'm also a long-term user (20+ years) , and I've lived through multiple ups and downs with Quicken, and the frustrations of connectivity issues with various financial institutions (including present issues with some financial institutions throttling connections due to the load they are experiencing due to the pandemic relief payments). I've tried many alternative products through the years, including Intuit's Mint, but none of them offer the breadth of functionality and amount of user control over data that Quicken provides.
  • wjbilliardwjbilliard Member ✭✭
    I've been a Quicken user since the 1990's. Over the past month I have had an emotional rollercoaster with my personal financial software of choice: total outrage (denial of any issues with regard to connectivity with Fifth Third over several different calls then a "we are aware and working on it" stance); extreme disappointment (with the lack of knowledge provided by Quicken Care agents); resigned defeat (either needing to find a new software or a new bank; it's easier to change software than banks). Just do something to rectify these connection issues. I can't go another 30 or 60 days not connecting to my main bank (when ALL of my other institutions don't have issues).
  • apmiller77apmiller77 Member
    Ditto. Not a fan of subscription Programs. Have never owned one yet and don't plan to. Having a program (which I purchased 3 years ago) become no longer fully functional (i.e. no bank downloads), smacks of Class Action Lawsuit time.
  • jacobsjacobs SuperUser ✭✭✭✭✭
    @apmiller77  The end of online services are clearly laid out in the license agreement you accepted when you purchased Quicken 2017, so there is a near-zero percent chance of a class action lawsuit succeeding. Expiring services after three years was been Quicken's model for a decade, before they changed it to the more explicit subscription/membership model three years ago. For each Quicken user, there needs to be a calculation of whether the ongoing annual cost is worth it to you for what you receive from Quicken. Most conclude it is, but some people conclude it's not and find something they feel serves their needs better.
    QMac 2007 & QMac Subscription • Quicken user since 1993
  • mglanovskymglanovsky Member ✭✭
    I just want to give Eric some appreciation and encouragement. (Maybe it's because I'm a former IT guy LOL). But seriously, I also have been a Quicken user since the 90's and especially appreciate all the improvements to the Mac version. Well done!
  • 011ver011ver Member ✭✭
    I have been using Quicken since the 1980s, and I am actively looking for an alternative now - the inability to reliably communicate with my financial institutions, which are all US top 5 institutions, is at this point not only unbelievable but unacceptable. You may be a small company with only 140 employees but it is clear that there are either not enough or the wrong ones. The website gives conflicting information about what is going on, blames the institutions, and then changes the story. Just look at the recent history of the nonfunctional relationship with Citibank, to name one. Back-patting isn't the solution.
  • Hassayampa SlimHassayampa Slim Member ✭✭✭
    The Phantom Quicken Login Screen has been a Windows problem for months. It has never been resolved but keeps getting closed after someone says "Just remove your datafile password" (so much for security), or "Hey just ignore it and it goes away after a few seconds" (Wow, how professional). Is this the type of continuing support and "progress" we can expect from Quicken?
    Eric, you are creating an opportunity and someone will wake up and take advantage of it shortly. When you have long time (15 years or more) users looking for alternatives, that's a ready made demand looking for a supply.
  • JohnJohn Member
    I signed up for membership so I could continue using quicken as it is intended. Now that I paid the membership I can not download banking information because of a human virus. Are you kidding me? I was able to download before signing up for membership.
  • desplindesplin Member ✭✭
    I am very happy with the new model for Quicken. (subscription and continuous updates and improvements.) For me the price of the subscription is much less than when I had to upgrade every 3 years. I use Quicken Billpay and the price for that has gone from $120/yr to being included in the subscription price.

    I am pleased with the new functionality that has been introduced since the change and am looking forward to more improvements.
  • tschuh62tschuh62 Member
    I am so disappointed in this product. The support is a joke. I have not gotten the system to work for several weeks so I downloaded a new version and the system cannot make that happen. I get tons of junk mail from the CEO telling me about all the great things, but most of them do not work for me.
  • hyperstockhyperstock Member ✭✭
    All I want is the ability to have a home tab on the Mac app that is useful and customizable. You know like how the windows version allowed you to customize its tabs. I mean your quicken iOS app has some of the things that would be nice to add to the Mac apps home tab. Sheesh can’t even get that. I believe it has been a request for many for many years. Thanks
  • M LoudisM Loudis Member ✭✭
    edited May 1
    Dear Eric,
    [removed - rant/argumentative/violation of community guidelines]

    I have been a Quicken user since DAY ONE (remember DOS?). I can honestly say that the program in that form was more usable and reliable then [removed]

    And now I get extorted to switch to a subscription model which features the same POS. I found this out today when I tried to sync from Santander and Q POS wouldn't let me transfer the download and instead there's the pop-up box [removed].

    [removed]

    I paid the extortion fee. Guess what? Same "one step update" message, same crickets, same me having to do it manually. The difference is today I had to pay $80 to do it.

    [removed]

    Matt Loudis, DPM
  • MangolistMangolist Member ✭✭
    I don't know where to post this customer dissatisfaction note but it is a terrible policy to no longer allow USER downloads and uploads to Quicken. I have been a customer for 30 years and I have never been so disgraced by a company. I do not want Quicken to do the downloads for me, I will do it and import it myself. I don't want to use the other features. Your company will not let me do the work. Instead, you want to charge me an annual fee that willl add up to hundreds of dollars. You are really not concerned with your customers who cannot afford that labor but instead want to line your pockets. That is disgraceful.
  • MangolistMangolist Member ✭✭
    edited May 1
    > @011ver said:
    > I have been using Quicken since the 1980s, and I am actively looking for an alternative now - the inability to reliably communicate with my financial institutions, which are all US top 5 institutions, is at this point not only unbelievable but unacceptable. You may be a small company with only 140 employees but it is clear that there are either not enough or the wrong ones. The website gives conflicting information about what is going on, blames the institutions, and then changes the story. Just look at the recent history of the nonfunctional relationship with Citibank, to name one. Back-patting isn't the solution.

    I cannot agree with you more. Been a customer since 1990. [removed - no soliciting] 
This discussion has been closed.