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What Do You Know About Personal Finance App Development?

by Louise W. Rice
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In the 2020s, you can hardly meet a person who collects receipts in a cookie can and digs into the hand-made calculations on a piece of paper by the end of each month. People are on the move today, wishing to have easy, user-friendly solutions at their fingertips. Thus, financial apps are gaining momentum as they offer ease and convenience to mobile users.

The personal finance industry is booming, with an annual CAGR exceeding 25%, and the industry is expected to grow to almost $1.7 trillion by 2024. So, if you want to hop into the fast-moving financial apps market today, it’s time to develop and present a unique digital product. Here we discuss the essentials of FinTech software development to give every business owner or startup a handy plan for launching their own personal finance app.

#1 Choosing an App Type

First, you need to determine the type of app you want to present to the market. The broad distinction is between apps with manual data entry and automated solutions.

  • Simple apps with manual data entry are elementary to use, thus attracting many users seeking that tracking simplicity. It’s okay for thousands of people to input data from their checks and bills to track income and expenditures, and you can take advantage of that by offering a sleek, appealing app to them. Besides, developing such an app is cheaper than the second option, with minimal time-to-market.
  • Complex, automated apps take personal finance management one level up by giving users a comprehensive, hassle-free finance management experience. They can link to users’ bank accounts and digital wallets, apply complex analytics, and integrate the findings with past records of your expenditures. These products are valuable in real-time money management and enjoy high popularity, but only if they are bulletproof-safe.

#2 Deciding on the App’s Key Features

Now, it’s time to determine the critical features for your app. The following ideas should be considered seriously if you want to offer something truly unique and innovative to the target users.

  • Security

If you’ve chosen a complex app with account integration, it’s imperative to provide bank-level security. Mobile apps are a frequent target of hacker attacks, so your users need bulletproof security guarantees. To ensure robust protection, you need to put biometric security measures, multi-step authentication of users, and real-time alerts upon account entry.

  • All-in-one Accounts

Provide APIs with as many financial providers as possible to enable a frictionless experience of account integration for users. It should be easy to add their cards, loan information, mutual funds, investments, and other mobile wallets to the app.

  • AI/ML-powered analytics

The essence of financial management is analytical insight and evidence-based advice. You can automate the process and deliver in-depth financial analytics to customers using AI-powered analytical algorithms or machine learning.

  • Chatbots

Chatbots are a cost-effective and helpful method of giving users in-app support and troubleshooting without involving human resources. Integrate a chatbot into your app to give your users a high customer service and onboarding level.

  • Real-time tracking

A modern app should track user expenditures in real-time, giving them tips and notifications about overspending or advising them on more effective asset distribution. Retrospective analysis is also informative, but it cannot save a user from an impulsive spending rush here and now.

  • Consulting services

Education is a crucial part of any personal finance app, as people won’t learn to spend their money wiser only by looking at their bills. So, your task is to make their financial operations more convenient and understandable. Integrate a currency converter, a credit score calculator, tax assistance, or a shopping list feature in the app, and your users’ satisfaction is sure to skyrocket.

  • Gamification elements

People love to play games, participate in challenges, and get awards. So, allow them to play in your app! They receive awards in the form of coupons, bonuses, added interest points, etc. The introduction of gamification elements is a win-win approach, as it boosts users’ commitment and in-app time tother with user satisfaction.

#3 Developing the App

This stage is the vital practical aspect of the app creation process. You need to hire an in-house team of coders or partner with an outsourced provider to get the job done. Take proper care of choosing seasoned professionals with expertise in the digital finance and FinTech market. Otherwise, you risk remaining with a poorly functioning app with no chances for a market launch.

  • You need to conceptualize the app with a team of software developers, using wireframes and prototypes to ensure that the app will meet your expectations.
  • Choose the right talent for front-end and back-end development processes to minimize the risk of errors or critical app vulnerabilities.
  • Create an MVP and test it with target users to ensure that you’re moving in the right direction.
  • Run your app through a detailed QA check and cybersecurity audit before launching it to the market to avoid client data losses and litigation.

#4 Launching and Monetizing the App

Now that everything is set up and runs well, it’s time to launch the app to the market. To make this stage successful, you need to take the following steps:

  • Contact Play Market and App Store to learn all app placement requirements and comply with them.
  • Launch a marketing campaign to inform the target audience about your launch and fuel their interest.
  • Add monetization techniques (in-app adds, freemium options, purchases, third-party integration) to let your app stay affordable without breaking your bank.

#5 Maintenance and Updates

Don’t treat your financial app’s development as a process with a beginning and an end. In reality, sustaining a well-functioning, usable, and attractive app is an ongoing process that ends only after you delete the app from the Play Market or App Store. Until that moment, you will need to provide 24/7 maintenance and support to users, delivering valuable updates from time to time to maintain users’ commitment.

Final Remarks

As you can see, the financial app market is pretty mature and competitive. So, you will need to go the extra mile to win users’ hearts and convince them to download your product. However, with a decent degree of effort and creativity, you’re sure to find unique features and offer your prospects a perfect mix of simplicity and usefulness. Good luck!

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