Everything You Need to Know about Personal Finance App Development

Having effective control over cash flows is an urgent need for every individual and everyone solves this problem in their own ways. However, if earlier people had to develop complex accounting systems to control and keep track of their earnings and expenses, today the situation has become easier and simpler with personal finance app development.

There are already hundreds of fair finance apps, however, with the unique idea and the right approach, you have the opportunity to join the market leaders. All you need to do is hire mobile app developers to create a financial app that will be robust, intuitive, secure, and having all the necessary features and functionalities.

What Does Personal Finance Management Involve?

Personal finance includes all the financial activities and decisions that an individual makes. It is all about planning your financial short-term and long-term goals. Of course, this depends on several factors such as your income, expenses, lifestyle, individual goals, etc.

As consumers are becoming more conscious about their earnings and savings, personal finance applications are gaining more popularity in the market, encouraging every mobile app development company and investor to focus on personal finance app development.

Personal finance management primarily involves

• Budgeting

• Planning

• Taxes and insurance

• Saving

• Investing

• Saving emergency fund for future

Above all, having knowledge of Finance is also crucial to make the most out of your earnings and savings.

Must-have Financial App Features to Make Your App a Big Success

If you want to build a feature-rich, secure, and engaging finance app, it’s a good idea to hire mobile app developers from a reputed mobile app development company. The professional developers can incorporate the advanced features and functionalities to help you deliver a seamless user experience.

1. Consumer’s Financial Account Integration

Your financial management system should include all financial accounts of the consumers, such as credit cards, debit cards, mutual funds, loans, etc. Your personal finance app should be a single destination for everything associated with or necessary finance management.

2. Security

Since your finance app stores confidential details and credentials, it is important to create a finance management app with a higher level of security. Here are some of the technologies that can keep your money and data less vulnerable and more secure.

A. Biometric security that uses an individual’s unique characteristics such as voice, face, or fingerprint. This method makes it extremely difficult for someone to access your finance app.

B. Two-factor authentication method adds a double layer of security to your finance management app. The 2FA process makes it even harder for cyber attackers to access the sensitive information on your app.

C. Real-time alerts notify users as soon as someone tries to access their money management app. This method develops great confidence in customers as they know that they’ll be notified if anyone tries to access their account or personal information.

3. Artificial Intelligence Algorithms

Today every mobile app development company is leveraging the power of AI technology to build futuristic mobile apps that increases user engagement and revenue. AI algos will help you personalize the user experience. Let’s see how AI can make personal financial apps more effective:

• Using AI, you can easily categorize expenditures. This will help users to classify the expenditures based on a specific category such as groceries, medical, entertainment, investment, etc.

• AI also monitors expenditure analytics, which updates automatically and provides users with comprehensive data visualization of their money spent on each category.

4. AI-powered Chatbots for Useful Advice

AI chatbot integration in your finance app enables your app to analyze consumer data and provide suggestions. The app can also keep a record of their spending habits, give insights into the credit scores, manage the budget, and do a lot more. AI-based recommendations are useful for efficient money management. The AI-powered customer service chatbots imitate human interactions and give them useful information in no time.

5. Real-time Money Spending and Tracking

Your finance management app should assist consumers in tracking their daily expenditure. This feature will be useful as it will help them save both time and money. Your hired mobile app development company should provide your users with a one-stop solution that tracks their real-time spending or investments at a single place.

6. Simplicity

No one prefers complex procedures in a finance app because it involves critical details. Your app should follow the 3-clicks rule, that is, 3 simple taps are just enough to guide users to wherever they want to go.

7. User Experience

Your mobile app development company should also focus on the design of the app as bad user experience can lead to your app’s downfall. Make sure your app is simple, easy to use and navigate to increase customer satisfaction.

To deliver amazing user experience, you must know your target audience and their preferences to provide them exactly what they’re looking for. Above all, you should definitely think like a user.

8. 24x7 Customer Support

24*7 customer support is crucial for gaining the trust of your customers. Providing customer support service in multiple languages will get you a global clientele and turn them into loyal customers.

9. Alerts & Notifications

Notification is one of the most important features of a finance app. It can assist consumers in case of:

• More expenditure

• Low account balance

• Upcoming payable bills

• Hot deals for investment or savings

10. Additional Features

Here are some additional features that you can incorporate in your personal finance management app.

• Credit score calculator

• In-app general calculator

• Tax calculator

• Currency converter

• Shopping list

If you want to build a user-friendly finance app that is enriched with advanced features, you should approach an experienced and professional mobile app development company that specializes in finance app development services. Make sure your financial mobile application development company has a team of:

• Business analysts

• Product owners and managers

• UI/UX designers

• Developers

• QA testers

Effective Ways to Monetize a Finance Management App

• In-app purchases: You can make the basic features of your app available for free and keep the premium features in the paid version. Premium features may include the advanced version of the basic features along with new functionalities that will always be appreciated by the consumers.

• Integration with third-party services: Allow your consumers to use third-party services that are relatable to your business. This will also help you increase the usability, functionality, and audience of your app.

• In-app ads: Making money through in-app ads is the easiest way to generate revenue! However, make sure that too many banners don’t pop-up too frequently in your app as they can annoy your users and they might stop using your app.

Wrapping Up

So, it might be clear why finance mobile application development is gaining popularity in the market. Now that you know the key features of a financial app and how to monetize it, you can reach out to a mobile app development company that provides fintech app solutions. It is the right time to hire mobile app developers and designers to bring your unique idea to life.