AI algorithm is what enables Smart Savings and other advanced features. It can calculate how much a user can save safely and the app puts away this sum automatically. As you can see, there are numerous challenges you’ll face when creating your personal finance app. Nevertheless, the first and best step in facing it is always awareness. By knowing the pitfalls, you can prepare for them much better. The testing you’ll do with a personal finance app is the same with any other kind of project, only much more rigorous. Next, to further narrow down the features to focus on, you should pick the type of personal finance app you want to create.
Your users are already dealing with the complex issue of money management so there is no point in confusing them anymore. Also, you should use trust-provoking colors like white, blue, or light green. Features of a budgeting app like Mint and other top products include the ability to connect all your financial accounts and synchronize the relevant data. What you see is the tech stack that our team uses for fintech development projects. Of course, you can choose other solutions, but we consider our approach to be the most effective. One thing that makes Sherpa unique is that besides being budget software, it’s also an on-demand marketplace that brings together app users and financial advisors.
#2. Advanced Fintech Apps
And already AppsFlyer pointed to a 354% growth in the popularity of personal finance apps in the 5 years from 2014 to 2019. For the target audience to hire us for jobs to be done, you need to understand what an ordinary user expects from personal finance applications. There are two main groups among users of budgeting apps. Personal finance applications do not help you save money, but the insights they provide and the habits they reinforce will. The main value that your financial application should provide to users is the knowledge they need, plus tips for developing the right money management habits. This personal finance app sets itself the task of making budget planning manageable. With YNAB, users can synchronize all their accounts, track monthly expenses, save money for emergencies, and more.
You can save a few dollars or even cents from each of your purchases and credit them to your account to receive interest on the savings. More professional solutions for investors and peer-to-peer lenders are also available in the market.
How to Build a Successful Personal Finance App: Tips and Insights
The main task is to make sure your application is really good at budget management. The high personal finance app development cost is hardly a reason to abandon the idea to bring the project to life. You just need to start small, namely, with the creation of an MVP. Such a product only has basic functionality, making it cheaper to implement. The last item on the mini-list above might make you anxious, and rightfully so. However, the small number of personal finance app’s features can be made up in other ways. One of the ideas is cool interface design and special attention to user experience.
If the user agrees to the offer made, Mint receives its commission from the company that provides this particular financial service. After almost 15 years on the market, Mint has become a proven solution. Users are unlikely to be disappointed with their choice because Mint considered most of their wishes. Make sure that the user gets the maximum effect by taking a minimum of steps. Eliminate all unnecessary steps if possible (this doesn’t apply to transactions, which require verification of the user’s identity). Don’t give the user a hard time figuring out how to work with your application.
Personal expense tracker apps
The app name is very eloquent and indicates the task of the service, namely, work on improving your budget. In essence, the software digitizes the process of putting money into envelopes, each of which is designed for a specific purpose. Moreover, the budget can be managed by several users at the same time. A good budget management application shouldn’t reduce the income of the user, its task is to help him manage his expenses. Your users inevitably leave a lot of information about themselves regarding their financial habits, money behavior, habitual spending, and more. And all this data could interest different marketing or research agencies.
- One thing we could do differently while creating a personal finance app is to let people set their budget for a week, two weeks, or a month.
- On average, users who decide to control their finances tend to download 2-3 apps because they cannot find all the functions they need in one place.
- One point worth mentioning is that you should always use simple language and avoid jargon in your app.
- Moreover, the budget can be managed by several users at the same time.
And the reason for this is Java’s tight security and OS independence, which means it can be coded once and deployed anywhere. As you can see, providing an integrated personal finance solution can help you win over that 57% over to your side of the fence. Introducing innovative features or even putting a new twist on budgeting will make your app stand out.
What features the personal finance app must have in 2021
Incorporating biometrics and two-factor authentication to verify logins and transactions are also fundamental steps in guaranteeing security. For instance, most apps work in a client-server architecture, meaning the relevant data is constantly transmitted to and from the app. Without adequate safeguards, hackers can easily intercept the data stream and steal sensitive information. Aside from making integrations possible, APIs also help speed up development since you don’t need to create different integration functions from scratch.