Everything you Need to Know for Developing Personal Finance Apps
Finance planning is a real challenge especially when you have limited or no finance knowledge. Nowadays, people seek help from technology to combat finance planning issues. There are a plethora of finance apps that help to plan your finance smartly but, it is also true that not all personal finance apps are effective. So, the question is which finance apps are right to develop? To help with this, today we will talk about different aspects of personal finance app development
Why is the Personal Finance App an ideal choice?
Money management apps control their own monetary cycle by downloading it on a smartphone or tablet. The finance app helps you to control different aspects of finance without visiting your bank office. In the current situation like Covid-19 where it is unsafe to visit the bank, finance apps come very handy as it takes care of expenses, savings, and investments. Even for those who have limited financial knowledge, a money management app is a right choice as it assists users in all possible ways.
Types of finance apps:
There are several types of financial apps, but here we divided them into two main categories i.e. simple app and complex app. Let’s delve further, and see what are these kinds of apps and how they are different:
● Simple finance application
It is the simplest form of the finance application as here the user has to do all entries of the spending manually. These applications help to track expenses and categorize them according to different expenses.
● Complex features application
Complex features application is a kind of application that offers a more advanced version of the app. In this kind of application where the user’s account and bank account are linked and entries are done automatically.
How much does the finance app cost?
Generally, finance apps offer free and paid versions, but the free version resists users with limited features. Whereas paid versions give freedom to exercise the best technical features and help to plan different aspects of finance.
Tips for developing a successful finance app:
But anything before, let's have a glance at key factors that need to keep in mind for developing a finance app:
- 1. User experience
- User experience is the overall experience of the app how it feels. A great UX helps to create a great impression on establishing business impressions on users’ minds. A well-defined five pillars of UX lead to the role of success, and these five pillars include visual design, prototyping, information architecture, usability, and interaction design.
- An efficient UX boosts user experience and trust in the brand. Before developing the app, the UX designer should do thorough research about the industry, target audience, needs of users, and different other aspects of the apps. The right balance between UI and UX boosts user’s engagement for the long term and thus increases the chances of the app's success.
- If you as a financial app developer invest more time in doing deep research, then there are fewer chances that users might find any flaws in operating your app. A flawless app helps to create a soothing experience.
- 2. App Security
- There is no hidden fact that security should be the top priority for an app, especially a finance app. With confidential details of users like name, bank account, payment wallet, etc, comes the responsibility of maintaining the security of the app. There are a plethora of security options that protect the app from cyberattacks, following are some major:
- Multiple authentications: It may cost a bit more but the two-step authentication process makes it very difficult for the cyber thief to gain access to the user’s account.
- Biometric security: With biometric security, it becomes difficult to break into a user's account. Some of the unique characteristics include finger patterns, voice recognition, etc.
- Sms alerts: Another way to protect users is through real-time SMS alerts. Using this, the customer will get a real-time alert, if anyone tries to access the account or confidential details.
- 3. Push notification
- Another common yet helpful feature that every finance app should consider is push notifications. It is very vital to keep users in the loop through push notifications and other types of notifications for the timely reminder.
- Customized push notification helps in better app engagement and also boosts services. But it is also essential to take note that too much notification can irritate the users. Astute use of data aggregation keeps customers better informed and boosts their confidence in the brand.
- 4. Target audience
- Before diving into the finance sector, it is very important to segregate your target audience as a single app may not be the right solution for all kinds of audiences. Generally, there are the following kinds of target audience for any finance app:
- Millennial consumers: Millennials have a deep antipathy for traditional savings. Due to the higher cost of education, the majority of millennials may have at least one source of long-term debt which affects their ability to manage money efficiently. For them saving money in the bank is not the smartest option and they are in constant search of great investment options. Even to determine the design of your app, you should consider who is your target audience then only you can match with the choices of them.
- Too-busy-to-budget: Modern professionals might be too busy in attending conferences, too much workload, or a lot more that it becomes difficult to plan the budget for them. They are mostly at the edge of either over-spending or inadvertently wasting money due to lack of track of money. If they are your target audience then you must plan accordingly.
- Forgetful flocks: Due to multiple bills like heating bills, laundry bills, cable bills, and tons of others, it becomes difficult to keep track of all due to different due dates and penalty structures. If your app is reminding them regularly then you might become their favorite.
- Traders: Does your app cover the financial market? There might be a large chunk of millennials who invest almost daily either in the stock market or other financial markets. If you are opting for that, then your app should cover that part.
- Average adult: The average adult defines average people who track everyday cash flow, monitor small investments, not a heavy spender, nor a large investor, they are the average people with limited income.
- 5. Real-time data sync
- One of the important features that a successful finance app consists of is real-time data synchronization between bank accounts and mobile devices. It should allow multiple accounts to be sync on a single screen.
- 6. No to display ads
- People generally get irritated on seeing the display advertisement, especially in the personal finance app. Some advertisements in your app may come off as spammy and unsecured. To avoid ads, you can offer free as well as paid versions of the app.
- 7. Customer support
- An ideal finance app offers customer support to enhance the overall app experience. Along with supportive service, additional FAQs can be really helpful in solving multiple queries.
- Some of the leading finance apps offer chatbots that can help to dissolve their query 24X7. Using the various technology advancement, you can offer the best customer support, but whatever option you choose, it should be effective.
- 8. Legal compliance
- The financial industry is the most regulated. It is constantly subject to frequent changes and updates from the legal norms. It is the duty of the developer that the application should work according to software components as well as legal norms. Depending on where the app users are located, developers have to keep regulation of that geographical location in mind. For instance, GDPR provides norms to regulate apps according to the laws of the European Union.
The goal of a money management app is to manage users' money effectively. The demand for finance apps is rising each day and the best part is that it is helping users to manage money effectively. You can also seek the help of a leading financial app development company for taking the idea to the next level.