The majority of people are averse to keeping track of their spending and budgeting. Money management, on the other hand, is crucial in determining livelihood and wellbeing. Fintech is today at an all-time high in terms of popularity. Nearly every day, we see financial technology companies that bring something new to the table and change the financial and banking sector.
As the need for such services is currently increasing, personal finance app development is a potential field for enterprises and developers. It is a wonderful method for users since it improves the effectiveness of financial management and planning, as well as minimizing purchase decisions.
In this blog, we’ll go through the advantages of personal finance apps, top must-have features, lead you through the process of developing one for your business, and offer some helpful hints & tips.
To begin, let’s discuss,
Personal Finance Apps
A personal finance app is a mobile application that assists individuals in managing their personal finances, such as budgeting, investing, saving, and all of the other great things you could do with money.
Below are some benefits of personal finance apps development. So, take a look!!
- Easy finance management
- Easy to take valuable financial decisions
- Establish healthy spending & investing habits
- Easy to financial reports
- Tailored suggestions for spending & investing
Is Personal Finance App Development Fruitful?
Personal finance app development is a buzzword. Let’s move on and check what the personal finance apps development market says!
- As per allied market research reports, from 2020 to 2027, the worldwide personal finance software market is anticipated to increase at a CAGR of 5.7 percent, from $1,024.35 million in 2019 to $1,576.86 million in 2027.
- As per GlobalData, 61 percent of bank customers find personalized financial planning suggestions helpful. The demand for personal finance applications is likely to increase.
There are a few financial management applications that might help you out. Some of the prominent apps are:
- Level money
You can research such applications and contact your top mobile app development company for some new concepts.
Moving on, let’s speak about the functionality you’ll need in the first version of your planned personal financial app.
What Are the Must-have Features You Need to Consider During Personal Finance App Development?
The list will vary based on how extensive and comprehensive you want your app to be in terms of the personal-finance app’s functionality. However, according to Quytech’s experts, the following features are the most important and demanding ones. So, take a look!
- Sync account – This functionality allows users to set up synchronization between their accounts and devices, as well as manage their personal financial activities. When dealing with data, a typical user frequently uses many devices (at work and at home) and different circumstances. Users can, for example, use a phone to run a personal finance app, check reports on a desktop, and enter more data on a workplace tablet. If you intend to offer variants of your solution for many platforms, it will become quite vital.
- Track transactions – This functionality is at the heart of every personal finance app, particularly those that are linked. Such solutions can add all transactions and analyze received messages instantly. As a user grants complete access to bank accounts and financial information, the app categorizes transactions using past patterns or by source and recognizes what transaction fits a given category.
- Reporting – Personal finance solutions provide daily, weekly, monthly, and annual reports. As a result, you should keep these in mind when developing a finance app. The system’s planning and budgeting tools set it apart from the competition. Users can choose which accounts to include in each of these reports, as well as standard or unique date spans.
- Track Expenses – This functionality will assist users in keeping track of their spending. The biggest reasons why people can’t manage to save are impulsive purchases and careless expenditures. A decent application must automatically log all spending and also allow for manual entry, such as cash payments.
- Investment – If indeed the user has an investment portfolio, they may place an investment order for a specific period.
- Calculate Tax – Some nations have complicated tax rates that force citizens to calculate their own taxes. On the market, an error-free application that really can handle all tax calculations will be hugely successful.
- Investment Advisor – The investment advisor do some surveys that utilize some algorithms to determine the user’s investing pattern and recommend various investment options based on that analysis.
- Push Notifications – Of sure, we’d like to keep our users informed about their finances. As a result, we’d send them notifications on new transactions, items, and goal milestones, among other things. This function can be included in a personal finance app to notify users when they overspend or exchange, or receive payments. This can send reminders for any remaining dues or payments, such as mobile billing or recharge, among other things.
- Set Goals – In this, users can specify a sum to save and a timeframe for doing so. Besides, through this feature users will be able to select from a list of predefined goals, add new ones, and set a timeframe for completing them. You may also see % of your goals have been completed. This function aids in maintaining your attention on mutual fund investing.
- Dashboard – The dashboard displays all of the accounts in one go, along with the most relevant previous transactions, and all important information is encrypted. To attract and maintain users, the dashboard must be engaging and responsive.
- Tips – Personal finance applications are designed to provide real-time advice on money management and other topics. These suggestions can help consumers keep their spending under control or enhance their credit scores. Personalized advice is usually displayed on the home screen. To provide a more personalized and better experience, you can also deliver the same information via push notifications.
- Account Management – With this feature, users can indeed keep track of their cards, as well as check their balances, payment history, and transfer funds.
- Paper Trading – A paper trading is a simulated exchange (Trade) that enables a user to practice buying and selling without putting their actual money in the market.
- Portfolio Analysis – Portfolio Insight is like taking a deep comprehensive overview of your holdings. This functionality provides you with a deep evaluation of your investment portfolio. This feature enables:
- How you diversify your portfolio among various industries
- Updates you regularly regarding your funds
- Deep portfolio analysis
- Analytics – Analytical rankings are a truly excellent approach to show users how far they’ve come as per their investments and push them to do more.
- Advance filters – Through this feature, users will be able to filter and browse across portfolios more easily, as well as track them in real-time. Besides, they can indeed keep track of their own positions as well.
Apart from above, below are some other features which you can consider in your personal finance app. So, take a look!
Additional Features for Personal Finance App
- Repeat Payments
- Biometric authentication
- Import/Export files
- Schedule payment
- EMI calculator
- Interest calculator
- Third-party integration
- Market Analysis
- Pseudo Trading
- Loyalty points
- Sign in
- Live quotes and charts
- Profile management
- User management
- Manage Payment
- Coupon management
- Create notes
- Calendar integration
As of now, we addressed the features and personal finance app development market potential!
Now, let’s move on and discuss the core part of this blog which is,
How to Develop a Personal Finance App? Key Steps to Follow!
To develop a top-notch personal finance app, below we’ve listed key development steps to follow. So, take a look!
#1. Do a market research
When intending to design a personal finance application, the first step is to gather details. You must determine the worth of your software suite: what problems will it address for user groups?
Study your potential customers to understand what issues they are having with personal finance and what solutions you might provide.
#2. List app’s specifications
The very next stage is to organize the information gathered during the research and create specifications. This document will contain your thoughts on the finance management app’s layout, functionality, and technical requirements, among other things. As developing a design necessitates some skills and business analytical expertise, not everyone can do it properly. Visual design and accessibility often have a significant impact on the options available to users. When developing a personal finance app, be sure to keep this element in consideration and not simply focus just on features. Many reports have indicated that when it comes to design, users choose basic, user-friendly applications with a simplistic design.
#3. Use high-security protocols
As we all know “Security is the top priority”.
Security is designed and implemented, and handled throughout the development stage. There’s really no doubt that personal finance management apps require a high level of security. You want your users to feel comfortable entering their financial information into the application.
Therefore, you need to include high-security standards. At Quytech, we build highly secured personal finance apps with many security standards. A few of them are:
- Using bank-grade data encryption
- Two-factor authentication
- Using layers & protocols like SSL and HTTPS
- Bio authentication
- Reverse for inactive sessions
Apart from the above, you can add other security standards like a web platform where individuals can unlink their devices from the app and wipe their information if they lose their phone. This can aid you to stand out from the rest.
#4. Select the right technology stack
The technology stack will vary depending on the financial solutions you want to offer your users. Let’s go through some of the most frequent factors to consider when choosing a tech stack for your personal finance app development.
- Project’s scope
- Integration capabilities
- Security standards
- Development time
- Maintenance costs
If you want to develop a top-notch finance app, then the tech stack must focus around adaptability, scalability, debugging capabilities, and security. However, it is always a great help to consult with a top mobile app development company.
Besides the tech stack, you need a development team to convert your ideas into reality. To build a high-end personal finance management app following roles are required:
- Frontend developer
- Backend developer
- Project manager
- Business analyst
- QA experts
- UI/UX designers
#5. Select monetization models
There are many methods to make money using the monetization models. Below we’ve mentioned a few of the best monetization models for personal finance apps. So, check it out!
1. Transaction Fees
This is among the simplest and straightforward methods of producing cash. Users pay for a product or service that your business provides. Brokers impose a fee for services like withdrawals, swaps, borrowing, and overnights, as well as a commission on each transaction.
2. Affiliate Marketing
Affiliate marketing entails placing advertisements on your app and selling your users’ interest to other businesses. You get a percentage if one of your users hits the ad and purchases their product or services.
3. Freemium Model
This is a common monetization method used by numerous apps. The software offers a free version with basic capabilities as well as a paid Pro or Premium edition. Users can pay for extra (and more advanced) functionality, money-saving tips, and so on.
4. Third-party Integration
You can charge for access to your SDKs, APIs, and useful tools if you establish your own finance app. This is how many payment platforms make money.
5 Selling Users Data
For research, branding, and advertising reasons, you can combine financial data and sell it securely to third party companies. This monetization approach is used by many major financial applications, and there’s no risk in it because it’s totally legal if the data can’t be tracked back to an end consumer.
6. Test the app
Before being released into stores, an application must be fully tested. QA experts set up the testing environment, check for application behavior during activities, and see if messages and certifications are received, among other things. Security settings, the capacity to operate with bank accounts, and all other details are examined.
The application can also be published to the stores once the QA team is confident that there are no issues and the app functions properly.
Since we addressed the necessary development steps, let’s move forward and discuss the real deal!
How Much Does Personal Finance App Development Costs?
The cost of building a personal finance management app might vary significantly depending on a number of factors like:
- App complexity
- Features and functionalities
- Tech stack used
- Region of the development team
The cost of developing a personal finance app will rise if you opt to include more platforms, like having a separate website, a tablet app, or a wearable app.
Once all of the abovementioned factors are taken into account, an application with minimal functionality for a unified platform will cost approximately $30000-$45000, while an application with additional functionality, third-party integrations, and built for several platforms will cost approximately $50000-$70000.
That is a fair approximation of the costs of developing a personal finance app. Please remember that the overall cost of your project will vary based on the requirements.
Moving on, let’s check some,
New Trends in the Fintech App’s Industry
Some of the new trends in the fintech app’s industry are:
- AI-Driven Personal Finance App – Users may better manage their finances and develop wise financial behaviour with the help of an AI-powered personal financial app. An AI assistant predicts users’ expenditures and suggests ways to save money owing to predictive analytics in personal finance management. Furthermore, an AI system can assist in the detection of fraud as well as the automation of cost management.
- Voice Assistant – Voice assistants offer automated assistance to users for a variety of topics, such as checking account balances, responding to customer queries, setting up future billing, and providing the best possible services.
- Chatbots – Chatbots are one of the most effective ways to provide rapid responses and assistance to customers, as well as the most vital personalized user experience.
Why Choose Quytech for Personal Finance App Development?
In terms of FinTech services, Quytech is a leading company. We are a top mobile app development company as per softwareworld.co. Clients choose us because we offer innovative FinTech app ideas and develop cutting-edge, inventive, and secure personal finance apps.
For every FinTech startup and company, our custom FinTech solutions focus on achieving industry standards and regulatory criteria. We offer FinTech solutions to keep you up to date on the newest finance industry advancements.
We understand the rapid developments in the finance sector and provide top-notch Finance application development tailored to the changing financial landscape and position you as a major competitor.
We believe that this blog has given you a pretty good understanding of what you’ll need to make a personal finance app. However, you have a lot of competitors in this race who are betting on the reward. You need to work with a top mobile app development company that plans many steps ahead to help you succeed in a highly competitive market.
If you’d like to develop a custom personal finance app, contact us, our experts have extensive experience developing fintech apps.