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How to Build an Effective Personal Finance Application

Finances have played a very pivotal role in our day to day lives. No business or no individual can think of living without planning finances whether you like math or not. And when it comes to money, one cannot afford to make any mistakes. Fortunately, at present, we have several personal finance apps and money management apps or budgeting apps that not just assists in managing the money but also helps in informed decision making especially in regards to money and financial data.

Managing finances has never been an easy or joyous ride! Today, the tables seem to have entirely turned. With tons and tons of finance management apps, budgeting apps, mobile apps, money management apps, and personal finance apps developing around, taking care of your personal finances seems quite easy. However, at the same time with so many options around, businesses often get overwhelmed with the fact that which one to choose. After all, it’s about managing the financial data which can never be taken lightly. For that matter, you will come across a plethora of companies like Tatvasoft a Financial software development company that have severe experience in creating a personal finance app development. Apart from that, reading away from the post-it will be of great help!

How to build a financial app? Here’s a Sure-Shot Way to Get Started With your Personal finance app development 1                                                         

What are Personal finance apps?  2

#1 Money Management   3

#2 Secure the Money    3

#3 Well-informed Financial Decisions  3

Before Conducting Personal finance app development  3

#1 Collaborating all the accounts   4

#2 Frequent Notifications  4

#3 Real-time Updates  4

#4 Taking care of Budget  4

#5 Reporting  4

Types of finance app 5

Features of personal finance app [A Quick Checklist] 5

Personalization 5

Security 6

AI algorithms  6

Analytics         6

UI/UX design  7

Personal finance app development cost  7

Final Thoughts  8

What are Personal finance apps?

I am pretty sure you will agree with the fact that technology has made things way easier for us than before. The tasks which used to take hours and hours of our time can be accomplished within a snap of a finger. Whether you want to book a cab or order food or buy clothes and accessories, with the increase in smartphones and mobile apps everything can be managed in no time. And here managing your personal finances is no exception.

Now you must be wondering what exactly these personal finance apps are? Well, it’s an app that assists you to manage your money, where you need to spend more, where you can save, basically manage your finances in the best way. So your next question could be who will be using these money management or personal finance apps? Of course, the end-users! So the model here is Business to customers. Further below I would like to mention certain benefits of using the top personal finance apps right away!

#1 Money Management

The first and foremost benefit of using these financial apps is you can manage your finances seamlessly. It’s not just about keeping track of your finances but also ensuring that the money is being invested in the right manner. A personal finance app assists you in keeping track of how much money is being spent on certain purchases, analyzes revenue, profit, losses and you can end up making smart decisions. Also, not to mention that such a money management app or financial management app help you in understanding financial behavior so that you can change things in the nick of time.

#2 Secure the Money

Other than keeping track of finances or money, these personal financial apps also help in saving and securing money. In fact, there is no denying the fact that people both individuals as well as businesses have started feeling that their money is safe after using this kind of budget app or financial app. Not to mention that the money management applications do suggest what should be your must-buys and what can be considered as occasional luxuries.

#3 Well-informed Financial Decisions

Last but certainly not least, certain well-informed financial decisions can be made once you start using this kind of money management or personal finance management or budget app. Here you can create an appropriate budget for a monthly or yearly basis. And in a scenario where money is concerned, it is advisable to use some applications that can reduce the tremendous wastage of money and stop you from spending at the wrong time and places. Planning turns out to be a much safer and secured option here.

Before Conducting Personal finance app development

By now you do have a brief idea regarding the significance of personal finance app development, if not go through these below-mentioned pointers.

  • Track income and expenses
  • Budget planning
  • Increase the cash flow
  • Ensure security
  • Keeping tabs on your credit score

So how to create an ideal personal finance app? Well, further below I would like to mention certain features that must be taken into consideration when creating a personal finance management app.

1 Collaborating all the accounts

The first and foremost feature is synchronizing all accounts whether it’s your banking accounts, debit or credit cards or if you have taken any loans, etc. Basically, it’s about offering a one-stop destination for your end-users to manage their personal finances. Of course, all the sensitive and important information will be stored here so as a business person, security must be par excellence.

2 Frequent Notifications

Another interesting feature that must be incorporated in the personal finance app must be able to provide alerts and notifications. These alerts ensure that payments are done on time and customers won’t be facing any penalties.

3 Real-time Updates

Apart from alerts and notifications, real-time updates is another intimidating feature that a personal finance management app must take into consideration. Try to create a personal finance app that automatically updates money whether it’s incoming or outgoing within real-time. So it basically reduces the manual efforts.

4 Taking care of Budget

This budget planning feature incorporated in a financial app can give you quite a competitive edge. As the name implies, here users can set their budget and plan things accordingly. Budget planning can be done on a daily basis, monthly basis or even yearly basis. Also, by doing this they get to know whether they are spending extravagantly or not.

5 Reporting

Another basic yet crucial feature that must be taken into consideration when you build a personal finance app. The application must be able to provide a detailed report featuring precise and accurate stats regarding your finances. In addition, just ensure that these reports can be imported and exported and even shared among family members.

Types of finance apps

  • Simple finance apps

As the name implies, simple finance apps are those kinds of applications where users are asked to feed in crucial data manually, all by themselves. Of course, much like other applications especially personal finance based apps that enable me to keep track of expenses and plan accordingly. Some of the core benefits of using such applications is that it is simple to use and offers high-end security.

  • Complex finance apps

Other interesting types of personal finance apps or budgeting apps are these. Of course, complex finance apps act as a more advanced version of simple finance apps. It may quite interest you to know that even complex finance apps are easy to use. In addition to this, high efficiency and better customer support are other features that these complex finance apps offer.

Features of personal finance app [A Quick Checklist]

Of course, we had mentioned certain crucial elements earlier. Here further I would like to mention certain more advanced features that must be taken into consideration when developing a personal finance app.

Personalization

Personalization is pretty much in vogue! Today whether you are developing an app or a website, it must offer some kind of personal touch to its end users or they will conveniently switch to your competitors. And who doesn’t like to feel special, by offering personalization – you are making your end-users feel special. And maybe that’s the reason why personal finance apps are becoming more popular among people. Now, what does the term personalization mean? Well, it’s not just about displaying an infographic, it’s about understanding their transaction history and suggesting to them where they must invest or how they can save more. You can even add a chatbot that offers relevant help when in need.

Security

Another crucial factor is security. Of course, the feature has been discussed above but still it is extremely crucial. After all, financial details cannot be taken lightly; they must be safe and secured. With the severe cyber attacks happening day in day out, it has become vital to consider security especially if you are planning to build a personal finance app or a budgeting app. After all, you must come up with something where people can trust you and have a leap of faith regarding their finances and hard-earned money. So the question is how to make your app more secure?

Firstly you can try using two-factor authentication where a user has to enter an ID and password or a PIN code and OTP (One-Time Password).

Secondly, try doing end-to-end encryption for all the stored information

Thirdly, try incorporating short-time sessions.

Just ensure that all the user information is carefully displayed and is not stolen so easily. So whenever you make your app do not opt for those catchy large fonts. In addition to this, trusting open source libraries is a big No-No here! Instead, use closed-source cryptographic libraries.

AI algorithms

Artificial intelligence is one of the leading disruptive technologies that has been welcomed by every industry across the globe. And there is no debate about the fact that AI technology is slowly entering the finance industry via financial apps and fintech solutions as well. After all, it has huge potential by enhancing user engagement and increasing app revenue all at once. To be precise,

With the help of AI, you can incorporate expenditure categorization. In other words, you know exactly where your money is being spent and how much, whether it’s entertainment, clothes, groceries, medical expenses and what not!

Another aspect that AI technology works wonders is the analysis of the expense done via the mobile app. Yes, these apps not just track what you do but also guide you by offering timely updates, stats and what next must be done. Here data visualization of your money is highly preferred.

Analytics

Since we have already talked about AI and how it helps in analyzing. Analytics is and will always be considered as one of the key features of any financial app development. After all, it’s about getting a clear picture of your money. People in the end know how much money they have, where it is and what it is spent on. Now analytics is not of one kind! There are different types found such as:

  • Descriptive analytics – Here raw data is displayed such as stats, numbers, raw counts
  • Predictive analytics – It features AI, to predict data and decisions to be made in future.
  • Prescriptive analytics – Provides relevant recommendations that lead to highly desired outcomes.

UI/UX design

Of course, user interface and user experience are very crucial when you develop any website or mobile app. After all, it’s about enhancing how users interact with the app. So in the try creating a financial app that attracts customers like none other applications. The importance of UI/UX cannot be ignored at any rate.

Creating a finance app is not an easy job but fortunately, there are a plethora of finance software development companies that have some on-hand experience in developing such finance apps for its clients.

Personal finance app development cost

So if you want to have full control over your money, if you want to set long-term goals, be prepared for financial emergencies, then all you have to do is develop a financial development cost. Last but certainly not least is how to develop such a personal finance app? However, you need to determine certain factors that directly or indirectly affect the cost of developing a financial app.

  • Quick onboarding – For the success of any app whether it’s financial or not, easy and intuitive onboarding is extremely important. And there is no denying the fact, finance apps require lots and lots of data so the more easy development the less development cost and time will be taken.
  • Tracking finances – Of course, this one is a no-brainer! Tracking finances is an obvious part of any finance application. Whether you are developing a complex app or a simple app, you have to incorporate the feature that can track expenses regarding clothes, groceries, travel and whatnot!
  • Predictive model – Now this one definitely gears up the cost but it is quite important especially if you want to gain a competitive edge. The predictive model enables users to know what they should be doing next. How are they supposed to invest, save and take care of their existing finances?
  • Strong customer support- Any app development must feature strong customer support. After all, these applications are developers can create apps to serve customers and end-users. So high-end customer support is a must-have feature in any finance app.

Apart from these aforementioned factors, you must also consider the approach. What I mean is choosing the best professional may sound like a costly venture in the beginning but later on, it will be quite beneficial for the long run.

Like I said before you can choose a reputable development company but if that’s not the case you must consider hiring an offshore software development company that offers the best possible results at low development prices. Of course, you have another approach to choosing a freelancer but there are equivalent chances of receiving low-quality products.

Overall, I would recommend choosing an offshore development company that can understand your requirements and offer relevant results in a predetermined time and at low prices.

Final Thoughts

So this is it! This is all about building a money management app. So now you know what a money management app is, why it is crucial to develop one and how much it will cost in developing a money management app.In case you still have any doubts or queries regarding personal finance apps, feel free to mention that in the comment section below.

 

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