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The mobile wallet is a new buzzword in the corporate sector. People’s growing interest in making transactions through mobile devices have created many opportunities for enterprises and mobile app development companies alike. Entrepreneurs are keen to leverage the benefits of this trend by offering financial services through mobile apps.
Today, business owners of startups and established companies tend to avail the advantage of a thriving mobile platform. As a result, we have an app for almost everything. What’s more, on-demand mobile apps have brought revolutionary changes in our way of accomplishing tasks. On that note, the finance app development is aimed at addressing the financial challenges of users.
- Number of mobile proximity payment users is expected to cross 1 billion in 2020
- About $60 billion worth of mobile payments is expected by the year 2020
- Average transaction per user on the mobile devices will reach $1303 in 2021
- Around 90% of smartphone users will use their devices to make payments by 2020
Personal finance app development is about money management. It establishes a seamless integration between the app users, banks, and credit cards to ensure smooth and proper financial planning. Apps like MoneyLion, GoodBudget, Mint, and Wally are examples of top personal finance apps. Let’s go through its key features and major business benefits.
But, before that let’s go through some challenges faced by finance app development.
Key Challenges for Personal Finance App Development
Personal finance app development process has to deal with several challenges. Whey you hire financial app developers, they strive for making a unique app while addressing the below-mentioned challenges.
The biggest concern for mobile app developers is to ensure safe data access. When it comes to financial app development, this concern takes a center stage because the app has sensitive and personal information of the users and companies like credit card details, bank account details, etc. Here, there is no room for error because it can give the hackers a chance to peep in.
The personal finance app can make or break the company’s reputation, and therefore, data safety is of paramount importance.
Regulations and Compliance
The BFSI sector is highly regulated and has to comply with many regulations like General Data Protection Regulation (GDPR). The challenge is bigger because it has a lasting impact on the performance of app and the overall business model. Nearly 55% of apps are not compliant with GDPR requirements. It shows the importance of following regulations in the personal finance application.
This is also one of the biggest challenges for personal finance app developers. The app requires to offer a seamless experience and interactive interface. The pleasant experience can take your app to the next level. Financial mobile application development services are designed to meet this challenge.
Read More How Mobility brings Transformation to Banking (or BFSI) Sector
Major Features You Need to Consider while Building Finance Management App
Free credit monitoring
This is the first and foremost feature of every personal finance app. The credit monitoring includes four aspects namely on-time payments, credit utilization, credit age, and inquiries. Along with these features, the personal finance app development integrates credit score tracking feature. It includes monitoring of spending, credit score, and savings.
Altogether, this feature enables the users to track and improve the credit score to get finance as and when necessary.
Link bank accounts
A personal finance app must offer personalized tips related to money and finance. The app users link their bank accounts and get customized recommendations, tips, etc. The app analyses the user’s spending patterns and sends messages to save or spend money on a daily basis.
A personal finance app plays a major role in managing the user’s spendings and finance-related requirements. Linking of bank accounts can serve this purpose.
Gamification is a very popular trend in app development. The financial app development companies also integrate gamification-related features and enable app users to earn reward points. In a way, the users get encouraged to purchase discounted items online and save more.
A personal finance app like MoneyLion has cashback credits and reward points available. If you own a financial startup, you can motivate and retain the app users with a reward program.
The app users register in the app using their social media credentials and phone number. The email address can also serve the purpose. The registration process needs to be simple and short because the users hate to give more personal details during the login process.
The sign up process consists of first name, last name, email address, and password.
The finance app development facilitates users to add different bank accounts. The dashboard shows all the accounts at once along with the latest transaction details and the sensitive details are secured by encryption. The dashboard needs to be interactive and intuitive to attract and retain users.
Personal finance apps are made to give real-time tips on financial management and other related aspects. The users can utilize these tips to keep spending in control or to improve their credit scores. Usually, personalized tips are shown on the home screen. You can also send the same in the form of push notifications to offer a more personalized experience.
Push notifications are one of the most effective features in mobile apps. Various industry sectors can use this feature to provide a personalized and interactive experience to app users. When it comes to personal finance app, you can send the push notifications for different aspects. A few of them are:
1. To give updates
2. To give personalized tips
3. To give transaction alerts
4. To give service alerts
APIs can serve multiple objectives. From fetching the list of banks to integrating new features, finance app developers can use APIs for different tasks.
Profile management, loan section, FAQs, reviews, and help center are also noteworthy features of a personal finance app. However, if one has budget constraints, they can bring an app with basic features and add other features in the subsequent versions. It is advisable for entrepreneurs to consult reliable finance app development companies to get proper guidance on necessary features in line with their business model.
Top Benefits of Personal Finance App
When you hire financial app developers, you can remain assured for the following business benefits.
The financial app can assist you to retain customers with your finance company, and you can sell products or services to the existing customers. Also, you can get a loyal customer base with the help of a personal finance app and such customers spread a good word for your company.
Push notifications and personalized messages are great ways to promote business online. It makes your financial app more popular and assists you to boost sales. Let’s take an example: people expect promotional offers and personalized experience from the personal finance app, and when they get them all from your app, they will certainly promote your business.
It is easy for you to provide improved services with a pleasant user experience through a finance app. Customer analytics, finance management, and priority setup are a few essential features for the app that can attract people toward your app.
The personal finance app development process is aimed at providing an excellent user experience and enhanced customer support. Apart from adding a FAQ section, you can integrate a help desk for offering 24/7 customer services in the app. Live Chat is also a good option to attract and retain customers to your app.
You can consult a leading mobile application development company in the USA and India to know more about benefits.
You can hire financial app developers to integrate all these basic features and get an app with excellent performance. A personal finance app can generate a steady stream of revenue and offer you a high ROI over the period. It is your handy tool to make the most from the thriving financial sector and people’s purchasing power. All you need to keep it updated with the features that can meet the user’s expectations and market demands.
When it comes to finance app development, you can bank on us! If you want to get a personal finance app with desired features at competitive rates, just connect with us at firstname.lastname@example.org. Our business analysts and expert developers can integrate technological advancements to develop next-gen apps for personal finance.
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