5 Tips to Build a Personal Financial App
The idea of tracking expenses came to mind of almost every person at least for once. According to the Board of Governors report, 70% of adults use personal finance applications to track their spending and to follow the budget.
The family budget is the same accounting as in business and it can't be denied that financial management software makes it much easier. Once you start to study the issue, you get freedom of choice of financial apps on the Internet. They differ by an interface, set of features, the possibility of synchronization. Some apps help to keep and accumulate capital, others let users organize spendings or gather information on banks and exchange rates.
Clearly, everyone who is building the finance management app wants that it can hit the top of mobile apps on iTunes and Play Market. And to get there, it is necessary to figure out how to win the hearts and minds of users. In order to help you create a powerful financial app that even Steve Jobs would recommend, we prepared the following tips.
Keep pace with the development of technology
Mobile development comes after revolutionary innovations that strive to make our life easier. Mobile apps are getting more user-friendly, run faster, cover more activities. You should take into account that modern mobile users expect from apps innovative scrolling, social media buttons, beacons, interactive design, chatbots, VR and AR, and other new technologies without even knowing it.
Since users take their smartphones wherever they go, why not provide voice commands in your personal accounting app to help them add expenses on the go. Agree that voicing your spending like "$5 at Starbucks" is more convenient than typing it on a smartphone screen.
The mention of artificial intelligence algorithms is not just a nice marketing thing, it also will help you stay on top of technology. AI is a great choice for personalizing user experience as it can analyze spending habits and offer tips on how to pile up a fortune based on the analyzed data, also offer better interest rates and help to decrease bills.
Smartphone owners have a lot of opportunities related to finance therefore your financial app should not be limited to tracking money only. For example, it may be tracking investments in loans, like in Viventor, a Riga-based startup. Also remember that cryptocurrency that bears no relation to physical money, is real nowadays, and some people already buy houses with bitcoin and ethereum. Keeping track of cryptocurrencies is also in demand.
Stimulate interest in a personal finance app
From my own experience and reviews of other users of budgeting apps, I can say that it is enough to play a few months with it to understand on what and how many you spend your money. Then the practice of tracking expenses with the help of the app is increasingly being abandoned. You just have to think how to solve this challenge of maintaining user interest in the app. For example, adding some gamification features to your app is a nice idea that can help users climb up to the top of the financial Mount Everests by setting and achieving goals, and giving them a sense of achievement - saving more money, buying a house or saving money on vacation.
Leave room for maneuver
People track their finances with different goals: to pay off the loan, increase savings, reduce expenditure. Of course, personal money management apps are simpler than business accounting software, and still, they need to be customizable to user's needs which may vary greatly - the ability to create categories, group them, add notes, set bill reminders, etc. Some of the users might want to create an additional category for tracking expenses for pets, for example. Others will thank you for the ability to attach some transactions to geographical location or to adapt the app for people with disabilities.
Remember about UX
It is visual design, usability and user-friendliness of a financial planning app that will influence the choice of a user "To use or not to use?" To build a powerful app with a great UX design you should know who your user is and take into account his habits. If you want users to manage their expenses think that a mobile phone is always at your fingertips, it is convenient to make transfers on the go, right in a supermarket or a coffee shop.
Let's say, you develop an app to help users understand their spending habits better and organize their money. You have to design the app in a way to visualize the budget. For instance, in a personal finance software app Budget 24/7 that we designed for one of our customers, budgets and bills are visualized with charts and diagrams for analyzing progress.
Do some early thinking about monetization
When investing in a finance app development you should have an understanding of how are you going to make money from it. Over 60% of app developers recommend a "freemium" strategy which allows trying a product before making a purchase. The download and basic features of the app are free. If a user wants to get additional opportunities he will pay. So, what you need to do is to figure out the additional features your app users will be ready to pay for. For example, one of the ways of making money by Mint, a successful personal finance management app, is offering alternative credit cards that have better interest rates and can help the user save money.
The essence of the article in 30 seconds:
- Follow along with technological development
- Motivate users
- Make it customizable
- Remember of usability
- Monetize it
To sum up, there is a demand for money management software apps on the market. So, if you have a creative idea of a financial app and want to conquer App Store and Play Market with it, you can contact us to have it built.