In today’s world of uncountable desires and attention-seeking advertisements, it is extremely hard to maintain a uniform financial life. Most people usually end up spending more than they earn and then stress over their expenses. Thanks to the fintech app solutions, people now have a way to monitor their expenses and control their spending. These finance apps have made the concept of earning, budgeting, and saving easier for everyone.
Primarily, they offer convenience and ease of use and are beneficial in improving your financial health in the long run. This is a prominent reason why they are bringing a digital transformation in finance sector. Hence, investing in personal finance app development for entrepreneurs is a profitable idea that should not be put in the backseat.
But before you make this investment, let us enlighten you on some of the essential features that make a finance app successful. Let us begin!
Mint is one of the finest money management apps available in the market right now. It was founded in 2006 by Aaron Patzer and was later sold to Intuit for $170 million in 2009. The app has a simple and intuitive interface that offers users various tools for managing their finances.
Mint works by aggregating all the accounts of a user at a single location. It then studies the expenditure of the users and advises them the ways to save money based on their source of income.
Mint has a total annual revenue of $130M, and it generates income through advertisements, premium account holders, referrals, and the sale of user data. Mint is a great example of a finance app development project for young entrepreneurs.
Essentialities of a Personal Finance App Development Project
Several finance apps are available in the market, such as Mint, Pocket Guard, Monefy, Every Dollar, etc., that have significantly brought digital transformation in the finance sector. However, all these apps have made their way to success because they integrated some core features that were highly profitable for their users.
Down-below is some of the features that must be incorporated when working on your finance app development project.
Single Account for All Finances
Nowadays, every user has several accounts under their names, such as bank accounts, investment accounts, credit card accounts, business, or other consumer accounts. Managing all these accounts and being updated with every single one of them is undoubtedly a tough task.
Hence, apps like Mint collaborate all registered accounts of the user under the same tab so that they can be accessed from a single source. This is a must-have feature for a finance app, as only when all your accounts are accumulated can the app provide you with the right advice.
An essential feature offered by finance apps is their ability to track user spendings in real-time. Whenever you carry out a transaction, it will be noted by the app and taken into your spendings account for the month.
If you purchase through cash, you can manually enter it into the application to get accurate results at the month’s end. This feature helps you track your expenses from a single platform and saves a significant amount of money.
Categorizing your transactions based on their source is important. It helps the application to figure out where you are spending your money the most. The categories can be as follows:
- Transactions made for loan repayments.
- Transactions made in shopping stores.
- Cash withdrawals from ATM.
- Fuel filling charges.
Applications like Mint have advanced geolocation features that can match your transaction to the point of purchase and enter the details in the app. It is a valuable feature that should be added when developing your app with fintech app solutions providers.
Establishment of Financial Goals
A big advantage that finance apps give to their users is the capability to set financial goals. At the start of each month, you can set specific financial targets for yourself. The app will distribute the earning according to your necessities and help you assist with spending money and where you shouldn’t.
There is no need to explain the importance of credit scores in today’s time. A good finance app calculates your credit utilization ratio and helps you make good spending decisions. Most applications have a separate credit card usage category that keeps sight of your credit score and consistently updates you about it.
Credit Utilization Ratio = Outstanding Credit Card Balance/ Credit Limit * 100
Security of Data
Security of the data is one of the most important aspects of a financial application. There are various regulations and standards, such as GDPR (General Data Protection Regulation) and PCI DSS (Payment Card Industry Data Security Standard), that one must comply with while developing a finance app.
Moreover, adding blockchain to your security standards can attract plenty of potential users to your app.
Personalization of App
When working on personal finance app development, make sure to create a user-friendly app that the users can personalize. Various users wish to have an app that can add joint couple accounts. It helps to manage overall family expenses through a single platform.
The finance apps help you budget and save money by prompting and sending alerts when you spend the money over the limit set by yourself. Besides, the app gives numerous financial advice on saving money and creating charts allocating you a budget of expense for each day.
Want Your Own Fintech App Solutions?
Now that you know how the finance apps have initiated a digital transformation in finance industry , it won’t be surprising if you have already started building a dream of creating an app like Mint for yourself. And why not? It is just a brilliant idea. Just ensure that you do comprehensive, thorough research before implementing your idea. Furthermore, the features mentioned above should all be incorporated for the sure success of your app. Good Luck!