Step-by-Step Guide to Creating a Personal Finance App in 2023
No matter if we’re talking about your own personal money or your company’s, financial management is never easy. When discussing the many resources available for managing finances, however, we typically have in mind some type of commercially available software. The introduction of specialized mobile apps for managing one’s financial affairs has hastened a reversal of this trend. Consumers are particularly fond of cutting-edge financial technology that adds a layer of efficiency and comfort to their daily lives. A greater understanding of one’s financial situation is a wonderful starting point, and these apps can help.
As a result, if you’re considering developing fintech software, creating a personal finance app is a smart place to start. Indeed, there are also lots of examples in this industry for you to study, such as money management apps like Maly in the UAE, or Mint, a top personal finance app in the US. The following post will provide you with the most significant information, trends, examples, and tips on how to make a personal finance app.
Extensive Analysis of the Market for Financial Apps
According to recent studies, the personal finance market will increase to over $1.5 million by 2027. These numbers show that such apps are popular and suit customer needs. According to CMARIX TechnoLabs marketed personal finance apps include:
- smart spending trackers
- apps for smart savings
- lending apps
- apps for smart investments,
- apps that contain all the above-mentioned financial management directions.
What makes personal finance apps so popular is that they allow users to:
- take control over their funds
- track expenses and make them smarter
- outline their budget and adjust their financial behavior to match it
- plan investments
- get reasonable recommendations on how to improve their financial condition
- get financial reports
- increase financial literacy
If you want your personal finance app to succeed in today’s market, it needs to do more than just address the aforementioned problems; it also needs to impress users by going above and beyond their expectations, adapt quickly to emerging trends, and perhaps even starting some of those trends yourself.
Trends in Personal Finance App Development
Gamification
When dealing with finances, there is always a mountain of data to sift through in the shape of numbers, tables, and statistics. In this regard, we believe that it is challenging to build financially-oriented software that people will actually use. But there is a fantastic solution; you could incorporate gaming elements into your financial management app. By “gamification,” we mean incorporating game-like features and mechanics into non-game software to make it more engaging, draw in more users, and encourage as much repeat engagement as possible. You can incentivize users to meet specific financial goals by, say, instituting a points-based achievement system and rewarding them monetarily (e.g., the user reached the desired amount of smart savings, managed to cut expenditures on a particular category of products, and so on).
Computer-aided analysis and conversation
Improve your app using cutting-edge technology like AI to set it apart from the competition and make it more useful to users. With the help of AI, your app can quickly and accurately evaluate massive volumes of data, including the spending patterns of its users. Insights, projections, and advice for improving one’s financial situation can be provided to users based on analytical outputs. Additionally, AI can improve your app’s security (biometric authentication), make the interaction with your app feel more natural (AI voice assistant), and so on.
Detection of a Paid Receipt
It’s yet another cool function that will have people raving about your software. This is your chance to get on the bandwagon, as it is currently used in all personal finance applications and is only growing in popularity. Your app can detect a wide variety of texts with the help of optical character recognition (OCR) technology and then parse out the pertinent data from the received text and send it to you. Because of this, information can be processed more quickly, human errors can be avoided, and more data can be gathered to paint a complete financial picture.
Now, let’s examine the 2022 personal finance market leaders who are also expected to maintain their 2023 prominence: the trend-followers and the trendsetters.
3 Personal financial software examples to study
Mint
Mint is undoubtedly the most popular personal finance app worldwide. Forbes Advisor named it a top budgeting app. Mint’s all-purpose nature makes it appealing. This app lets you link bank accounts, manage spending and income, plan your budget, create financial goals, and more.
YNAB (You Need A Budget)
Due to its proactive budgeting strategy, YNAB has a dedicated following. Their unique features and simple design maximize user participation in goal planning and budget optimization. They believe in “giving every dollar a job, rolling with punches, and embracing your expenses”. They established a financial philosophy instead of software.
Personal Equity
Users enjoy Personal Capital because it’s not a typical personal financial app. It is a wealth management app and smart investment advisor. Personal Capital’s AI helps you evaluate financial risks, compare investment options, and choose the best one.
Finance App Development Stages
Personal finance apps are developed in phases like any other software. It’s a poor idea to skip a stage and move straight into software development since it seems cheaper in the end. Start with the basics, and don’t rush; you will produce a high-quality output this way.
Personal app development process is as follows:
- Target audience, competitive analysis. market trends, dangers, growth possibilities, etc.
- Project strategy, resource planning (time, budget, needed experts, and so on).
- Building the project prototype, the initial and simplest version of your software.
- UI/UX design for app-user interaction and engagement.
- Technology turns your idea into code.
- Thorough app testing to ensure no bugs, seamless operation, and high-traffic tolerance.
- Launching to the market.
Cost of Personal Finance App Development
The estimated cost of designing a personal finance app ranges from $40,000 to $80,000. The complexity of the features you want to integrate, the details of the UI/UX design, the use of modern technology, and so on make it nearly impossible to provide accurate statistics for the cost of app development.
How Much Time Does It Take to Create a Personal Finance App?
Building a money management app can take as much as 6-7 months of full-time effort or 2000-2500 hours of work. It’s little wonder that this strong instrument for managing one’s finances is gaining popularity among so many individuals, given the high cost involved.
