Writing down expenses in a notebook is not very useful. Making notes on a smartphone is also inconvenient.
Fortunately, a financial software development services provider has long taken care of us and created applications to track our personal finances.
Each of us knows that feeling when at the end of the month we are surprised to find that there is not enough money in the account. That's because most people don't plan their income and expenses and don't keep track of transactions.
Personal finance apps allow you to record all your expenses in a few clicks, categorize your spending and manage your finances with ease.
Let's take a closer look at what financial apps are and find out what it takes to create them.
User expectations for personal finance apps
Charts, and infographics - will help make it easier to manage and understand the added data. Visualization is especially relevant for financial applications because of the use of numbers. Graphics will help organize the information.
Make sure the app is completely secure. Financial data is the user's personal information, so you need to create a secure environment in the app. Think about multifactor authentication, secure cloud services, and encryption.
Ease of use
Users are more comfortable when it takes no more than three clicks to perform an action in the app. Simplicity and ease of interaction with the application should be your priority in development.
Use useful content. Binariks mentioned prompting people on how they can cut down on spending, increase their financial literacy, and add challenges.
Why do people use financial apps
Personal finance apps allow people to stay organized and predict their spending. This way they can save capital for unplanned expenses and have more control over their finances overall.
Financial management and expense tracking by category create a clear visualization of when and where money has been spent, helping to plan a budget.
Basic steps in creating a financial app
The process of developing a financial app, just like the development of any other product, begins with identifying your target audience and includes several basic steps: competitor analysis, feature selection, technology stack selection, and the actual development, promotion, and marketing teamwork.
Find your audience
Understanding your user makes many tasks easier: it helps you create a better product, define your feature set more precisely, and build a strategic and effective promotion plan.
Do your research and determine the basic criteria for your user portrait.
In a financial application, it is essential to ensure good protection of the user's personal data:
Use two-factor authentication - add authentication with a password and code sent in a text message, email, or phone call.
Reduce session time to reduce the period when the application can be launched in the unsecured mode.
Use discreet and dim fonts to display information to avoid data leakage if a person uses the app in a public place.
What features should I include in my financial app
Start with the basic features that every personal finance app has.
- Account authorization: make this process quick and easy, but remember that it needs to be secure as you are working with a lot of personal information.
- User Profile: required for users to enter general information with the ability to change it.
- Income and expense tracking: allow all transactions to be monitored, get quick access to them and use filtering to see the data for a certain period of time.
- Categorization: users need to categorize their expenses to better understand and manage their budget.
- Notifications: notify the user of upcoming payments and expense increases.
You can also add more features to your personal finance app.
- Goal setting: have people set goals, such as setting aside $100 a week, or participating in challenges to develop useful financial habits.
- Linking to bank accounts/cards/payment services: link the app to other financial services to give users sync and automate some processes.
- Calculator: good addition to the feature list, allowing quick calculations without having to switch between apps.
- Currency converter: This would be a great feature for people who travel a lot.
Once you've decided on the functionality and general idea of your budget tracking app, choose the tools and technology you'll use to build the product. This toolkit will include libraries, programming languages, frameworks, etc.
The backend stack includes the programming languages Ruby, C++, and C#, which are considered the best for financial products.
Databases need to be secure and be able to process queries quickly. Among the best options are MongoDB, and Kibana.
Depending on the complexity of your application, you may need to consider API functionality and AI solutions.
Create a user-friendly UX design
Financial management should be simple and straightforward. Show only necessary information so as not to overwhelm users. We recommend using simple language so that everything is easy and understandable. The finance app should not be overloaded with heavy terminology.
Test and launch
When the development stage of the financial application is almost finished, and you are ready to present the first MVP, the main work is in the hands of the QA team. Their job is to test the application and identify any shortcomings.
Try to involve people who have something to do with finance in the process.
Once everything has been tested and improved, launch the app. Keep in mind that launching doesn't just mean putting the product in stores. A good marketing strategy will be largely responsible for the success of the product.
Tips for creating a successful financial app
To summarize, let's put together a list of key things to consider when creating a personal finance app.
- Think about your customers and their needs. Always build your development process around the needs and expectations of your users.
- Focus on simplicity. User-friendly UX design and data visualization will not leave users indifferent.
- Security. Protect your customers' data.
- Use gamification. Engage users with interactive content and helpful budgeting tips.
- Creating a financial app in 2022 is a great idea. Don't be intimidated by high competition. Being able to control your finances in a mobile app is what users want. So go ahead and create another cool tool to control your budget.