From getting an update about the weather, getting an update about the favorite sport to booking Uber on the go is just one click away. Thanks to smart technology- smartphones and smart applications that enable us to get instant updates irrespective of the location, or time.
And when it comes to managing money be it bank account management or financial planning, financial applications like Mint, Acorn, Good Budget etc are there to assist us.
There is a percentage of people who find finance management or other related monetary activities technical whereas the rest of the percentage believes in tracking their personal expenses essential in order to manage their budget.
In a recent study, it was found that more than 70% of youth have financial literacy. Seeing the potential of financial apps and their success, financial firms are happily investing in developing finance-based applications. If your aim is also to build an app like Mint, Robinhood, then you are in the right place.
Here in this article, we will be discussing how much the Cost of finance app development estimated along with its other corners.
Before starting, there is a piece of humble advice- sit on your comfy sofa, grab a few snacks since the read is going to be usefully long.
A Quick Revision of What Financial Apps Are-
Be it managing monetary flow or planning complicated financial things, financial apps allow users to track, monitor and make monetary transactions in a transparent and detailed manner. These apps have certainly revamped the traditional way of banking and made it easy to make everyday transactions.
Apart from monitoring, tracking transactions, there are type of app you choose to develop Let’s check them out-
Types of Financial Applications
- Payment Gateways
- Budgeting Apps
- Financial Forecasting Apps
- Bookkeeping Software
- Financial Management Software
1. Payment Gateways
These are the apps that deal with credit and debit card payments through a reliable payment gateway service. The service allows one to process a variety of payment methods that include debit and credit card payments along with offering alternative payment methods like PayPal and payments from eWallet.
2. Budgeting Apps
These are the apps that allow users to manage, create and follow budgets just like Mint and You Need a Budget do. These kinds of apps are easy to use and can be downloaded directly to the mobile phone.
3. Financial Forecasting Apps
Money is another resource that needs to be taken care of in a proper and intelligent manner. Also, monitoring is equally important and sometimes it becomes mandatory to check what will be the consequence if one keeps on spending at the same rate he/she is currently spending.
Forecasting apps create charts shows the future cash flow situation by analyzing the spending patterns.
4. Bookkeeping Software
These are the apps that not only track income and expenses but also sends invoices and receipts to the users.
5. Financial Management Software
Financial Management software binds together all the data from the financial apps and tools. By analyzing the personal and business accounts, the software provides historical financial statements in order to create a three-to-five-year financial forecast for the business. Furthermore, the management software is also capable enough to manage the business to personal finance, credit score to tax returns.
Here are statistics showing how Finance apps are evolving and making everyday transactions easier, smoother and safe.
- According to the research conducted by Askwonder, in 2015 the money management apps market in the U.S. was estimated worth $24.5 million dollars and the number of users was 18 equal to 12,816,140.
- Another research made by Frost and Sullivan, showed that nearly 45 m consumers use their mobile devices for mobile banking and finance management on a daily basis.
- 94 % of users check account balances or recent transactions
- 58 % of users transfer money between an individual’s own accounts,
- 56 % of users use banking apps to receive an alert (e.g., a text message, push notification, or e-mail) from their bank.
- 64 percent of millennials have at least one full-service banking app on their phone.
- 34 percent of those between the ages of 18 and 34 say they have at least one budgeting app on their phone.
- 43% of users who paid to download a finance app reported doing so because the app had good reviews.
List of Well-Known Financial Apps
With it, let us now indulge in the features of the finance-based application that will ultimately decide the Cost of finance app development.
Features to be Added in Financial Apps
Features, functions, and functionalities in the application determine the Cost of finance app development. The more the features are, or complicated, the more time and cost app will incur. Also, if one adds technologies like blockchain, AI, AR, VR into the app, the overall cost estimation will come up at the higher side of the graph while taking good amount of time.
Get a clear picture of how much time does it take to develop a mobile application in order to understand things from the very beginning.
Breaking of Complex Finance Mechanism
Earlier things like foreign currency transfers, micro-investing, and POS sales were a bit challenging, but with the arrival of finance based mobile application, challenges are turning into opportunities.
In order to offer such a feature in the application, mobile app developers need to show highly functional user dashboards along with offering easy-to-access banking tools. Also, the app should be developed with simplified user experience while the onboarding process should be short and worthy.
Another feature that can be included in the financial application is cross-platform functionality along with the integration of emerging technologies like IoT and PWAs. Mobile app development companies need to look into the way to streamline the process along with helping the user to save time and effort while transacting.
Security is another feature that should be strictly considered just like offering ease in the transaction. For strengthening the security feature, introducing Blockchain can cut out the middleman transactions along with changing the way to transact at a fundamental level.
Blockchain technology allows complete transparency with authentication which is something many mobile app developers are trying to integrate into the mobile app.
Another security feature that can be added into the app is account authentication that provides valuable information to the users about the financial picture of multiple accounts. The more tight and secure feature will introduce in the app, the more costly the process will become.
Say YES to Artificial Intelligence
Isn’t it cool that you will get notified of when spending over the limit? Well, the process is possible by creating AI-powered chatbots that can notify about the over the limit transactions. Technologies like AI and using the same in the application ultimately adds up to the pre-decided finance app development cost without AI.
As mentioned at the very beginning of the blog, for many people, finance is a tricky affair yet the most essential thing. Thus, to offer novice people a great experience while offering great help to Pros, financial apps should deliver simplicity and important things. Also, the app should be made to break complex calculations, transactions, and processes effectively and correctly. Not to forget that the quality of UX should never be taken for granted and be given full consideration at any cost.
Financial solutions can only be made when there is adequate information about the user in order to provide them with tailor-made solutions. With the option of personalization elements in the mobile app, it becomes easy to identify the user preference for providing tailor-made solutions and other promotional strategies.
Tracking and Analytics
With the option of tracking and analytics, it becomes handy for users to get an overview of their financial activities to manage funds and money properly. Histories and other information should also be there for a detailed analysis of the overall transactions.
Points and Rewards
Rewards and giving points are the best therapy to attract users for using the app too frequently. There are various apps that offer some or other rewards like cashback, coupons, discounts, credits in order to attract more users.
Introduce Social Media
Last but not the least feature before moving towards how much does it cost to make an app for your business is the introduction of social media.
Social media is something that can attract a number of users in less time. Also, including this feature in the financial app can make users connect with the app while sharing their opinion, rating the service and reviewing the process.
These are a few features that are important and can also pile up in the overall Cost of finance app development. Ignoring any of it can result in user retention rates and the overall success of the app. Hence, ignoring quality over quantity will affect the app for the long-term.
When things are on the dicer side, we at Appventurez always offer the option of MVP app development to our clients in order to check the worthiness and actual requirement of the app in the market before going ahead with the fully functional application.
Now with things ready and information handy, let us go through the possible tech stack behind the financial applications. We never hide things when it comes to How much does it cost to develop a finance app and its quality.
Thus, it’s time to cover the tech stack used in the application that will greatly affect the overall performance of the app.
Tech Stack Behind Finance-Based Mobile Applications
How do Financial Apps Make Money?
There are many ways to earn money through financial apps, a few among them are–
- Advertisements – one of the best ways to earn money through financial applications is the typical method of monetizing a free app. By selling advertising space on the platform for a fee to companies can be a plus point.
- Referrals- by charging referral fees, one can generate revenue through a financial applications.
- Partner network- retailers who are available online want customers to buy their product, taking this lose point can generate revenue through financial application. By partnering with merchants can earn one commission for each sale.
- Premium fee: by charging some fee for unlocking premium features in the financial app can also generate revenue.
How Much Cost of Finance app Development Estimated?
It is overwhelming that you are still with us to know the conclusion of the whole story. Without any further ado, here is the conclusion-
There is no specific Cost of finance app development as the cost truly depends upon the app’s features, functionality, functions. Integrating emerging and evolving technologies and advanced techniques like AI, VR, AR, Blockchain, cryptocurrencies in the app will ultimately charge you more. Also, not using these technologies in the app can bring some drawbacks to it too. It is also reported that 53% of finance app users who abandoned apps because they no longer needed them saying that other apps covered their financial needs.
So, this is how the finance app development cost estimate takes place in Appventurez. Meanwhile, we got you a pro tip- The percentage is more than half to cause great concern among finance-based businesses. Why miss even a single dot to achieve what you are planning to achieve in the near future.
If you all convinced and want to build a finance-based application for your business too, get in touch with us today.
Co-Founder & Managing Director of AppVenturez Mobitech. An entrepreneur who is tech-savvy and aims to build the largest software business through technological innovation, keen business strategist and a passionate technocrat. He firmly believes in learning and earning by planning and performing.
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