When it comes to managing money, be it bank account management or financial planning, financial apps such as Mint, Acorn & Good Budget are there to assist you.
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 expenses essential to manage their budget.
According to a recent report, 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.
Mobile phones have become a necessity in our lives, and a phone without apps is a useless screen. Around 90% of the time people spend on their phones is on an app. With more than 2.9 million apps available for downloads, it is clear that apps are an effective way to engage the audience and build brand credibility.
Table of Content:
Before starting, you need to read about financial apps:
What are the Financial Apps?
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.
Types of Financial Applications
The financial industry has already merged technology and innovation to solve corporate needs and provide customers with an engaging experience even when dealing with difficult money management tasks. That is why there are a lot of financial application software companies using finance apps, each of which is aimed at achieving a specific goal of the financial corporation or its users.
1- Payment Gateways
These are the apps that deal with credit and debit card payments through a reliable payment gateway service. So, how has technology transformed the payment industry? 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.
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
The financial forecasting app is one of the best finance app ideas for startups. Money is another resource that needs to be taken care of properly and intelligently. 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 they are currently spending.
Forecasting apps create charts that show the future cash flow situation by analyzing the spending patterns.
4- Financial Management Software
Financial Management software is the best way how financial apps to simplify businesses. These softwares binds together all the data from the financial apps and tools. By analyzing the personal and business accounts, the software provides historical financial statements 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.
List of Well-Known Financial Apps
With it, let us now indulge in the features of the finance app design that will ultimately decide the Cost of finance app development.
Features to be Added to 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 the app will incur. Also, if one adds financial technology like blockchain, AI, AR, and VR technology into the app, the overall cost estimation will come up at the higher side of the graph while taking a good amount of time for financial application development.
Get a clear picture of how much time it takes to develop a mobile application to understand things from the very beginning.
1– 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 applications, challenges are turning into opportunities.
To offer such a feature in the application, highly functional iOS & Android app developers need to show highly functional user dashboards along with offering easy-to-access banking tools. Also, the app should be developed with a simplified user experience while the onboarding process should be short and worthy.
2– Cross-Platform Functionality
Another feature that can be included in the financial application is cross-platform app platform frameworks along with the integration of emerging technologies like IoT and PWAs. Financial application development companies need to look into ways to streamline the process along with helping the user to save time and effort while transacting.
3 – Security
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 trends allow complete transparency with authentication which is something many mobile app developers are trying to integrate into the mobile app.
4 – Artificial Intelligence
Isn’t it cool that you will get notified when spending over the limit? Well, the process is possible with AI-powered chatbots app development solutions that can notify about the over-the-limit transactions. Technologies like AI in development and using the same in the application ultimately add up to the pre-decided finance app development cost without AI.
5 – Simplified UX
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 UI/UX design solutions should never be taken for granted and be given full consideration at any cost.
6 – Personalization
Financial solutions can only be made when there is adequate information about the user 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.
7 – Tracking & Analytics
With the option of tracking and analytics, it becomes handy for users to get an overview of their financial technology with financial activities to manage funds and money properly. Histories and other information should also be there for a detailed analysis of the overall transactions.
8 – Points & Rewards
Rewards and giving points are the best therapy to attract users to use the app too frequently. Various apps offer some or other rewards like cash back, coupons, discounts, and credits to attract more users.
9 – Introduce Social Media
Last but not least, before moving towards how much it costs to make an app for your business is the introduction of social media.
Social media is something that can attract several 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.
How Do Financial Apps Make Money?
There are many ways to earn money through financial apps, a few among them are–
1 – 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.
2 – Referrals – by charging referral fees, one can generate revenue through financial applications.
3 – Partner network – retailers who are available online want customers to buy their product, taking this loss point can generate revenue through the financial application. By partnering with merchants can earn one commission for each sale.
4 – Premium fee – charging some fees for unlocking premium features in the financial app can also generate revenue.
How Much Cost of Finance App Development Estimated?
There is no specific finance app development cost as the cost truly depends upon the app’s features, functionality, and functions. Integrating emerging and evolving technologies and advanced techniques like AI, VR, AR, Cryptocurrencies and the Blockchain these trending technology 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 abandoned apps because they no longer needed them saying that other apps covered their financial needs.
The average cost range of developing a mobile application is anywhere between $5,000 and $80,000.
How Appventurez Can Help In Building Finance Apps?
Appventurez is a leading FinTech mobile app development company that offers high-quality solutions to all sizes of businesses. Our experienced mobile app developers are skilled in providing you with mobile banking solutions for your Android & iOS app development solutions & several other integration services to streamline the banking process.
At our fintech software development company, we have several things to offer;
- Robust UI and UX design solutions
- Blockchain development
- Custom web application development
- Integration of Data Science and Big Data
- Reliable and Secured IoT solutions
- Management and FinTech application development
- Quality Assurance, Testing, and Deployment
Q.1- What is a personal finance app?
A personal finance app is connected to your banking account & transfers data about your income reveals your money management patterns & suggests better ways to spend your available funds based on your financial goals. Of course, FinTech apps can have a wider set of features as per the users’ issues they are resolving & the value they are providing.
Q.2- What are the best examples of personal finance apps?
The best personal finance apps have different functionality, however, one target is to teach users how to manage their money, build the right financial habits, and stop overspending and acquiring debt. Some best examples of personal finance apps are Mint, GoodBudget, Acorns & Joy.
Q.3- What are the features of the money management app?
Here are some features of the money management apps:
- Log in
- Credit/debit card integration
- Regular payments
- Saving and investment features
- Data analysis
Being an enthusiast tech geek, he is leading the team through immense support and guidance along the software development journey. He has the capability to utilize multiple technologies and frameworks while building the futuristic digital products.
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