Imagine, you are waiting in a bank queue for your cheque to get deposited and then waiting for a few more days to get it cleared. Well, this was the situation a few years back, now with the arrival of financial apps transacting is as easy as clicking the OK button.
Financial apps are obviously a boon for the common men but it is a great help for a business owner too. The focus on getting and keeping customers happy sometimes blurs the pathway of the financial side of the business. Business owners who have the back of accountants and financial advisers are always safeguarded from managing the flow of money and matching the balance sheet whereas small business owners without a staff need to look at their financial management activities too apart from attracting more customers.
Here, finance mobile app development solution takes the role as a lead and offers ample opportunities to mobile app development companies for developing financial apps that are apt, unique and can easily made transactions without a glitch.
In short, it will not be wrong to say that the financial app solution is the savior when it comes to managing, monitoring and checking the transactions and monetary flow in a compact way. The availability of passbooks, monetary statements, and other features makes the application a complete package without the need to entertain and indulge the third person.
Check out how people are reacting towards finance mobile app development solution-
- Investing and stock-related app searches such as investments app, penny stock trading app have grown 115% YoY.
- 67% of users prefer finance apps that store their preferences to make future activities easier.
- 6 in 10 smartphone users prefer using a finance app over a mobile site to check their investments.
- 38% of finance app users who paid to download a finance app reported doing so because the app offered features or functionality unavailable on free alternatives.
- It is reported that 70% of the respondents check their banking mobile app at least once a week whereas 16% check it every day.
- 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.
Witnessing the data and numbers made several financial companies invest in the process of finance mobile app development solutions. Here is the list of them-
Famous Financial Apps
- Best Money Management App: Mint
- Best Debt App: You Need a Budget
- Best Tracking Expenses App: Wally
- Best App for Easy Saving: Acorns
- Best Cryptocurrency App: Coinbase
- Best Investing App: Robinhood
- Best App for Freelancers: Tycoon
- Best Cost-Splitting App: Venmo
These apps are just the beginning, there are pools of apps lying beneath the sea of the financial application. The success of these apps has open doors to finance app development for small business too.
With the support ready, let us get some in-depth understanding of how financial apps simplify businesses in a calculative way.
A Gist Of How Financial Apps Simplify Businesses
- Connectivity To The Bank Account
Streamlining monetary and fund transactions is another feature of the financial app, the core lies in saving both time and effort and managing everything properly.
By connecting users directly to the bank account via the application saves a lot of time, effort along with offering ease of making transactions. The need for entering bank details every time when opening the app eliminates here and the comfort an app provides directly impacts user retention rate.
Here is a bonus read for you- Time tested strategies to increase the app’s user engagement level.
- Multiple Platform Support
When there is a number of users using fintech or financial management apps, it becomes mandatory to provide them apps that are capable of supporting all the platforms and varied smartphones. Aiming for the pre-defined or limited audience calls for a related platform that can help them to transact effortlessly without any glitch.
Also, it has been concluded that most of the successful applications are available in all the major platforms- Android, iOS, and Web. By seeing the success, financial firms are extending their support and expanding their reach to all the platforms.
- Saving Time And Effort
Business owners most of the time are in a hurry and many a time spend their time planning how to uplift the business or earn more ROI/profit.
Through financial applications, it becomes easy and efficient for the owner to make a payment or receive some along with keeping a real-time record of all in a single click.
If you are a business owner, having an app is a must and if you are a mobile app development company, crafting the application filled with benefits and ease in order to save time and effort is a priority.
- Accessible Analytics
One of the other reasons why some financial apps are so popular or why many financial businesses are showing interest in finance mobile app development solution is the fact that these apps offer a clear picture of users’ financial activities. Also, not just keeping track of the financial activities, users can also check out other specific information and transaction histories on demand.
Finance and monetary things are wrapped in a paper called security. Security is something that is the most required feature in a finance-based application.
Starting from common men to the business owner, security, no glitch, and the bug-free app remains a top priority, as even a single leak in it can cause greater loss. Finance app development companies are required to develop an app that is filled with great features, easy UI, and security functions leading all. Also, as finance is a risky and calculative affair, having fintech mobile app developers on the side is a plus point.
- Easy Payments
It is quite obvious for businesses around the globe to make transactions in many dollars that too on a daily basis. Instead of standing in a bank queue or waiting for the cheque to get cleared, financial apps can be taken into consideration for instant payment/receiving. Also, the transaction can be tracked, traced and can be analyzed later through history. The ease ultimately started the trend of payment apps for the small business too.
- Integration Of Blockchain
Blockchain might be a new concept taking its share of limelight from the last few years but its integration into the financial apps is the ultimate revolution. The introduction of it in the fintech domain is attracting more number of financial institutions to get finance mobile app development solution to strengthen their financial system digitally too.
Having an option of Blockchain, business owners can track their financial activities in a secure way. The technology is a vast concept and can only be understood by digging deeper and understanding its basics and working.
- Artificial Intelligence
Artificial intelligence is revamping almost every domain by storm, be it healthcare, retail, education or financial sector. The introduction of AI in financial apps is a great way to understand the next monetary move in a strategic way.
Making payments and receiving funds are regular activities for the business owner but to guess what can be done next and how/where to invest funds next can only be done with the help of AI. No doubt, AI is fueling and giving a push to money management apps in an intelligent way.
Check out how Artificial intelligence is revolutionizing the Fintech domain to understand the core of the process.
These are the ways through which financial apps are easing the financial activities of the business and there are many other ways in the list.
Startups and businesses by seeing the potential of financial apps/personal finance apps are also investing in the finance app development project, so why not you.
Check out how investing in finance app development project can bring you great benefits along with checking out how much does it cost to develop the app to get started.
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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