The 70s are way behind us, and it’s safe to state that we no longer use heaps of receipts to track our expenses. Yet, we need to keep records of our finances now that saving money has become synonymous with survival. With that in mind, personal finance and budget apps have emerged as a real lifesaver helping us manage our expenses and savings. People suffering from impulsive spending and inefficient budgeting can really benefit from the extensive budget management app development that modern mobile app development companies are investing in.
They provide a substantial value to the users and hence, are in high demand at present. Let us go through the basic features of such financial management apps and understand how it benefits us.
Different types of financial management app development
Personal finance apps can be categorized into two fundamental parts-
- Basic manual data entry apps
These mobile apps require the user to put in financial data manually. The app keeps proper track of all your expenses and helps you plan your future investments using its features. Besides, these apps are easy to use and can provide simple benefits of finance tracking. But these can be a bit time consuming as it requires the data to be entered manually.
- Advanced finance apps
These applications are useful to automate the entire process of personal finance management. Individual money management and even startups use such advanced mobile applications to manage their investments. It uses advanced features to fetch information from your accounts, hence automating the data entry. Users can therefore manage and access all their accounts under one application facilitating significant time-saving.
How relevant is personal finance app development presently?
The relevance of finance app development in the modern tech world can be perceived through the following stats.
- More than 60 percent of global Smartphone users keep and use a minimum of one finance app.
- 66 percent of such users manage their finances using multiple finance management apps.
- The personal finance sector is expected to reach a transaction value of almost $11,000 million by the end of 2022.
These stats reveal that the entire sector of financial app development is one the surge. More mobile app development companies are leaning towards budget management apps and investing heavily in them. With global users relying heavily on their smartphones to get their everyday tasks done, it’s just a matter of time when money management falls under its radar as well.
Must-have features of Finance management mobile apps
Contemporary money management apps are more or less similar in their approach to financial tracking and management. Yet, they differ significantly in UI and various features. Although different mobile app development companies include their specific design approach in their own versions, there are a few features they cannot do without. The key features that every developer in finance management app development must include the following elements.
- Expense tracking
One of the most basic yet inevitable features of a personal finance app is expense tracking. Users need to track their daily expenses to manage their finance effectively. Real-time tracking of their spending is a fundamental approach in every budget management app. Users can also add multiple accounts and track both of their expenses through one mobile application. With effective tracking of their expenses, the app can then provide insights into their investments and savings plans.
- Account segregation
The modern-day consumer uses multiple accounts along with their respective debit and credit cards. As mentioned, users will want the developers to incorporate these accounts within the financial management app. Moreover, a data stream called Open Financial Exchange is deployed to accumulate all the data generated by these accounts. This stream facilitates seamless data exchange from Open Financial Connectivity and Open Exchange File formats.
- Financial goal setting
The need of the hour is to set proper financial goals that can pay us rich dividends in the future. The main objective of the budget management app and personal finance app is to assist us in that. Hence, the apps need to include able features that set convenient financial goals as per our income and expenditure. Only if we can set financial goals will we be able to materialize them and derive usable benefits in the future.
- Provide Reminders
A smart app must be able to notice the boundaries even when the user cannot. Thus, Smart financial management apps must chalk out a threshold for expenses and notify whenever the user appears to be crossing that. It must also enable notification for every transaction and due payments. The interaction level of the app would make it indispensable to the user.
- Advanced security
And of course, any application dealing with sensitive information like finance must provide top of the shelf security. Developers can integrate blockchain concepts to cut out any middleman and make the transactions more secure. Consequently, it provides transparency and authentication to every transaction. Hence, it enhances data security at every level. SSL encryption is also a strong tool to secure sensitive information.
Benefits of app development related to Personal Finance
Major organizations worldwide are keen to invest in personal finance app. Let us learn how it will benefit the common user.
1. Manages finance securely
When you use a personal finance application to track your daily expenses and investments, you feel more confident about it. You remain in control of your wealth and know how to distribute between occasional luxuries and must-buys. On top of that, you also manage to set aside some money for your savings.
Moreover, your monthly budget never takes a toll due to this efficient budgeting that the app does for you. In months where your income or expenses isn’t favorable, the app allows you to smartly make necessary adjustments.
2. Make good financial decisions
Having a good money management app prevents you from making impulsive purchases. In the case of your investments and funds distribution, it provides insights that guide you henceforth. Besides, proper decision-making is instrumental in building a good financial portfolio. The right finance management app facilitates just that.
The cost incurred in developing a personal finance management app
All the basic aspects included in the development of a personal finance app would cost a mobile app development company around $35,000. On the other hand, if we integrate advanced features and cross-platform applications, it would cost more than $50,000.
The increasing benefits of financial management applications have compelled more mobile app development companies to dwell in personal finance app development. Furthermore, it is a trend that is likely to benefit both consumers and providers worldwide.