How to Develop a Personal Finance App?

With rising incomes and expenditures, a personal finance app is almost a necessity for people. They offer various advantages and cools off worries with managed and well-kept transaction and finance logs. If the idea to create a perfect personal finance app struck your mind, we would help make it a reality. In today’s blog, we will discuss everything you would want to know about personal finance app development and the features you can choose from when getting one developed. Let’s first get started with what personal finance is and what does a personal finance app offers. 

What is Personal Finance?  

Personal finance includes most money related matters for an individual, be it taxes, budgets, payments, and more. It is useful for both short term and long-term planning, and you would need it to sort out your finances. As we said above, times are changing, and so is the economy, people now have more money than ever, and it’s mostly digital. To take care of all of it is to take care of personal finances, and an app can make it easier. 

Recommended Read – Top 10 Best Personal Finance App Of 2021

What Purpose Does a Personal Finance App Serve?  

A personal finance app is built around the idea to make financial planning and management easier. We build apps with integrated APIs, which can make it easier for users to fetch their overall spending with just a few taps. An app can enable an automated finance management environment for users, depending on how much you are willing to invest in it.  

The goal of a personal finance app is to make the user’s finances more manageable.  As far as how to develop a personal finance app? All you need to do is set goals, and choose the features mentioned below, the rest will be done by us.  

Setting the Goals and What You Are Trying to Achieve 

Being a visionary is important, but so does being a realist. The foremost step to getting a personal finance app developed is planning towards what you are trying to achieve with the app. Many personal finance apps lack various features, and choosing them for your app can make a difference. We as your mobile app development company will help you choose the best, and plan out the app just the way it would make a great fit for your users. 

Features to Include in Your Personal Finance App 

1. API Integration 

Integrating APIs from other apps will allow you to create an all-in-one personal finance app. While there may be some accounts that cannot be integrated, most popular financial institutions now offer their APIs to be integrated directly. We usually put this feature and recommend it as a top priority in finance apps, as if the user would have to put the data manually, what’s the point of having an app rather than a simple excel? 

2. Wallets Integration 

Long gone is the time when people depended on banks for digital currency; even currencies are slowly becoming obsolete now. Your goal for your app should be to integrate all the possible wallets user may have directly into the app. A major part of personal finance requires real-time fund balances in wallets, and that can be achieved when you integrate them all into your application. 

3. Categorisation 

While this point may sound a bit mediocre, what we truly mean is a proper categorization of every transaction, based on, say, currency types. There are 100s of categorisations you would need to make your app a success, and we say this with experience of building various personal finance apps. Balance out the plan you have to ensure you get the best final product, and if you want, our consultants can help you out with it.  

4. Formulas 

Even though a niche audience would require it, adding specific formulas pre-applied to the account can be a huge benefit to users. You can even go further to add a specific calculator with those formulas on tap, enabling users to get the information they want in just a few taps. Including this can enable you a complete user base who has been missing this feature in other apps.  

5. Digital Representation 

Graphs are good but think of ways of making it even better than that or let us do the hard work. Our team of designers will add different digital representations to make your app stand out from the competition and ultimately be more satisfying for users. If you are planning to take your app to the next level, make sure you emphasise digital representation, no matter who you get your app developed from.  

6. User Experience 

The best feature to have in the 21st century is a good or great user experience. No matter if you can reach the top with your idea until your app speaks to the users and is liked by them, being successful remains far-fetched. Make sure you invest in user experience, as without a likeable app, people would rather move to competition than giving it a try.  

7. Customer Support 

While it may seem unnecessary in a personal finance app, you should include it even if you cut down the scale of service representatives. A customer always needs things quickly. No matter how good of a wizard we create for you, some customers just want to hear it from a service representative. Adding customer support also builds reputation amongst users and enables an always a call away image.  

8. Chatbot 

Apart from the customer support that chatbots are usually used for, there is way more than that in the case of personal finance applications. An NLP based chatbot can be integrated to ease inputs and outputs. For example, the user would simply search their total expenditure instead of scrolling and calculating in the app, and the chatbot would provide it right there. 

Conclusion  

Making a personal finance app is an amazing idea, but only if you can get it perfectly right. We all know how essential finance management is, and if your app is liked by a user, they are probably going to be your lifetime customer. Our aim is to create an app that is loved by your customers, and the one which helps you grow as a business. We can include all the features mentioned above in your app and help you gain an advantage over the competition.  

If you are planning to get your own finance app, reach to us at your convenience, and we will help you out with everything. Our consultants are experienced in creating the best plan, while our developers can help build the best performance app there is in the market. We at Matellio will take care of all your development needs, reach out to us and we will help you in and out.