Tracking and maintaining personal finances can be a daunting task, but the process becomes much easier with a smart personal finance app. The purpose of a finance app is to keep the user connected to their bank account and help keep a check on their spending. In addition, with a personal finance app, users can track upcoming bill payments, and their credit score and maintain an investment portfolio.
Considering that mobile finance apps are among the leading fintech trends in 2022, there is no wonder that more and more personal finance apps are surfacing the digital markets. But what are the factors that influence the popularity of a finance app? In this article, we will explore the top 4 factors to building a great personal finance app that is useful and delivers an excellent customer experience.
How Сan You Build A Stellar Personal Finance App?
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There are two types of personal finance apps:
- Simple apps with manual data entry,
- Complex apps that use an automated data entry system
Here are a few tips that an app developer should keep in mind when getting a finance app ready for launch:
Simple User Interface
The most important feature that makes a big difference is a clean and easy-to-use app design. The best finance apps are the ones that strike a perfect balance between app functionality and design. All the features of an app become insignificant if users are unable to understand and access it.
To create a finance application that offers an amazing customer experience, you must understand your target audience and their pain points. The easier your app navigation is, the more customers will use it regularly. Moreover, you should avoid using jargon since everyone doesn’t have the financial knowledge to understand what’s happening on-screen.
A simple user interface ensures a satisfying UX. The font used in the app should be readable and attractive. Good screen flow is also paramount for a great user experience. In addition, the display should show information that is needed and isn’t overwhelming for users. While building a personal finance app, you should make sure that it is inclusive and accessible to widen the reach of your app and increase its appeal. Don’t forget about people with disabilities, since that segment spends over $120 billion annually.
Integrated Customer Experience
An average customer is looking for a finance app that is a one-stop solution to all their financial management problems. This means that your finance app should effectively integrate all financial accounts of the user, including loans, mutual funds, credit cards, debit cards, etc.
An app that effectively delivers consolidated information helps users make better decisions and increases your app’s usefulness. Moreover, an integrated finance app enables users to trust and rely on the information provided, reducing their chances of switching to another app.
Integrations allow finance apps to streamline processes for users, encouraging them to adopt your app. Research reveals that 55% of consumers feel that they receive a disconnected experience from their financial service providers, and 57% would consider switching to other service providers for a more integrated user experience.
This goes on to show how you can use this information to win over customers that aren’t satisfied with their current financial service providers. You can use an Application Programming Interface (API) to connect several platforms and encourage the exchange of data. You can even offer your customers cross-border payments and currency conversion for a smooth and enhanced user experience.
Robust Security System
Did you know that according to the 2021 Global Risk Report, cyberattacks claimed 4th position as the most prominent threat the world faces in the years to come?
Security is a leading matter of concern for most users when it comes to finances. Since the customer trusts your app with their confidential details, the onus falls on Fintech companies to provide a secure and protected platform.
Technologies such as multi-step authentication, biometric security measures, and real-time alerts increase the credibility of your personal finance app and help deliver secure solutions to customers.
Here is a security checklist that you should follow:
- Encrypt data at all levels,
- Encrypt assets,
- Use strong encryption,
- Root certificate check,
- OS security check,
- Trusted external apps,
- Secure data cleanup
AI-driven Apps
Artificial intelligence has transformed personal financial management apps by allowing users to experience greater personalization. According to research, 61% of bank customers prefer personalized recommendations for better financial management.
According to Allied Market Research, the finance software market is going to reach $1,213 million by 2023, with an annual growth rate of 6.4%. This shows that AI-driven financial solutions will have a higher demand with time.
An AI financial assistant isn’t a new concept for fintech companies, but its application in personal financial management has helped users achieve what most simple budgeting apps can’t. What makes this concept popular is the fact that AI assistants not only track users’ expenses but also learn from their spending behavior. Since it can predict users’ actions based on their prior activity, AI assistants can offer useful recommendations.
An AI-powered finance app ensures that users can make smart decisions and manage their money better by stopping them from wasting it on unnecessary things. Moreover, it offers a more meaningful user experience than traditional finance apps.
Final Words
If you think about building a personal finance app that caters to your requirements and delivers a great customer experience, we are here to help. Owlab Group is a software development company located in Ukraine and Estonia that provides fintech solutions. We help businesses kickstart, develop, and succeed. Owlab solutions aren’t limited to fintech and also include such domains as healthcare, retail, blockchain, and more expertise.
We are ready to take on new projects and deliver custom software solutions for businesses. Visit our website to view our projects and contact us for sharing your requirements!
