According to the latest Report on the Economic Well-Being of U.S. Households, 70% of adults use personal finance applications to track their spending and to help them follow their budget.
Further, Gallup claims that the market value for the personal finance segment is expected to show steady growth in the coming years, with Its value surpassing $1 billion by 2021.
It’s clear that personal finance applications are not going anywhere anytime soon, so now is a great time to invest in building a solution to help users manage and plan their finances.
If your aim is to build an app like Payix, Mint or Money Lover, then you’ve come to the right place. In this article, we’ll discuss the tips and strategies that you should take into consideration during the development of a personal finance app.
10 Tips to Help You Build a Successful Personal Finance App
1. Security should be a top concern.
It should go without being said that users of personal finance apps want and need to maintain confidence that all of their sensitive personal data is being stored securely. Implement additional security layers into your app such as encryption, as well as advanced authentication methods like fingerprint identification, two-factor authentication, or iris scanning.
2. Prioritize the UX of your app.
Personal finance apps can be a bit boring and unengaging by nature. That’s why you must prioritize the optimization of User Experience (UX). If you simply present a mass amount of data to users without factoring in the experience that those users are having, it’s likely that you’ll witness low rates of user engagement. Ensure that your product’s UI is as uncluttered as possible, reports and data are easy to understand, and the flow of everything is intuitive.
3. Consider push notifications.
Keeping your users in the loop is imperative. Push notifications and other types of alerts on upcoming payments are a critical feature for personal finance management apps such as Mint. Make sure your reminders are timely and as non-intrusive as possible.
4. Leave room for customization.
One of the primary factors for why users are using personal finance apps in the first place is automated expense tracking. However, some users are more sensitive than others, and might not want to give a third-party app access to their bank account information. In these cases, you should consider providing the option of manual data input. Even if your app comes with automated expense tracking, it’s best to provide the option to edit or customize the data.
5. Prioritize convenience and mobility.
Today’s modern users are always on the go, and want their personal finance app to be easily accessible as they remain mobile. Make sure that you consider making custom widgets accessible in order to offer convenient ways for users to input data and keep track of where they stand.
6. Avoid display ads.
People typically don’t like seeing display advertisements in their digital financial solutions. If you choose to show ads in your interface, it will come off as spammy and un-secure. That being said, a freemium strategy is a viable option. Consider offering a basic version of your app, as well as a plan with additional paid features.
7. Plan for family sharing options.
A current gap that is not being adequately accounted for in the personal finance app market is the ability to create joint bank accounts, or to track all of a family’s finances from one digital solution. If you’re building a personal finance app, you should consider adding these capabilities to further separate yourself from the competition.
8. Real-time data synchronization is a must.
Your personal finance app should allow for real-time synchronization between devices, as well was with bank accounts. This can be done while the app is running in the background of a users smartphone.
9. Target a specific audience.
The majority of the personal finance apps that are currently on the market target users in the US. By targeting a less saturated local market outside of the US will provide a lower barrier for entry, and will mean that there are less competitors in your space. You can also consider targeting particular personas, instead of using geographical targeting. For instance, your app might be designed and optimized for college students to help them pay off student loans.
10. Keep your app lean.
Don’t overcrowd your personal finance app with excessive features or capabilities. At the end of the day, most users don’t want an overly complicated solution. Don’t overthink things by adding additional functionality, and opening yourself up to user confusion, and the risk of bugs.
The FinTech market shows a lot of promise as we enter the new year. If you’re looking to take advantage of the opportunities that come with launching your own personal finance app, then be sure to check out the following resources:
- How Banking Apps Are Enhancing User Experience
- 5 Ways Mobile Banking Helps You Connect with Consumers
Do you have an idea for the next great financial app, but don’t know exactly where to start? Koombea is here to help!
Our team of qualified and experienced developers has built solutions for big players in the FinTech market such as Paymentez, Payix, and more!