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You can no longer imagine life without mobile applications, as they make your life convenient. Technology has reached a point where it can simplify a variety of activities such as shopping, listening to music, and navigating through cities. Due to this, developers are always on the lookout for things that they can streamline, which gives their apps high chance of succeeding in the crowded mobile application market.
One area which has been gaining a lot of importance over the past few years is personal finance, as people find them extremely useful. With a personal finance app, your users can keep track of their expenditures effectively and efficiently.
If you look at some of the top personal finance apps, such as Mint, Monefy, Money Lover, and Money Manager Expense & Budget, they have millions of users. Before dwelling on the topic of app development, let’s first understand why personal finance applications are helpful to users.
Personal finance app – Importance
- Find all the information in a single place
One of the main reasons why personal finance apps are popular is due to the availability of information in a single place. For example, a personal finance app will show information such as when users need to pay bills and their expenditures.
- Helps users save money
Another reason why a large number of users use personal finance apps is to maximize their savings efficiently. For instance, users can find out where they spend most of their money and take the necessary decisions to reduce this expenditure.
- Saves time
The personal finance app saves a lot of time for users, as they no longer need to go through their message history or bills to know about their expenditure.
Five tips for building a top-notch personal finance app
- Choose between linked or manual entry
There are two types of personal finance apps – your users have to enter information manually or one which draws data from their bank accounts. In manual entry personal finance app, your users get to decide the sources of expenditure and income. As the app doesn’t have access to the bank account, it becomes perfect for users who only want to keep a check on their transactions. Due to the lack of sensitive information, there is no need to invest in security features.
On the other hand, linked personal finance apps use information from the user’s bank account. As a result of this, your users can see all the financial information from a single place, making it convenient to keep an eye on their resources. Given the fact that these apps have to handle sensitive information, security is of utmost importance.
- Make it available on all platforms
To ensure that the personal finance app has maximum visibility, it should be available on all platforms. In other words, your users should be able to access their financial information, regardless of which mobile OS they use – Android or iOS.
- Pay attention to security
If you go the route of linked personal finance app, then you cannot afford to make any compromises in security. If there are any security problems with your app, it will have a tremendous negative impact on your user base. For instance, they will migrate to your competitors’ apps, a situation you want to avoid at all costs.
During the development stages, make sure that you identify all the possible risks and use solutions to overcome them. For example, you can encrypt all the data, which will make life extremely hard for cybercriminals. At the same time, you can use other methods of authentication, such as using passwords or fingerprints to open your app.
- Simplicity is king
As explained above, the whole point of using these apps is to make it easy for users to track their transactional data. Due to this, the user interface of your mobile app should be easy to use, with a small learning curve.
It is quite easy for your users to get lost when looking at financial data. When your users use your app, the graphs and reports should be easy to follow with just a glance. Keep the user interface free from clutter, with the help of intuitive menus and gestures.
- Use notifications
One of the best ways to ensure your users are in the loop about all their finances is via notifications. For example, when your users have to make upcoming payments for various bills, make it a point to notify them at least a day or two in advance.
Similarly, when they are going over their daily budget constraints, your app should inform them to stay on track. You can also display a tip on how to save money effectively through daily notifications.
With these five tips, it becomes easy to build a top-notch personal finance app. As developing a personal finance app can be challenging, it is best to take the help of professionals. Robust Tech House, a premier mobile app development company, can help you build the perfect personal finance app at the right price!
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