Nobody likes to go through mounds of receipts to monitor their spending. Saving is becoming a matter of survival, thus keeping track of your money is essential.
Personal financial applications can now help with ineffective budgeting and impulsive spending. Money management apps are in great demand and provide considerable value to consumers. Let our finance app development company examine the pros and drawbacks of budget planning and monitoring app creation.
Finance app market analysis
Let’s start by looking around.
Your new personal financial app must be tough. So, before you launch or even build your mobile app, thoroughly investigate your competition.
- Meet the big guns
Other personal money management applications are your main rivals. Despite their differences in functionality and emphasis, they target the same demographic.
- Banking applications join the fray
Traditional banks are targeting personal money management. Any modern banking software contains budgeting tools. Consider Alliant or Ally Mobile Banking. This implies greater competition. That implies you can sell the software to a bank.
- Conversational AI (Chatbots)
Apart from banking applications, your product’s rivals are FinTech chatbots. Chatbots and virtual assistants use conversational ai and may help consumers manage their money by integrating with messaging and banking apps or by themselves. They maintain track of funds, provide budgeting choices, and provide personal financial guidance. Cleo and Plum are two FinTech chatbots to remember.
- The audience ages
Around 26% of the global population is under 15. And it grows year after year. Similarly, several personal financial applications target a younger demographic. Apps that educate kids and teens about personal finance are becoming more popular. Consider Greenlight, Plan’it Prom, and BusyKid.
- Bitcoins are vital
Today, an app’s capacity to link crypto wallets to bank accounts is critical. Allowing customers to monitor and manage their crypto spending has become a competitive advantage. Mobile Bitcoin wallets like Mint. Others, like OSOM and Coinbase, specialize on maintaining crypto wallets and trading crypto.
- Embrace the business opportunity
Personal finance applications help spread financial inclusion. To comprehend income and costs, they teach financial literacy and money management. And today’s clients want it.
Millennials will inherit the most personal wealth of any generation, according to CB Insights. But they are uneducated about personal money. Credit Karma found that 56% of millennials believe their financial objectives are unattainable. 85% of them said they were so tired of dealing with money that they ignored it. Budgeting applications must grasp the moment and save the day.
Making a Mint-like app
Mint is one of the most popular personal financial applications. But it’s more than a budgeting app. It’s a bill tracker and a budget planner. Firstly, let us examine the app’s fundamental functions.
Features of Mint:
- Accounts grouping
- Budgeting and coding
- Financial objectives
- Keeping track of bills
- How to Save
- Finance study
- News (including credit score and net worth calculation)
- Refinancing
- MFA
- Messages and alarms (including fraud and identity alerts)
- Syncing with Mint.com
Advantages
Mint’s strong points:
- Usability
- A fast look of all users’ money
- Nice UI/UX
- High safety
- Savings and financial advice
- Monitoring your credit score
- Live financial activity updates
Disadvantages
Mint, like every other program, has flaws. These are:
- No multi-currency support
- No support for non-US and Canadian users
- Organizing problems
- No distinction between income and budget
Earnings at Mint
Mint is free. So, how does the app make money? Mint has a brilliant monetization strategy.
“Offers” shows tailored best bargains. It examines the user’s finances and suggests financial tools. Credit card offers, personal loans, the finest investment and saving possibilities are just a few examples. Whenever a user chooses one of them, Mint receives a cash reward. So, the app’s offerings are like adverts that assist users better their money.
Mint has lately launched a subscription option. Users may contact a professional financial advisor, certified public accountant, or certified enrolled agent through Mint Live Services. These services cost $24.99 for US consumers only.
If you want to develop your own financial app, hire android developers with Stfalcon. Our goal is to make your dream come true.