Here is All You Need to Build a Personal Finance Application

Wise budgeting and money management is a significant trend in current times. Considering this fact, you can build a precious personal finance application that will enable your end-users to handle their funds and financial needs more effectively. What’s next for running a startup like this? This write-up will surely help you clarify every crucial requirement for apps of this sort and what functionalities you can add to them.

Personal finance apps don’t help you save a lot of money, but the real-time insights they offer and the management habits they reinforce will. The critical value that your money management app should provide to your user base is the appropriate knowledge they need, including the tips for developing suitable money management habits.

Spending trackers will help you keep a close look at your daily spending, categorize it, and determine spending trends. Let’s take a closer look at the effective techniques this goal is achieved with rival apps. Consider how you will be able to offer users an efficient experience with the help of an iOS or android app development company if you decide to develop a money management application.

Personal Finance App- Overview

A personal finance or money management app is an effective solution paired up with your banking account and utilizes data about your monthly income and spending, revealing your regular money management patterns and habits. It also offers you valuable suggestions to spend your disposable money judiciously based on your current financial goals. 

Financial apps can have broader or narrower functionalities that entirely rely on the user’s issues they are solving and the quality they are providing.

Different Categories of Personal Finance Apps

Let’s take a closer look at the various categories of personal finance applications to help you decide which solution is suitable to provide an effective visual report. This report represents the amount of money you have to spend on gas, food, entertainment, utilities, etc.

Habit trackers

Habit trackers help users in continuous tracking of their money management habits by conducting deeper analysis. Such apps are equipped with advanced AI technology, which allows them to perform detailed analytics for user behavior and understand that every Saturday, for example, they might spend a crucial amount at a bar. Also, they might want to replace this habit with a more beneficial one for your financial and overall health.

Investment Applications

These applications allow you to put your money to work. You don’t have to delve into investment science. You can save some sort of money from each of your purchases and credit them to your bank account to receive significant interest on the total savings. More professional management solutions for peer-to-peer lenders, product owners, and investors are also available in app development.

Budget Planners

This type of app enables you to set specific spending limits and make strategies for future expenses. Planners also offer users the benefit of setting financial goals such as spending a maximum amount per month or saving a minimum amount at the end of the month.

Examples of Personal Budgeting Applications

Following are some of the best personal finance applications that have advanced features, but one ultimate aim. Which is to help users in managing their money wisely and developing proper financial habits.

Mint

It is the ultimate personal finance app for iOS and Android, and it comes with comprehensive functionalities. Mint is entirely capable of tracking your regular spending, categorizing it, sending alerts, setting financial goals, providing you with detailed reports, etc.

Acorns

This is a straightforward investing application that enables you to make micro-investments every time you purchase something. Also, there are many cashback opportunities within this application. The real money saved can be directly credited back to your account.

GoodBudget

If you do not need your card credentials and financial data shared with a third-party application. GoodBudget will not ask you for anything like this. Instead, you have to enter your entire spending manually.

Essential Features of a Personal Finance Application

Following are the essential functionalities that you must add to your personal budget app.

• Sign up tab
• Log In tab
• Two-factor Authentication where biometrical data can be one of those two factors.
• Personal Profile
• Debit/credit card integration to connect user’s banking account to the app
• Regular purchase directory
• Existing debts
• Cashback and bonuses for users
• Investment and saving features 
• Real-time reports
• Data analysis with AI and machine learning with effective suggestions.

Crucial Requirements for a Personal Finance App Development

We have listed some essential functionalities of personal finance apps. Here are the key regulations and requirements you have to follow while building them.

Follow open-banking best practices.

The capability to pair up the user’s bank account to a personal finance app is at the core of the open banking approach.

PCI Compliance

Payment Card Industry Data Security Standards states that there is a 12-points checklist that explains the security measures you must embed in your application since you are going to work with sensitive financial data and your users will have to share their payment card credentials with you.

Wrapping Up

We hope this piece of information has given you a quick and effective overview of what is required for your subsequent personal finance app development. From UI to security features, you have to hire an iOS or Android app development company to provide an intuitive solution to help users manage their money efficiently.