November 25th, 2022 | Updated on December 6th, 2022
The rapid development of personal finance applications has played a crucial role for both customers and businesses.
Personal finance application offers the benefits of a streamlined payment process where the customer’s finances are managed judiciously.
Personal fintech apps allow users with an easy-to-use platform for money transferring, investment, personal budgeting, pay-off reminders, and most importantly increasing the chances of making an online purchase.
Owing to this, mobile payment service providers are now ensuring a better-personalized process by analyzing the spending pattern and payment behavior of the customers.
As per Statista, the digital payments market will reach a valuation of $8,488 billion by the end of the year 2022.
Why Do You Need To Invest In Fintech Apps?
Fintech apps have allowed businesses to get their financial operations automated, thus making it convenient and hassle-free for both their customers and themselves. As compared to the past few years, fintech businesses have now completely digitized themselves with powerful software solutions. Here are the key reasons why you should invest in fintech app development.
In the wake of fintech app development, people have now got over their fear of online payment fraud.
Fintech applications are end-to-end encrypted and highly secured which makes them a trustable software solution amongst fintech businesses and customers.
Security features like biometrics, multi-factor authentication, and real-time alerts. Finance management apps have now become more confidential and less vulnerable to security breaches.
Easier Payment Process
Fintech application saves a lot of their user’s time as they can now make stress-free transactions within minutes. Also, it offers plenty of payment options for users including debit cards, credit cards, e-wallets, UPI, and others.
There are several ways in which AI has transformed the fintech industry in terms of app revenue and user engagement.
Artificial intelligence algorithms personalize user experience and help in the effective management of personal finances.
Artificial intelligence in banking also aims to classify the cost spent on specific categories along with looking into expenditure analytics that would automatically update and offer your users a data visualization report.
Greater Customer Engagement With Alerts
Push notification is one of the most important features that you can implement in your fintech application.
This feature allows businesses to get connected with their customers directly and provide them with real-time updates on their current services.
These kinds of alerts also help the brands to get their users engaged with their app’s content, thus increasing customer loyalty and boosting revenue. Security alerts, transactional updates, financial planning tips, etc can be channelized via push notifications.
Although the cost of building of fintech app would be a bit higher but it proves to be cost-effective in the long run.
P2P applications not only offer financial institutions a mode of gaining more customers to the business but also save a lot of money via fintech applications by communicating with the customers and managing their financial operations.
Follow These Steps For Building An Intuitive Fintech Application
Personal finance app development like any other app consists of the standard product development lifecycle stages. Each stage has different goals to develop a fully functional finance software solution. Let’s explore the key steps.
Hire A Top-Notch Development Team
Hire a dedicated software development team for building an intuitive and scalable fintech app. Collaborate with a team that has experience and maturity in developing complex fintech software solutions and is highly committed to getting critical jobs done on time.
Define Your Target Audience
Before you begin with the app development process, start with identifying your niche audience for understanding their pain points and problems.
Once you know your user persona, you will be easily able to address the best solutions that your product will offer. Identify the right set of features and build an effective marketing plan.
Start With Building Your MVP
A Minimum Viable Product (MVP) is the best way to validate your business idea and test the demand for the product.
With simple and basic functionalities, you can get your app tested among real users to check if your personal finance app idea is a viable one or not.
Choose The Technology Stack
Once you have an idea of the features that you will be including in your personal finance app, it’s time for you to choose the right technology stack.
Here are some of the technologies that you will require for IOS and Android-based personal finance apps.
For An Android-Based App:
- Toolkit: Android Studio
- Programming languages: Kotlin
- SDK: Android SDK
For An iOS-Based App:
- Toolkit: Apple Xcode
- Programming languages: Swift
- SDK: iOS SDK
Wrapping It Up
Fintech is one of the fastest-growing sectors today that has explored every tech advancement. Fintech applications are continuing to shape for offering better and more streamlined financial services to customers and businesses.
However, fintech app development is quite a challenging undertaking because it requires the best security practices and most importantly and hands-on expertise.
If you have a fintech app idea in mind, then get connected with a reputed yet experienced and skilled development app team today.
Image Source: unsplash.com
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