Personal Finance Apps: Development Practices and Mint Alternatives

Posted on December 8, 2021

So, during the discovery stage, we get a profound understanding of the market, the app’s target audience, its pains, and requirements. We make assumptions, validate ideas, and as a result form a unique value proposition, that can help stand out among the competitors and existing products. We provide our vision and project estimation to our client for agreement. As you can understand from the above, native development relies on programming languages, tech stacks, and tools designed for one platform. The developers in such cases are guided by specific requirements of a chosen platform, while cross-platform development allows the creation a single app for several platforms.

There is no monthly fee, and the annual management fee is tiered based on the investment amount. One of the more advanced features Quicken offers is bill pay, which allows you to set up payments for your bills right from the software. You can even use it to track the value of your assets to have an accurate calculation of your total net worth. The software can be used to manage both your personal and business expenses and even handle property management functions like rental payments from tenants. An expense report app is used by companies for keeping track of employee expenses.

Why is Caspio a good choice for building smart finance applications?

And this is a considerable risk since a small error or misinterpretation can cause untold losses. Hence, you need finance-savvy individuals involved during testing. In line with this, it’s also essential to keep accessibility in mind when designing your UX. Relying on inclusive design principles will widen your app’s reach, appeal, and even revenue. In addition, this helps give your app more transparency, which is crucial for gaining users’ trust.

how to build a personal finance app

Technically, it is the product with the highest ROI divided by risk. A preliminary analysis begins with a plan and research into the market and commercial viability of your product. At this stage, the strengths and weaknesses of your project, as well as possible risks, are also assessed. The result of the activity should be evidence of a decision to continue or abandon the project.

Build a Convenient UX Design

If you have a portfolio of more than $100,000, you can get personalized financial advice based on your goals. While you’re charged a fee for this service, financial advisors are obligated to provide you with advice that works in your best interest. On the higher end, TurboTax Live connects you with a tax expert to give you personalized advice and answer questions about your tax return. Paid versions of TurboTax include a feature to help you uncover deductions you may not have known were available to you. While you can use TurboTax on the web, you can also download the software to your device for added security.

  • It is essential to implement a two-factor authentication or unique code generation system during the registration process to protect the crucial details of the user.
  • It’s pretty easy to perceive this aspect as less relevant once you detach it from your developmental process.
  • These tools treat our partners’ development budgets gently, even if they don’t need to release to iPhones and Android phones simultaneously.
  • That way you can answer the question, “How much do I usually spend each month?” by relying on past data.

Divide assets into distinct accounts and individually monitor cash flows to and from each. Control the operability of accounts by archiving them or keeping active. Equali is designed to give finance professionals a simple, standard process for payment reconciliation. This form becomes visible when the custom state is “1” and the “add income” button has a green outline.

Enforce security

There are many ways AI is reforming the mobile app industry in terms of user engagement and developer app revenue. Artificial intelligence algorithms help personalize the user experience. Here are some common ways AI can make the personal finance management app development process more effective. PFM (personal finance management) and digital banking are new consumer trends. Generation Z and millennials are heavy users of online banking and budget management apps, and the older generation is joining them.

How do you build personal finance?

  1. Set financial goals. It's always good to have a clear idea of why you're saving your hard-earned money.
  2. Plan for taxes.
  3. Build an emergency fund.
  4. Manage debt.
  5. Protect with insurance.
  6. Plan for retirement.
  7. Invest beyond your 401(k).
  8. Create an estate plan.

The user can not only make a mistake when entering data, but also banally forget to enter something. To create a personal finance app with an intriguing user experience, you must know about your target audience and think as a user. The UI/UX design of your app will be a deciding factor in whether the consumers will accept your application or not. To make your app a big hit in the Fintech market, make sure to build a personal finance app with extremely user-friendly features for easy navigation and better customer satisfaction. In simple apps, users need to enter all data manually, and it generally performs only expenses tracking. There are not so many features, and the development is much easier.

Top 12 Features to Build a Personal Finance App

They usually ing a a connection with different bank accounts, track spending, and categorize expenses in order to help users analyze their spending and achieve their financial goals. A successful personal finance United Training Chosen as Authorized CompTIA Training Partner Blog management app must have extended functionality, and we’ve already discussed the issue thoroughly. However, this is not enough to attract the maximum number of users and interest them in your program.

Are financial apps safe?

Most budgeting apps have special security features to protect your financial data from getting into the hands of hackers. However, that doesn't mean you should totally let down your guard when using financial apps to budget. Hackers may still be able to access your financial data by stealing your password.

To learn more about these technologies’ pros and cons, we recommend reading our article discussing how to choose between Swift and React Native. One of the recent exciting apps for budgeting we built was Sherpa. We should also thoroughly research any third-party library that we decide to use for our app because it may contain vulnerabilities or even backdoors for attackers. The program rounds up each expense to the nearest dollar and invests the spare change.


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