How to create your own financial app

In this article we'll tell you how to create your own budget app, talk about the types of personal finance apps available, and check out the most common budget solutions. UX designers and marketers constantly repeat that the customer should come first, so when developing apps we proceed from solving the user's main problems.

What is a personal finance app?

A personal finance app is designed to fulfill one main function: controlling the user's money cycle. It should help a person manage their finances and effectively track their income and spending.

The app can be fairly simple and perform just a few tasks:

• Record spending and income;
• Provide summaries for a certain period of time.
• The functionality can be diversified and integrated with payment systems, for example, to automatically record spent money, remind of upcoming payments. You can integrate gamification and add the ability to set goals.

One of the most popular financial apps is considered Mint, with a user base of 30 million worldwide.

User expectations for personal finance apps

Every user has certain expectations of a product. On the one hand, the large number of apps available in the stores make it easier and suggest what should be included in the product. On the other hand, they raise the bar and create inflated expectations in users. Either way, your customers expect to see at least the following:

Why do people use financial apps?

Personal finance apps allow people to stay organized and forecast their spending. That way they can save capital for unplanned expenses and have more control over their finances overall.

Financial management and expense tracking by category creates a clear visualization of when and where money has been spent, helping to plan a budget.

Basic steps in creating a financial app

The process of developing a financial app, just like the development of any other product, begins with identifying your target audience and includes several basic steps: competitor analysis, feature selection, technology stack selection, and the actual development, promotion, and marketing team work.

Find your audience

Understanding your user makes many tasks easier: it helps you create a better product, define your feature set more precisely, and build a strategic and effective promotion plan.

Do your research and determine the basic criteria for your user portrait.

Ensure security

In a financial application, it is important to ensure good protection of the user's personal data:

• Use two-factor authentication - add authentication with a password and code sent in a text message, email or phone call.
• Reduce session time to reduce the period when the application can be launched in unsecured mode.
• Use discreet and dim fonts to display information to avoid data leakage if a person uses the app in a public place.
• What features should I include in my financial app?
• Start with the basic features that every personal finance app has.

Account authorization: make this process quick and easy, but remember that it needs to be secure as you are working with a lot of personal information.

User Profile: required for users to enter general information with the ability to change it.

Income and expense tracking: allow all transactions to be monitored, get quick access to them and use filtering to see the data for a certain period of time.

Categorization: users need to categorize their expenses to better understand and manage their budget.

Notifications: notify the user of upcoming payments, expense increases.

Goal setting: have people set goals, like setting aside $100 a week, or participate in challanges to develop useful financial habits.

Linking to bank accounts/cards/payment services: link the app to other financial services to give users synchronization and automate some processes.

Calculator: a good addition to the list of features, allowing quick calculations without having to switch between apps.

Currency converter: for people who travel a lot, this would be a great feature.

Create a user-friendly UX design

Managing finances should be simple and straightforward. Show only necessary information so as not to overwhelm users. We recommend using simple language so that everything is easy to understand. The finance app should not be overloaded with heavy terminology.

Test and Run

When the development phase of the financial app is almost complete and you're ready to submit your first MVP, the bulk of the work falls into the hands of the QA team. Their job is to test the app and identify any flaws.

Try to involve people who have something to do with finance in the process.

Once everything has been tested and improved, launch the app. Keep in mind that launching doesn't just mean putting the product in stores. A good marketing strategy will be largely responsible for the success of the product.

Summary:

• Think about your customers and their needs. Always build your development process around the needs and expectations of your users.
• Focus on simplicity. User-friendly UX design and data visualization will not leave users indifferent.
• Security. Protect your customers' data.
• Use gamification. Engage users with interactive content, helpful budgeting tips.
• Creating a financial app in 2022 is a great idea. Don't be intimidated by high competition. Being able to control your finances in a mobile app is what users want. So go ahead and create another cool tool to control your budget.