Let’s admit it.
We all want to live in a world where our finances get managed automatically, in addition to saving enough money to plan our desired vacation or to buy things which we couldn’t, due to our excessive spending habits.
Now imagine an app that could automate your finances, enable you to budget intelligently, repay your debts, and save your money automatically.
This would change your life forever, wouldn’t it?
Moreover, it’s no secret that keeping track of personal expenses helps to stick to a budget.
Still, about 20% of Americans spend more money than they are capable of making.
So, by solving such a flagrant problem with an intelligent personal finance app, it’s easy to become successful and make a fortune.
Today, we’ll share a personal finance app idea in which, people can know what they could afford, to save money, based on their spending habits.
Before we reveal the app ideas, let’s take a look at two type of finance mobile apps available in the market.
Basically, there are two types finance mobile apps – Simple and Complicated.
In simple finance apps, users have to enter all their purchases manually, which are also known as manual entry finance apps.
The complicated finance apps basically allow users to link their bank accounts, which are generally known as linked finance apps.
Manual Entry Finance Apps
In today’s fast-paced world, nobody wants to recall their expenses daily at the end of the day and sit down and enter them in an app. Most people now prefers everything wrapped and ready. That’s why, such finance apps aren’t very popular.
Linked Finance Apps
As mentioned earlier, these kind of apps are generally linkable to different bank accounts to completely manage finances in one place. Though, developing such finance apps requires attention to security as it collects data about user’s income and transaction history from several financial institutions.
Are you aware about the Mint app for personal finance?
It has dominated the market of budgeting and money management apps. In fact, it has been quoted as the best finance mobile solution by WIRED, Digital Trends, CNET, The New York Times.
Because Mint personal finance app helps its users by changing their financial behaviour for better. That’s why it’s so popular among all personal finance apps.
The Mint was developed by Aaron Patzer for U.S. and Canada markets.
In 2009, Intuit bought the company for $170 million. Since then, Mint personal finance app become a great contribution to Intuit’s family.
However, we looked at why people loved and preferred Mint for their finance management, and we found that it’s a great product which is excellently designed, easy to use, secure, and free.
In addition, Mint focuses on making its users do almost no work at all. Mint, by automatically, edits and categorizes users’ data, and gives them instant gratification.
Additionally, Mint allows to have all finances in one place.
Users can add variety of different accounts that includes credit card accounts, bank accounts, investment accounts, loans, and other business accounts. The Mint app basically links to the respective website which automatically pulls all of these different accounts in one place.
However, cloning Mint app would be a bad idea.
After all, why would anyone switch to your personal finance app if you’re providing same feature as Mint?
So, in order to move ahead of the competition, you’ll have to build something different. Something new. Something extraordinary that would be better than Mint.
Well, this is where we come in with our excellent success-guaranteed personal finance app idea.
The Secret Idea
To beat the competition and offer something new to the people facing finance management problems, why not create an app that automatically transfers money from their current account to a separate saving account?
For example, you can build a personal finance app or hire the best enterprise mobile app development company to build your app with all features that best finance apps currently providing, but in an intelligent way.
Embracing Artificial Intelligence
In your personal finance app, you can offer a new instant access savings account where users’ desired saving amount can get automatically transferred from their current account.
Here, it’s also possible to create an AI powered chatbot that notify users whenever he exceeds the spending limit and sends personalized messages to stick to the budget by reminding about their financial goals.
However, to provide such feature of automatic transfer of user’s money, your app must be regulated by the Financial Conduct Authority (FCA) through its agency status with Prepaid Financial Services (PFS).
Furthermore, your personal finance application also need to have a Data Control Licence to act in full compliance with Data Protection Act.
To provide an instant access saving account to users, you can partner with different available banks in your country that can not only store their money, but can also receive interest rate on their deposited money.
Setting Financial Goals Intelligently
Suppose a user wants to buy a new car. Here, you can provide a feature of setting financial goal that include getting out of debt, buying a car or house, saving for a trip, retirement, and can create a custom goal.
You can integrate a feature that can provide user a guide on how he should budget and distribute his paychecks, in addition to offering specific ways to cut back in certain expenses to save more cash.
This way, your users will able to increase the automatic amount of money transferred in the savings account to achieve the goal as soon as possible.
In the next section, we will talk about how to monetize personal finance app. But, before that, we would like to share this post on how to create a banking app.
How to Monetize Your Personal Finance App?
In Mint’s case, they monetize by analyzing specific items in the budget. Mint offers their users better alternatives which can help them save money. Mint simply compares prices to those on their partner sites and earn a referral fee from each customer.
For instance, if you’re paying too high an interest rate in one of your credit cards, Mint will find you a card you quality for and recommend them to you.
However, in your personal finance application, you can aggregate financial data to do comparative budgeting and sharing statistics such as consumer spending, or even sell these data to third parties for their research, marketing, and promotional purposes. To avoid any kind of violation of security, you can sell these data anonymously so that it cannot be traced back to individual user.
While these monetization method is used by many top fintech apps out there, but there is no harm in this business model as it’s completely legal and your personal finance app could generate good amount of revenue once you’ve enough user base.
Another option for monetizing is by offering a pro version where users can enjoy additional useful features by purchasing them from you.
Moreover, research showed that there are over 12 million people who use a personal finance tracking app with the market size of approximately $24.5 million dollars.
So, to summarize, the market is big and there’s a lot of room left for creativity in personal finance app development with variety of options for monetization. So, if you liked the idea and wish to discuss further, contact us to get a quote for your personal finance app development.
This page was last edited on October 23rd, 2020, at 8:38.