This blog includes information for payday startups and entrepreneurs. Herein rounded up three powerful solutions from Earnin, which startups can consider during finance app development.
Whenever it is about managing the finances, then the first thing that comes in our mind is – the full of complications. Isn’t it? If it is so, there are a few popular finance apps, which can lessen the burdens of people who find complications to manage their finances effectively.
Well, herein we’re going to shed light on the finance app i.e. Earnin, which is a bit different from others. However, this app has already ranked among the App Store’s top 10 financial apps and has more than 1 million downloads. When it comes to funding, this app has also achieved milestones in this, too. According to the latest report from TechCrunch, “The payday startup, Earnin, has secured $125 million in Series C round of funding, led by top-tier investors named as DST Global, Spark Capital & Andreessen Horowitz.
Let us walk through to know more about the finance app, Earnin, and how it is different from other financial apps.
Earnin: The Finance App
Based in California, the United States, Earnin, the fintech startup, was launched back in 2014. This financial app, Earnin, allows its app users to get paid as soon as they leave work instead of having to wait for their payday.
The finance app, Earnin, formerly known as Activehours, which helps hourly, gig, and salary workers to track their earnings and transfer them to their accounts. And, app users can also check their accounts in real-time.
According to the latest report from App Annie, “The download rank of Earnin app is going upward.” This is what you can see in this image.
How is it Different from Other Financial Apps?
This budgeting app is not about investing money, but it is based on a very unique concept, which is in a favor of gigs, weekly/monthly salary workers. It is designed to help workers and unlock their earnings without having to wait days or weeks for their next paychecks.
According to the report from CNBC, “More than three-quarters of U.S workers live paycheck to paycheck. It means that millions of people don’t have a safety net to cover their unexpected expenses.”
3 Powerful Solutions That Payday Startups Can Consider While Developing a Successful Finance App like Earnin
1. Analyze The Pain Points of Customers
Whenever it comes to budgeting, there is nothing that can make things easier for people. This is due to the fact that there are financial shortfalls, which usually happen to people. According to the research, the financial shortfalls like payday loans and bank overdrafts happen 18% more when there is a great mismatch between the timing someone’s income, plus the bills they have.
Furthermore, as per the report from Earnin, “People pay $100 billion a year in fees while they wait for their paychecks.” So, it is essential to analyze the pain points of customers and provide solutions to them. When it comes to the solutions, the payday startup needs to provide solutions as what exactly your customers are looking for.
The finance app like Earnin unlocks users to pay by giving them access to the money, which they have already earned when they require, right from their smartphones. In order to give your users the fair wages, you need to start implementing solutions, which can add value to your customers’ lives.
When it comes to wages, then you as a startup need to make sure you are offering solutions that are something which is helpful and valuable to them. So, one core solution is ‘transparency’ that you can’t miss to afford while developing a payday app like Earnin. Above all, transparency must be one of the top priorities when you’re considering solutions for the finance app.
Well, in order to get success and build the popular finance app, then transparency in business is required. So, you need to remain open and informative regarding the finances. When a user signs into the finance app like Earnin, then the app connects to their bank accounts. And, the app also concludes the user’s pay cycle and debits their accounts the amount they have borrowed on their payday.
Moreover, app users do not require any paychecks for their work done in the past days or hours. While developing an app for financial services, transparency is one of the core solutions, which can actually work for users.
3. A Powerful Community of Workers With Fair Strategy
The next important solution, which standouts the finance app, Earnin is a powerful community where workers and gigs are over there. Sometimes, people require or seek help from others regarding finances, so this a pain point, which is analyzed by Earnin app. Well, a powerful community can help you to stand out from your competitors.
The finance app, Earnin, is based on the concept where there is no hidden costs and interests. However, app users have the option about the tip. After each transaction, users can use that tip option, which is used to fund the next withdrawal.
Being a fintech or payday startup, if you are all set to create a finance app like Earnin, make sure to provide something valuable to them.
For payday startups, all you just need to build trust and retain the trust of your customers. While creating finance apps like Earnin, you need to work on these solutions that will help you from idea to execution. So, if you are having an app idea on finance apps or financial services, then you can cross-verify it with us as we’re a leading Android/iPhone app development company. We’ve already developed over 3500 mobile applications along with unique features and functionalities.
In case, if you still have any query or confusion regarding the cost of making an app like Earnin or the app development timeline, then you can get in touch with us through our contact us form. One of our sales representatives will revert to you as soon as possible. The consultation is absolutely free of cost.
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