Key Aspects To Consider When Developing A Personal Finance App


Key Aspects To Consider When Developing A Personal Finance App

Accessibility and convenience in financial management naturally lead to an increase in the popularity of personalized financial services and solutions. Today, personal finance app development services are becoming more in demand, since such applications have already become an important part of the routine life of millions of people around the world. With an ever-increasing number of users, financial service providers can gain a range of competitive advantages that help increase profits and business efficiency.

The global personal finance software market size was estimated at USD 1.08 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. As more people turn to financial management applications for their finances, market opportunities are becoming increasingly clear and more players are looking to take advantage of these chances.

Therefore, let’s take a closer look at the 5 key aspects that the development of a personal financial app should include so that the final product is accepted by the user and meets customer expectations.

1. User-Friendly Interface

Perhaps one of the critical factors that influences how a client feels about an application and whether they will use it is the convenience of the user interface.

This means that for financial services companies, creating an easy-to-use interface is among the top priorities. The thing is that the implementation of the idea into the actual design of the application must be done before development begins, and also ensure that the product interface itself has an attractive appearance, contains all the key functions, does not burden the user with unnecessary elements and is quick to learn so that the client can intuitively use application from the first minutes of acquaintance.

2. User Needs

Another essential aspect that should not be ignored is the needs of the user. Knowing your customer is an effective way to ensure a pleasant user experience and the right direction to offer a user-friendly experience that meets the needs of your target audience.

To develop a personal finance app, you should first conduct UX research to determine priorities.

When it comes to UI/UX design, UX research is the most important part of the job. Collecting information directly from potential customers through surveys, interviews, and usability tests helps you understand what users want and need, as well as measure and improve the user experience.

UX research focuses on how consumers interact with a product or service, how they are motivated by that product or service, and how they behave within that product or service.

In addition, UX can also include audience research to understand the expectations of potential customers and the problems that your product or service is designed to solve.

UX research is one of many ways to better understand the needs. User data such as transaction history, spending habits, and investment preferences can also be analyzed. Analyzing this data can provide valuable insights into user behavior and help developers identify areas where apps can provide the most value.

3. Feature Set

After conducting UX research, you need to select a set of features. The more valuable features you include in the final product, the better the user experience, and therefore the higher the customer retention and engagement rates.

Depending on the type of product, there are different features that users expect from the application. Most often, the set of functions of a financial application includes:

  • Transactions: This feature helps you track your spending habits, identify areas, and monitor your progress toward financial goals.
  • Notifications: This feature alerts users about account balances, due dates, and other important financial information.
  • Investments: Users can track their investment portfolios, analyze their profitability, and make informed decisions.
  • Personalization: Clients can customize the application according to their needs and preferences. This function may include financial goals, categorizing expenses, receiving personal recommendations, etc.
  • Money management: These features help customers manage their money by setting and tracking budgets, categorizing expenses, and identifying areas where savings can be made.
  • Bill pay: This feature allows you to pay bills directly from the app, reducing the risk of missed payments and late fees.
  • Security: Security features are key. This includes data encryption, multi-factor authentication, fraud detection and prevention tools, etc.
  • Account aggregation: Gives customers the ability to view their financial accounts in one place, providing a complete picture of their finances.

4. Security Measures

When it comes to developing a financial application, the security and protection of user data cannot be ignored. As smartphones begin to be used for banking, wallet management, and ID storage, application security becomes increasingly important.

Companies that provide financial services are directly responsible for taking measures to protect data and ensure that your application meets regulatory standards. To guarantee the security and confidentiality of customer data, the following methods are used:

  • Encryption: Encryption is used to protect sensitive data, both in transfer and storage. This helps prevent unauthorized access to confidential information.
  • Authentication: Financial applications authenticate clients using passwords and biometric methods such as fingerprint or facial recognition. As with encryption, this helps prevent cybercriminals from gaining access to valuable data.
  • Compliance: Financial applications are subject to data protection regulations such as GDPR and CCPA, as well as other rules such as PSD2. Compliance with these is necessary for the safe and responsible handling of customer data.
  • Security audits: These audits are conducted to identify vulnerabilities and ensure the security of the application. This includes both internal audits and third-party inspections conducted by security experts.
  • Transparent privacy policies: Financial apps should have transparent policies that explain how user data is collected, stored, and used.

5. Testing

The last step before deployment is testing. At this stage, it is necessary to carefully check the functionality of the personal finance app, both from a technological and user point of view. It is imperative to catch bugs early to avoid releasing an application into the market that may have critical bugs and vulnerabilities, as well as an application that is not user-friendly, which may force customers to choose the product over competitors.

Find out more about personal finance applications and the significance of a PoC in AI development at Deepinspire.


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