Evertise
20 Sep 2022, 15:54 GMT+10
Writing down expenses in a notebook is not very useful. Making notes on a smartphone is also inconvenient.
Fortunately, a financial software development services provider has long taken care of us and created applications to track our personal finances.
Each of us knows that feeling when at the end of the month we are surprised to find that there is not enough money in the account. That's because most people don't plan their income and expenses and don't keep track of transactions.
Personal finance apps allow you to record all your expenses in a few clicks, categorize your spending and manage your finances with ease.
Let's take a closer look at what financial apps are and find out what it takes to create them.
Charts, and infographics - will help make it easier to manage and understand the added data. Visualization is especially relevant for financial applications because of the use of numbers. Graphics will help organize the information.
Make sure the app is completely secure. Financial data is the user's personal information, so you need to create a secure environment in the app. Think about multifactor authentication, secure cloud services, and encryption.
Users are more comfortable when it takes no more than three clicks to perform an action in the app. Simplicity and ease of interaction with the application should be your priority in development.
Use useful content. Binariks mentioned prompting people on how they can cut down on spending, increase their financial literacy, and add challenges.
Personal finance apps allow people to stay organized and predict their spending. This way they can save capital for unplanned expenses and have more control over their finances overall.
Financial management and expense tracking by category create a clear visualization of when and where money has been spent, helping to plan a budget.
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 teamwork.
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.
In a financial application, it is essential 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 the unsecured mode.
Use discreet and dim fonts to display information to avoid data leakage if a person uses the app in a public place.
Start with the basic features that every personal finance app has.
You can also add more features to your personal finance app.
Once you've decided on the functionality and general idea of your budget tracking app, choose the tools and technology you'll use to build the product. This toolkit will include libraries, programming languages, frameworks, etc.
For the front end, it's HTML, CSS, or JavaScript combined with frameworks. The most commonly used are React and Vue.js.
The backend stack includes the programming languages Ruby, C++, and C#, which are considered the best for financial products.
Databases need to be secure and be able to process queries quickly. Among the best options are MongoDB, and Kibana.
Depending on the complexity of your application, you may need to consider API functionality and AI solutions.
Financial management 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 and understandable. The finance app should not be overloaded with heavy terminology.
When the development stage of the financial application is almost finished, and you are ready to present the first MVP, the main work is in the hands of the QA team. Their job is to test the application and identify any shortcomings.
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.
To summarize, let's put together a list of key things to consider when creating a personal finance app.
Get a daily dose of Austin Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Austin Globe.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
(Photo credit: Raymond Carlin III-Imagn Images) The Texas Rangers activated outfielder Wyatt Langford from the 10-day IL on Saturday...
(Photo credit: Gary Cosby/Tuscaloosa News / USA TODAY NETWORK via Imagn Images) Jireh Edwards, a five-star safety in the Class of...
(Photo credit: Dale Zanine-Imagn Images) Ramon Laureano and Jacob Stallings delivered run-scoring doubles in the 10th inning to help...
Chinese FM urges China, France to uphold multilateralism, rules of free trade China and France should champion multilateralism and...
(Photo credit: Brad Penner-Imagn Images) Pete Alonso had two home runs and five RBIs to help the New York Mets extend their winning...