In recent years, the financial world has become more associated with the concept of "virtual" money since cash has been replaced by plastic and electronic cards, which make transactions simple and instantaneous and, therefore, convenient. Few people make their personal or family budgets on paper, and the demand for personal finance app development is constantly growing, so it has become a popular trend in the finance app development environment. {{ "title": "Write ChilliCode", "description": "To help you acknowledge your business needs and decide whether IT services will work for you, I’ve sorted out a list of cases.", "buttonText": "Contact us" }} In this regard, companies are increasingly turning their eyes to finance app development, one of the most promising and competitive areas, and interest in it will only grow. In this article, we will discuss how financial application development can benefit both its creator and potential users, what nuances are worth knowing about, and what is necessary for the product to become successful in its niche. We will analyze the most successful results of finance app development when it comes to financial software and banking services, discuss the best finance app development solutions, and discuss how to create a financial app and properly organize this process. Goals of finance mobile app development With the constantly increasing mobile app development market, it is now easy to reach billions of people worldwide. In the United States, 97% of Americans own a cellphone, while nine in ten use smartphones, and these numbers are only expected to rise. The more potential users access the internet, the more offers are available and the more sophisticated mobile device users become. To stand out in the market and win over your audience, you must create quality service and provide people with helpful software. Today, we will discuss how to make finance apps and which ideas could form the basis of a new business. Apps for budget planning Many wonder how to build a personal finance app since this public demand is one of the most popular trends in fintech. We are all interested in improving the quality of our lives and controlling our finances, and mobile apps help automate this process. Many apps can automatically synchronize with your bank accounts, allowing you to see all your transactions in one place and get detailed reports. Such apps help track your budget and show you where you've overspent or saved, letting you improve your financial situation, especially if the software promotes financial discipline by setting limits on specific categories. You don't have to worry about security, as most of these apps use quality encryption methods to protect your data. Apps for quick transfers between accounts Re-entering every app to transfer money between accounts at different banks can be time-consuming and tedious. Mobile applications aim to store information about all users' bank accounts and credit cards, allowing users to quickly transfer money without having to do too much. This type of fintech app can also be used as the most convenient way to keep track of all your savings and form a financial cushion. Banking apps Sooner or later, every major player starts thinking about how to create a financial app. The days when you had to visit a bank branch to open a card or close a deposit are now gone. The banking apps allow bank customers to perform various operations with their accounts from the comfort of their homes, and couriers can bring a card and sign a contract with you after submitting a simple application on the bank's website. From the bank's web version or official app, users can check their account balance, transfer money to other people, pay bills, close loans, open deposits, and more. In addition, many banking apps have a transaction notification function, which informs customers about all transactions made with their accounts. Therefore, online banks for individuals, registered organizations, and private entrepreneurs can become clients of a finance mobile app development company. Applications for traders Applications were explicitly created for traders to perform trading operations quickly and efficiently, provide up-to-date market information (stock and bond prices, exchange rates, etc.), and offer tools for analyzing data and making decisions based on them. Finally, applications for traders can reduce the time spent on transactions and improve trader efficiency. Such applications greatly simplify the trading process in financial markets, and many of them help make investment decisions by providing advice on portfolio management and offering various educational courses to improve skills. Currency Converters Fintech apps are developed to provide convenient and fast currency conversion. Such services are especially popular with travelers who want to know how much money they would spend in another country or for people who want to compare prices in different currencies. In addition, currency converters can help you determine the current exchange rate, which can be important when planning a budget. Crypto Exchanges Crypto apps have been a recent success; according to Adjust, crypto app usage increased dramatically from 12.58 minutes in 2022 to 15.87 minutes in the first six months of 2023. These applications provide a platform to buy and sell cryptocurrency, a digital currency that uses cryptography to provide security and control over the creation and transmission of money. It is based on blockchain technology, which provides decentralized information storage and confirmation of transactions without the need for a central authority. Some examples of cryptocurrencies include Bitcoin, Ethereum, Litecoin, and many others. Software, platforms, and mobile apps of this kind provide information on cryptocurrency prices and tools for trading and analyzing the market. In addition, some crypto exchanges offer cryptocurrency storage services, which can be convenient for those who want to keep their cryptocurrencies safe. E-wallets and online payment services Online payment services and e-wallets provide a convenient and secure way to pay for goods and services online. They also allow you to store and transfer money among users and borrow and lend money. In addition, these services usually have low fees and do not require many documents for registration, which greatly simplifies the process for the user. Accounting programs Every company has an accounting department, which can be optimized and facilitated with the help of accounting software. Such software is indispensable for calculating taxes, preparing activity reports, and analyzing the company's financial performance. Mathematical algorithms serve to avoid errors in cost and profit accounting and make plans to reduce purchasing costs and inventory management. In addition, accounting programs can automate routine operations such as payroll, inventory accounting, and tax reporting. How to Create a Financial App: Successful Examples CoinKeeper CoinKeeper is one of the most successful mobile applications for personal finance and budget management. It helps users track their income and expenses, plan savings, and control the fulfillment of their financial goals. The app automatically collects information about spending and transfers from SMS and push notifications from banks, and it also provides an option to add data manually. Users have access to all global currencies, and they can set monthly (as well as weekly and annual) spending limits, set reminders for regular payments (loans, mortgages, subscriptions, and utility bills), maintain a joint budget (the app supports simultaneous use of budget reports on different devices, all data is synchronized via cloud storage), and view the balances of their bank accounts and cards. The application will generate all necessary reports and detailed statistics, provide charts and graphs for better visibility, and generate data in the form of a table, which can then be downloaded as an Excel file. In addition, the application has a built-in voice assistant function that helps users when entering transactions and gives advice for better financial planning. eToro eToro is an online investment platform enabling users to invest in various assets, such as stocks, cryptocurrencies, commodities, indices, ETFs, and more, all in one place. It offers social trading features, allowing users to interact, follow strategies, and copy the trades of other successful investors based on predefined criteria such as risk level, asset class, and performance. There is also a virtual portfolio feature where eToro users can practice trading with virtual money in a risk-free environment before investing in real funds and educational resources such as articles, videos, and webinars to help users learn about trading strategies, market analysis, and investment opportunities. These opportunities are precious for the rookies in the field; this strategy brings more traffic to the platform and its mobile app, increasing its brand awareness rates. Dave Dave is a financial technology company that offers various services aimed at helping users manage their finances more effectively. One of its primary features is a mobile app that provides users access to short-term loans to cover their unexpected expenses. The application also offers budgeting tools, automatic savings, and overdraft protection. Additionally, Dave offers cashback rewards on purchases made with linked debit cards. The app aims to suggest a more affordable alternative to traditional payday loans and overdraft fees, helping people avoid costly financial pitfalls and improve their overall economic health. Money Manager Yet another great mobile app for managing personal finances, Money Manager helps users monitor their income and expenses, create and edit budgets, and achieve financial goals. It offers cloud data synchronization, allowing users to access their finances from any device, making it easy for multiple users to share the app as part of a family budget. The app integrates with banks, automatically tracks user income and expenses, and creates statistical reports. It has expense categories and subcategories (you can also create them yourself if you don't find the ones you need in the app), a built-in calculator, and a search function. Users can export data in Excel format and create backup copies. For the period selected by the user, detailed and visual statistics are compiled; it is also possible to transfer funds, set up auto payment for regular transactions (or notifications with reminders to pay for services), make monthly deductions to the selected deposit from payroll, connect several cards simultaneously and conveniently manage them on one screen, and accounting of debts and assets in several currencies. The application allows you to attach photos of receipts and purchased goods to expenses and add your comments to them. PayPal PayPal is a popular electronic payment system that allows you to make online transactions quickly and securely. With its help, you can send and receive money, pay for purchases in online stores and services, and accept customer payments, specifying only your email address. To start using the service, you need to create an account and link your bank card or account to it. All transactions go through the secure PayPal system, which guarantees the safety of payments. This payment system offers a partnership program and a mobile application for users' convenience. In addition to the main functionality, PayPal provides the service "Mobile Wallet," which you can use. You can store money on your mobile device and guarantee a refund in case the goods were not received or did not match the description within the "Buyer Protection" function, which makes using this payment system even more secure and convenient for users. What are the best finance app development solutions in 2024? There are many offers on the market for fintech apps. Still, developing your own application for a bank or other purposes always makes sense, especially if you already have a unique or breakthrough idea. Nevertheless, a large selection and high competition have already formed a clear idea of what a quality service should be capable of. Visualization of statistics Making the study of reports and statistics accessible, informative, and entertaining is simple — add a visual display of data in graphs and charts using color separation. Thus, perceiving and analyzing large amounts of data becomes much easier than reviewing dry figures in calculations without any interactivity. Graphical presentation of information helps to understand patterns quickly. It makes it easier to compare many different indicators, which makes the application fascinating for a wider audience, capturing people who do not have deep knowledge of data analysis. Intuitive interface A clear and user-friendly design is one of the most important components of success for banking and finance app development. Only some people are willing to spend a decent amount of time studying complex instructions or manuals. Access to the feature the user is interested in should be no more than three clicks away — this is the ideal to strive for. When users can find what they need quickly and easily, they are more likely to be satisfied with the app and rate their experience with it as positive. This can increase user loyalty and higher product rankings in app stores. App personalization Personalization includes the ability to choose light or dark themes for the app interface and get personalized tips in the financial reports generated by the app. This will have an impact on improving user experience and user retention, especially if the app is tailored to the user's preferences and behavior (and then there is a chance of increasing conversion rates, as users are more likely to take the desired action in an app with a high degree of personalization). User loyalty will also increase as they feel the app cares about them and considers their needs. Data security safeguards Financial information is a very vulnerable type of personal user data, so it is crucial to form a secure environment and provide strong encryption channels for sensitive data such as phone and credit card numbers, passwords, bank account and deposit data, etc. Ensuring data security helps prevent fraud and abuse by users or third parties. In addition, it is often spelled out in the laws and regulations of states that regulate the processing and protection of citizens' data. A well-designed application reduces business risks associated with privacy breaches, lawsuits, and loss of customers. Consider using reliable cloud services and the principles of two- and multi-factor authentication in your app. Proper communication with users Your app should carry obvious value — from the quality of all functionality to databases or training courses to help your users better understand the financial topics they are interested in. Users must understand how your product works, and for this purpose, all means are good: your arsenal may include pop-up notifications, messages in the "bell" or chat, a list of instructions to frequently asked questions, banners with detailed explanations of innovations or rules of participation in, for example, challenges among users, as well as sms and email newsletters. When planning the application functionality, it is very important to think through all the stages of communication and put their realization in the set of tasks for development. Reminders are also especially important for forming the habit of using your product directly; it is in your interest to keep and maintain your users' attention and engagement to expand the base of active app participants and attract new ones. Developing a cross platform solution will also increase your reach. What should you avoid when developing an app for a bank? Insufficient competencies make it easy to make serious mistakes during financial app development and design. First of all, you should pay due attention to the architecture of the application itself and the quality of the written code to avoid problems with registration and authorization (this process should be clear and simple even for a five-year-old, as a high threshold of entry into a new application does not contribute to the increase in the number of users, nor to their retention), as well as slow operation of the application as a whole — this will cause users only irritation and unwillingness to use the product, which, in turn, lead to reputational risks and losses for the business. Allocate sufficient time for preliminary product testing so that users do not encounter unstable service operation and incompatibility with the most popular devices and operating systems. Interface complexity and intrusive advertising are also potentially dangerous violations. In the case of the latter, it is essential not to overdo the frequency of demonstration to avoid excessive user discomfort and not lose the audience. If you still need opportunities to earn money from advertising through the app, you should pay attention to referral marketing (promotion of partners' goods and services; partners will pay you a commission for placing this kind of advertising), one-time payment, or subscriptions (to implement one of these strategies, it is better to offer a user a free trial period to evaluate the service; when people are already familiar with the product, it is easier for them to decide to purchase it), as well as in-app purchases. What are the advantages and disadvantages of banking app development? Advantages Disadvantages The convenience of use for the bank's customers: the mobile application allows its users to access their accounts and perform transactions virtually anytime and anywhere without going to a bank branch. Development and support costs: The creation of a mobile application and its technical support require significant costs on the part of the bank. It is necessary to hire both developers and specialists to consult users and process their requests. Quicker transactions: transactions through a mobile application are usually faster than through an Internet bank or a bank branch if the system takes care of generating reports, contracts, etc. The user will view your service more positively, and the conversion rate will dramatically increase since a customer who is positively disposed to the service will be more willing to open a deposit, apply for a credit or debit card, etc. The need to constantly update your app: on the one hand, both customers need to update your app regularly to utilize all its features and keep their data safe, and the development of additional features requires another expenditure on the other hand. The increased popularity of the bank and a more loyal audience: both younger members of the population and those who have successfully integrated modern technologies into their lives would prefer to use a mobile application rather than come to the bank branch. The app saves your customers' time and cares about them, which is the best advertising for business. Synchronization problems: synchronizing your banking system and mobile apps is a highly challenging task for your software developers. Competent specialists will cope with it, but they'll have to spend a lot of time and company funds. On the other hand, the security of confidential data is paramount, and it is better to spare no time and money to ensure it, as your bank's reputation is at stake. Reducing the load on specialists working in the bank's physical branches: the number of requests to the offices will decrease, which will favorably affect your employees' productivity. Technical limitations: Some devices may not support all the functions of the mobile application, causing users inconvenience. This point should always be considered when developing software and its updates. You'll need to expand your technical support staff to answer calls from call centers and messages that appear in the mobile app chat. The possibility of transferring employees to a remote mode of work: the closure of offices will favor the company's budget, as it will no longer have to spend on expensive rent and maintenance of premises. How To Build A Financial Application: a step-by-step guide Software development, whether a mobile application or a web portal, requires deep knowledge and extensive IT experience. Below is a guide that will help you to build a product — from idea to realization. Assemble a team Developing a bank application is a complex task not only for one specialist but also for a whole group of people, and it requires considerable time and financial expenses. First, you need to hire competent specialists, and there are two ways to go about it: turn to the services of freelance developers or a finance mobile app development company. Many freelance developers are out there, making it possible to choose those who specialize in the fintech field freely. Usually, such developers work at reduced rates, allowing you to save a lot on project development. However, cooperation with a disjointed team of specialists has its significant risks — the quality of the product and compliance with deadlines may suffer greatly. Also, there may be turnover in a composite development team as you can assign work to unscrupulous persons and fraudsters, or employees may refuse to continue supporting the application after the contract expires. In this case, replacing employees with other specialists may become the main reason for difficulties when providing high-quality technical support for the developed product. There are fewer mobile app and website development companies, and their staff has a more comprehensive range of skills, which ensures that the specialists have up-to-date knowledge and competencies in the required area for project development. A "turnkey" product development will cost more than hiring a team of freelancers, but at the same time, the risks of failure to meet deadlines and loss of money will be minimal. The coordinated work of the team and project manager, who will be directly responsible for realizing your idea, guarantees the quality of the final product and the timing of its development within the execution of signed contracts and agreements. In addition, the company will continue to provide quality technical support for the product after its release, as the developers will know the design of their brainchild like no one else (if such support is one of the contract conditions or an additional agreement). Thus, cooperating with an IT company directly involved in software creation is the best solution. This choice will give you an application that perfectly matches your product vision, fulfills its task, and provides high-quality support for this application throughout its entire lifetime. If you need to create such an application and ensure its technical support, contact one of the best finance app development companies, CHILLICODE Studio. CHILLICODE Studio has been developing websites and mobile applications for eight years. Our team completed more than 350 projects. We pay great attention to understanding customer needs and the difficulties our clients face in creating high-quality customized solutions, completely taking over product development and guaranteeing its readiness on time. Develop the concept and test the hypotheses. Next, you have to define the purpose of the app, its mission, and its intended target audience. Consider who you are developing the app for and what problems people (or businesses) need it to solve. This stage involves analyzing the market and testing several hypotheses to choose the one that fits your goals the best and has the most potential. At this stage already, you will start to form an idea of the functionalities the app should perform and how it should look to users in terms of its interface. Research your competitors Research the market and your competitors' apps to understand what products already exist in your chosen niche and what gaps your service can fill. During this analysis, it is vital to understand what exactly can make your app stand out from others. Define the application’s functionality. One key step in developing an app for the financial sector is defining its functionality. Imagine yourself in the user's shoes and think about how you would like to interact with the app and what features you want to see. A product manager can help you with this by conceptualizing the app and ensuring it will solve the target audience's problems and perform its tasks effectively. Choose the platforms for implementation. In the case of fintech app development, be it mobile apps for online banking or personal finance accounting, you can implement the project on both Android and IOS. This way, you will reach more potential users. However, you can also create a full-fledged website, which will be adapted for smartphone and tablet users. The IT companies deal with such tasks regularly, so their specialists know how to create a finance app for Android and IOS firsthand. Think through the UX/UI design. UX design (User Experience design, or "user experience design") is the process of creating products, services, and interfaces that are user-friendly and enjoyable to use. This process begins at the idea analysis stage, as the application's design must be agreed upon early on to meet the identified needs of the target audience. UI design ("user interface design") is the appearance of a mobile application and its functional elements, which users see and interact with when using the app (menus, buttons, colors, fonts, and positioning of elements on the screen). The main goal of UI design is to ensure the simplest and most intuitive user interaction with an application or website. Create a prototype At this stage, you need to develop an MVP ("minimum viable product"), a test version of the product with minimal functionality. The team decides on the development tools, environment, and programming languages. The choice of programming languages at the initial stage of development is also extremely important, as they determine what functions and features will be available in the application — listen to the opinion of developers, as they know the capabilities of each of the languages and will help you to determine the necessary ones for your product depending on the planned functionality and complexity of its implementation. After that, the team creates the backend and writes the app’s code. Test the final version of the application. Before publishing your mobile app in the official stores, ensure it works correctly on different devices and operating system versions. At this stage, test engineers check all the app's features, and if they find bugs, they control the changes made by the developers until the app achieves its final version. Ensure application support (and development) After a mobile application is released, it is important to communicate with users and consider feedback, develop functionality updates (release frequent software updates and regularly add new content and additional tools to successfully retain users and increase their interest in the app), and fix unwanted limitations and possible bugs in the software. The team that developed the application knows its device better than anyone else and will promptly and qualitatively carry out the necessary technical support. sub The cost of building a finance app or website depends on many factors, including functionality, complexity, implementation platforms, and design. To find out the cost of developing a mobile app or website for an online bank, crypto exchange, or budget planning, leave a request on our website, and our manager will contact you to discuss the project details. We will discuss your app's goals and objectives (or help you define them) and estimate the cost of developing a customized solution.
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