Managing finances can be a difficult task to deal with. With new expenses being added almost every hour as the day passes by old school finance tracking methods are becoming more and more difficult to keep up with.
In this modern world, we need a modern solution to the finance tracking methods that we can keep up with every day. This is where financial trackers come to light. These are digital spaces where people can manage their finances effortlessly.
But, just like keeping your finances in check is profitable so is the finance app development niche. App development companies are being rapidly approached by business owners to come up with new ways of providing solutions concerned with finance management.
It has been proved through research on market analysis that the top-rated app on app stores has shown a rise of 50% in downloads in the past year itself. This is the reason the finance app development area is considered the most revenue-generating in the years to come.
This article aims to create awareness about ways to develop an app like Mint in the easiest way possible. This can seem like an overwhelming experience for beginners. So let us get into the details of it!
Understanding the market for a money management app development
Having a systematic financial approach is a necessity for everyone may it be businesses at large scale or people who need to keep up with their bills. One of the easiest ways to keep track of it is with the help of a mobile application designed specifically for this purpose.
The ease and accessibility that comes with it are extremely useful and convenient which makes it super useful. For this reason, app development companies are being approached rapidly to come up with solutions that are more scalable and adaptable to the mobile version itself. This can make the updation part easier for the user. Due to the following reasons, the growth rate of this niche is 5.7% and is estimated to reach a net worth of $1.50B by the end of the year 2025.
Features to include in your Money Manager app
The functionality of any app determines its success ratio along with the user interface. When it comes to leading the FInTech market, there are certain expectations of the clients that you need to fulfill. Hence, the list of functions the app is expected to perform is summarized below. It is as follows:
-
Visualization of Data
App development companies aim to include charts, infographics, and dashboards to help make the entire budgeting process easier for the client. Otherwise, the entire process might get tiresome and boring and make the client dealy the updation as necessary. With the help of these infographics, the entire budgeting process becomes a lot easier to handle, especially for beginners. Some of the most common examples of this are the Mint which provides the spending ratios with the help of a pie chart. Other than that, it makes the process fun.
-
Helping to add the game effect
Just because you cannot make a game under the finance app development niche does not mean you have to make the entire user interface boring. Try adding small little effects that can make a big difference. One of these is small rewards that the client will receive on achieving a financial goal. In fact, to ease the tasks of the client, you can also add artificial intelligence which can make a big difference. This can help automate the tasks which can make a huge difference in the way the app functions.
Ways to build an app like Mint in 2023
Given below are the steps to approach the finance app development process for building an app like Mint. It is as follows:
-
Set your goals right
You need to be aware of the things that you expect from this app before approaching an app development company. Unless you are clear with this, the entire project might not yield the necessary results. Conduct market research, test out various apps, and check out the various things your competitors are doing right. Try taking inspiration to come up with the blueprint of your app in advance.
-
Make the right team
To make sure that the entire process goes around correctly, hire the right app development company that might be able to help you with this process. Choose the correct User Interface features. This includes the fonts, the functionalities, and the themes that will be applicable within the app itself. The architecture of the app also should be up to the mark. Make sure that your app is easy to use by people of all ages and sects and that the processing and response time of the app is quick. No one likes an app that takes too long to provide a response, especially in matters of finance. This is something to take note of in the case of financial app development. Hire app developers from reputed company, It reduces your time and cost.
-
Testing and Deployment
The last phase of money management app development is to test the app thoroughly. The information that the clients share with you is extremely personal, in case this gets leaked the reputation of our company will become a joke. Hence, make sure that you include the right security measures when you are developing the app and test it thoroughly during the testing phase. Just like that updation is also an important concern that will arise in the near future. So make sure to consider it.
Conclusion
In the modern world, having a modern financial management system has become a necessity, not just for professional use but also for personal levels. One of the most efficient ways to manage finances is through money management apps. App development companies are being approached rapidly to create an app like Mint to ease the task of the user. This is a long process that is time-consuming. But one of the most important steps in this process is to come up with a blueprint of the app that you want. Without this, things can get difficult.
Author Bio
At Hyperlink InfoSystem, a top Web and mobile app development company in Canada, UK, USA, Lyn identifies opportunities that generate revenue, improve profitability, and drive business growth. Her work involves careful strategic planning, positioning the company in the appropriate markets, enhancing the company’s reputation, and facilitating business operations. Hire Python developers for your project requirements.
