Best Features and Monetization Model When Planning To Develop A Money Management App
Money management apps are a necessity due to the multiple benefits it holds. It not just keeps track of your income and savings but ensures users reach their financial goals by detailed analysis of their income and spending patterns, reports about investments, and how to plan better.
1. Safety and security - Gaining the trust of people that their financial information is safe is of primary importance. It can be implemented by two-factor authentication - username and password or PIN code and password. Blockchain Security ensures the secure sharing of data across platforms maintaining complete security of the user's financial data.
2. Simplified UX design - A simple screen with all valuable information like current financial status, investments, and upcoming bills displayed to users will help save a lot of time and energy. Without any compromise on the quality of UX, a simplified user experience is important.
3. Artificial Intelligence - A lot of fintech apps nowadays use AI for most commonly being used in the form of chatbots to improve interactions with customers, It also helps advise customers in case of negative spending patterns.
4. Customer support - In case of financial matters users expectation is quick response and solutions. 24/7 customer support should be ready to respond to any task at any time.
5. Mobility - When it comes to tracking and managing financial being mobile is of key importance. Your app should be compatible with all devices like iOS, Android, and window devices. This will enhance user confidence in the application.
Our Tech Stacks
Android - Kotlin, RxAndroid, Recommended Android Architecture
iOS - Swift, RxSwift, MVVM
Backend - Rails
Design pattern - MVP, MVVM
Networking - RetroFit
1. Freemium Model- Many financial apps offer free trials to get consumers on board and later on, charge a monthly fee for continuous usage. Apps like Spendee offer limited features in its free version and charge a fee for the use of premium features.
2. Adv Based Revenues-Lot of budgeting apps earns by displaying ads in the form of banner ads, podcasts, videos, native content. Native content which is a form of paid content like tips for best mutual fund investment integrates seamlessly in the app format without hampering user experience.
3. Product Referrals- Credit score apps like Credit Karma display very targeted products as per your financial history or policy bazaar displaying best insurance plans as per the user's investment pattern. However, the app does not share your data but uses it to show relevant products that may appeal to you. The app earns a commission if you opt for the product.
For the detailed understanding of the app development framework, implementation of key features, development cost read: Key Considerations While Developing A Personal Finance App
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