Financial apps are a tool that allows the customer to interact with institutions and manage funds. App development allows a company to build a new business model and meet customer needs.
Mobile apps allow quick access to funds, communication between banks and customers, and improved service quality through increased payment methods. In addition, the app development of customized tools has helped take a huge step in the world — the hyper-personalization of services.
What Tasks a Fintech App Can Solve
Controlling personal finances, organizing payments, lending tools, investment platforms, security systems, and data analysis are just a tiny part of the areas of mobile apps. Each of them has its own goals and objectives. But it’s important to understand what FinTech apps provide for businesses and customers.
The benefits of creating an app for banks are:
- Reducing the cost of doing business, in particular the number of staff, office rent;
- Reduced paperwork.
- Decrease in the possibility of mistakes.
- There is a significant increase in operation processing speed, automation of business processes, and time for client request processing.
- As the financial accounting software, the increase of work capacity does not require days off, and vacations do not fall ill and work round the clock.
- Optimization of work processes based on processing a large amount of data reduces costs for the organization of activities, marketing.
- Continuous improvement of service quality as artificial intelligence learns.
- An introduction of new unique tools that increase customer loyalty and improve the quality of services provided.
- The creation of new technologies helps to implement modern approaches in the work of organizations.
- These are just some of the benefits for banks that are opened up by implementing FinTech technologies. Apps allow you to enter the digital space and take a strong position in it.
The benefits of apps for users are:
- the convenience of using their own money;
- the ability to control financial income and expenses, to keep records;
- formation of a plan and calculation of payment, the ability to build a model of interaction with finances in advance;
- no need to directly contact banks to work with them;
- convenient interaction between institutions and clients;
- access to information and functions around the clock;
- automation of processes, such as payment of utility bills, loan repayments, etc.;
- customization of the application according to your needs;
- linking bank cards, making payments quickly and conveniently;
- apps help businesses and customers quickly communicate and complete tasks on both sides.
Application and Service App Development
Developers today offer financial app development company services. Professionals carefully analyze the needs, identify the necessary tools, and implement them. By using modern technology, it is possible to implement complex projects.
Here are a few reasons why to order the app development:
- The use of modern technologies ensures the speed of service, a high level of functionality, and security.
- Professionals discuss each stage in detail. There are no hidden fees or unexpected changes.
Creating high-quality applications for finance, which will bring profit to business and provide clients with tools for comfortable interaction with the company, has become as accessible as possible.
Main Stages of App Development
You come to the developers’ office and discuss the project, set tasks, and define goals. It is essential to understand the role of the application for finances and what tools you need to implement at this stage.
Analysts collect data, study the target audience, examine competitors and the characteristics of the business. Finally, the terms of reference are drawn up.
- Then professionals create a prototype and think through every detail. Particular attention is paid not only to functionality but also to appearance. The app should be easy, understandable, and accessible to everyone.
- The designer begins to draw the elements. The corporate identity is implemented; if necessary, you can develop it separately. The application interface is marked, as well as creating a UX design. After approving the design, the developers begin to implement the software part.
Apps are developed for Android, iPhone, and browser versions, if necessary. First, all the necessary tools are implemented. Then developers perform testing and then launch the project.
Cost of Financial App Development
The app development cost of the finance application depends on many factors. For example, for which operating system is being developed — for iPhones or android? Perhaps it will be a web version? As we discuss the project, we will understand the needs of the project and the tools that are needed to implement it.
Every technology and tool implemented in the app takes time to develop. Therefore, it adds to the cost. In addition, integration with third-party resources, connection to banking systems is required. The exact price is announced after the discussion of the project. Then the goals and the time for their implementation become clear.
Popular Apps
There are many applications on the market designed for controlling, accounting for personal finances, organizing spending, calculations, billing, and more.
Excel
Developers initially made the standard Excel as a data accounting tool. It is often used in accounting departments, although more modern services are increasingly being used. Nevertheless, Excel’s tools and functionality are sufficient for keeping records. However, unlike current programs, all data is entered manually. In addition, there is no way to connect cards to control payments. And yet, it is also an accounting program.
Modern technology makes it possible to develop native programs. For example, apps on android or iPhone perform their tasks that you can easily install on smartphones. Thanks to this, the control of finances is proper in the cell phone and always at your fingertips.
Money Manager
It is a very high-quality app that can recognize data from checks. Please take a picture of it, and the program will automatically record all your spending. Graphs, charts, and detailed reports allow you to form an overall vision and easily monitor your budget. Suitable for analyzing expenses in several currencies, the application converts them based on the current exchange rate.
Money Lover
An application that allows you to control your budget. There are graphs, charts forming a picture of expenditure and income. So the user can easily track where he spends his money. Similar tools allow you to plan your budget — all data stores in Dropbox.
Expensify
It is an effective service that keeps track of finances. It helps keep track of personal and business expenses. It is designed for the business segment, as right in the app. You can book hotels, book tickets, organize business trips and calculate costs for them. Scan receipts, and the app will enter them into the database, summarizing the calculation. You can attach maps. There is a built-in currency converter, the ability to integrate with accounting services.
Conclusions
App development is essential for businesses and customers alike. It’s an excellent way for a company to interact with its customers, provide unique features and tools, and optimize budget control. In addition, it is a worthy investment in the future of the company.