Finance App Development in 2023: Cost, Features, and Technical Best Practices

Finance App Development in 2023: Cost, Features, and Technical Best Practices

Undoubtedly, the ‘salary credited’ message offers a gush of optimism and bliss. But, what turns out to be frustrating is digging through transactions, bills, and receipts to oversee your finance. Therefore, more than 75% of surveyed smartphone users have a minimum of individual finance apps. As a result, more and more techies are delving into garnering knowledge of finance app development. If you are also one of those people who are curious about building a finance app, this article is undoubtedly for you.

An immaculate personal finance mobile app development is the gateway to timely bill payments, funding high-yielding investment prospects, and becoming a big money-saver.

Mandatory Features to Include in Your Personal Finance App

Before delving into the complete guide of a personal finance app, let’s gain some insights about the necessary features you should include in your app:

a) Registration and Onboarding: Ensure a seamless registration process comprising a maximum of 2-3 questions.
b) Analytics and Reports: 2023 is all about users being able to track their financial activities for scaling up money management.
Stringent Security Measures: Equip your app with the best-in-class security technologies like biometric access, real-time alerts, multi-factor authentication, etc.
AI Chatbots: AI chatbots are exceedingly beneficial in acquiring and evaluating users’ data and offering helpful insights for financial management.

Ultimate Steps to Finance App Development

Creating a personal finance app is unquestionably an intricate process. And only knowing the required steps will prove fruitful.

Step 1: Acknowledging the Audience and Overseeing Preliminary Analysis

The first step to creating a personal finance app is understanding your target audience, what issues they are encountering, recognizing what they desire from an app, and similar details. Conducting a preliminary analysis that will involve thorough market research, perceiving the product’s commercial viability, analyzing the product’s strengths and weaknesses, and so on is necessary.

Step 2: Understanding the Purpose of your App

During your app development, you need to perceive what all issues your app will address. From understanding what financial information you will track to the features, you’ll offer, jot down everything. Is your app only made for budgeting? Or for loan calculation?

Step 3: List Down your Necessities

In this step of knowing how to create a financial app, you need to write down all the requirements you would need to prepare the app—starting from finalizing the features, security measures, data management, user interface design, functionality, and more.

Step 4: Finalizing the Tech Stack

Which tools and technologies are you planning to use – cross-platform or native app development, libraries, programming languages, frameworks, databases, etc.? If you are aiming for an iOS app, Swift or Objective-C will work perfectly. If you decide to develop an Android app, you have the option to select either Java or Kotlin as your programming language.

Step 5:  Developing an Agreeable User Interface

The developer should prioritize creating an app that is not only convenient and user-friendly but also, above all, simple to navigate. Users should find it trouble-free to track expenses, approach information, manage finances, etc. It is necessary to have a responsive UI.

Step 6: Gathering the Team

All your hard work will only be successful if your team is competent enough. Put effort into finding people with solid technical skills and thorough knowledge of market trends. You might need a project manager, mobile developers, UI/UX designers, QA engineers, backend engineers, and more.

Step 7: Deciding the Budget

Speaking of the budget of your finance management app, the entire cost of designing a personal finance app dramatically depends on the full list of features, complexity, platform, and more. On average, it might cost you around $35,000 to $80,000 to create a basic finance app that includes expense management, goal setting, and budget tracking. The cost might escalate if you are interested in affixing features like bill payment, investment tracking, etc.

Step 8: Developing, Testing, & Launching

After confirming every minute requirement, it’s time to begin the development process. Initiate the process by attending to user registration, data input and management, and similar ones. After completing the development process, meticulously test the finance app to ensure smooth operation.

Once the development and testing outcome is positive, launching the app is the second last step of your finance app development. You can choose to test it out with a small group of beta testers for feedback purposes and then proceed by launching it publicly.

Step 9: Ensuring Strict Maintenance

No, the work doesn’t end with launching your financial app. Keeping an eye on the maintenance and updation is of utmost importance. Staying up-to-date with user feedback and immediately implementing necessary modifications is the right way to proceed.

Final Conclusion

Building the perfect personal finance app might become simple with the proper knowledge. Currently, there are numerous individual finance apps doing the round, name a few, Mint, Wally, Prism, and more. To stick out from the crowd, it is essential to join hands with a reputed finance app development organization. Speaking of the same, Algoworks is one of those few organizations possessing ample mastery and expert techies. If you are curious and want to make headway with your finance application, connect with us today.

About Us: Algoworks is a B2B IT firm providing end-to-end product development services. Operating chiefly from its California office, Algoworks is reputed for its partnership with Fortune 500 companies such as Amazon, Dell, Salesforce, and Microsoft. The company’s key IT service offerings include Mobility, Salesforce consulting and development, UI UX Design Consultation, DevOps, and Enterprise Application Integration. For more information, contact us here.

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Algoworks comes among the top IT service providers worldwide. We adopt a unique product development and agile delivery approach to offer robust and user-friendly software products in the shortest time to market. Our key IT services include Salesforce, Mobility, DevOps, and Enterprise Application Integration. With a great combination of our creative, visionary, and innovative minds, we are recognized as a reliable partner of different sizes and types of companies all around the world, such as Amazon, Dell, Salesforce, and Microsoft. With the expertise of top Salesforce Certified Consultants, we have successfully delivered enormous Salesforce Projects till now.

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