Developing an Application for Personal Finance
Controlling financial flows is a need for all people. Previously, this required the creation of complex, difficult-to-understand accounting systems. But now everything is much simpler. In order to be aware of your own income and expenses, it is enough to use a special application.
Today there are many similar programs. But with the right approach, the developer has every chance to take a leading position in the market. To do this, you need to create an application in such a way that it is understandable at an intuitive level. It should also be secure and with various useful features.
Financial applications types
There are two main types of programs:
- Simple financial applications. They require manual input, but they do their job. They can track and categorize expenses, plan large expenses in advance, and more. Among the disadvantages of this type is the increased risk of data entry errors. Moreover, the user may not want to write information on their own. Another significant disadvantage is a large amount of time required. Security is distinguished from the advantages since bank cards are not tied to such applications. Also, an advantage is the simplified and budgetary development process.
- Complex services. Their first difference from the previous option is the automated login process. Security can be a major concern in complex applications. They involve linking a bank card and a user’s account to the program. In this regard, ensuring security is the main task of developers. In addition, the creation of such an application is accompanied by difficulties and involves a lot of money compared to simple services. The advantages include simplified use that does not require unnecessary actions. It also has high efficiency, since it is irrational to rely solely on memory in financial matters.
Popular systems for financial control
In order to develop a decent application, it is worth researching and analyzing similar applications in demand. An in-depth analysis will help you navigate the market, study competitors, and understand what the audience likes. Today, there are some of the best programs for tracking income and expenses:
- Mint. The service is used by many 14 million people. It has been on the market since 2008. It is time-tested, which means users can be sure of it. In addition, the app provides advice on costs, savings, and investments. The program analyzes costs and suggests various ways to reduce them. Mint also has a security system, notifying about suspicious spending;
- Wally. Despite the need to enter information manually, intuitive service is in demand in many countries. It has convenient analytics that can be configured and is able to control costs associated with various events. The service also has a geolocation function. The app has smart technology and helpful notifications;
- Acorns. Basically, the application is aimed at an audience interested in investments. The system has a function that allows the user to earn money on purchases. There is a possibility of one-time and periodic investments, as well as micro-investments when rounding change from purchases. Users of this application can save a lot, practically without changing the usual rhythm of life.
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