Building Personal Finance Apps To Target Big-Spending Millennials

Supervising your finances is hardly a breeze for anybody. People who’ve grown up in the digital era are not required to balance a checkbook, so it can get a little challenging for them to track their expenses and keep tabs on their bank balance. Upwards of 90M millennials are soon going to be entering their prime spending years.

Thanks to personal finance apps (PFA) from reputable finance mobile app development companies they are able to access their bank accounts and monitor their spending habits from the convenience of their smartphones. What’s more, personal finance apps are equipped to identify the different areas where you’ve been spending, notify you regarding imminent bill payments and optimize the bill payment process. Advanced apps are allowing users to maintain their investment portfolios and credit scores.                                  

Here we will break down the key features that millennial users look for in personal finance mobile apps.

Access to various banks & payment systems

It goes without saying; maintaining and consolidating your multiple accounts on a single platform is one of the main attractions that finance apps bring. They empower users to open up the full array of functionalities that the app contains. Users can easily browse through their financial particulars in a convenient space.

AI-driven financial regulation                       

AI capabilities have the capacity to quickly sort through enormous data and turn it into viable insights. This tech is being utilized in finance apps to evaluate users’ financial flow and share insight-powered spending and saving benchmarks. AI is behind Smart Savings as well as other important integrations. By means of automation, AI algorithms are designed to assess the ideal amount a user should save and put that amount in reserve.

Personalization

As any finance mobile app development company will tell you, the user journey of your personal finance app would need to be tailored to make it more inviting to users and boost their engagement with your app. Finance apps that let users modify the setting to their preferences will make it highly user-friendly and impressive.

Gamification

For today’s generation gamification has proved a great way to ensure that users keep engaging with your finance app. People tend to consider finance as a heavy subject; nevertheless, gamification is designed to provoke increased app interaction. Look at things from your users’ viewpoint; they would enjoy a personal finance app that offers them features that leverage game mechanics. This in turn motivates them in a stress-free manner to keep up their spending and saving targets.

Visually attractive data displays

Maximizing the visuals used to display data is pivotal when it comes to personal finance apps. Just because you are creating a finance app does not mean that it should be unappealing to look at. A mobile application development company can include captivating dashboards, reports, graphs, and infographics to pull your user’s attention to the app. Apart from heightening its attractiveness; visual elements including maps and tables ensure that uninitiated users follow the data without much effort.

Multi-layered security & full compliance

Apps, in general, must ensure that the sensitive data of your clients remains secure. Needless to say, personal finance apps cannot be successful robust security, primarily because they are portals to the financial assets of your customers. Users are naturally concerned about having their financial or banking information lost or stolen.  It’s no wonder then that any finance mobile app development company will advise you to opt for multi-layered security to fortify your personal finance app.

Several startups are working with finance mobile app development companies to capitalize on the millennial spending market. Furthermore, the fintech sector is expanding more than ever before on a global scale and you can lay claim to your share of this highly profitable industry with a well-made personal finance app.