A Step-by-Step Guide on How to Build a Personal Finance App

How to Build a Personal Finance App

According to Google, in 2016, 73% of mobile users used a finance app management app. Also, AppsFlyer indicated that there was a 354% growth in the popularity of personal finance apps from 2014 to 2019. As per Allied Market Research, the personal finance software market size in the US was valued at $232 million in 2018 and is anticipated to reach $343 million by 2026, with a CAGR of 5% from 2019 to 2026. Considering these statistics, if you’re planning to build a personal finance application, then here’s a step-by-step guide for you.

What Is a Finance App?

A finance app also referred to as money management or budget application, is a personal income or expense tracking mobile app enriched with functions that not only help you to control personal expenditures but also advise where you should invest. This provides a way for the app user to save as well as earn.

All of your bank accounts, cards, e-wallets, and other money custodians are stored in a single place. The information is organized, analyzed, and the end-user can view his/her expenses on a visual representation.

Why Do You Need a Finance App?

Financial apps are in demand due to the various functionalities and benefits they offer. Here are some of the reasons why you should use financial mobile apps:

  • It allows you to gain better control of your expenses.
  • You can save money for a big purchase.
  • You can collect an amount for times of need.
  • The app allows you to manage tax charges.
  • You can get out of debts with minimum losses.

Types of Financial Mobile Apps

Before you decide to hire mobile app developers for building a mobile finance app, you need to first understand the type of financial app you want to build.

There are various types of financial management applications, however, all these apps can be broadly categorized into two basic types:

  1. Simple apps which need manual data entry, and
  2. Complex financial apps that automate the data entry process.

Simple finance apps

This is a simple money management app that requires users to enter all the spending data manually. These apps allow users to track all expenses and categorize them, plan substantial purchases, and more.


  • It ensures security as bank debit/credit cards are not linked to these apps.
  • It is a simpler and cheaper personal financial app development process.


  • There are possibilities of human errors and delayed data entry due to laziness.
  • Considerable time costs.

Complex Financial Apps

This is a more advanced version of the financial mobile app. Here, the user’s accounts and bank cards are linked to the software which automatically fetches data about each transaction.


  • These apps are user-friendly as users are not forced to take unnecessary actions;
  • Complex finance apps bring higher high efficiency as it eliminates the risk of human errors.


  • Security becomes a major concern for app users.
  • The financial management app development process is costly.
Also read this: 11 App Categories That Will Dominate 2021 and Beyond

How to Create a Robust Personal Finance App?

A powerful personal finance management app must have all the essential functionalities to attract the maximum number of users. However, this is not enough. There are several other factors that you need to consider for personal finance app development.

As a leading mobile app development company in India, we have discussed some of the key factors that you need to keep in mind while building a financial app.


Your financial app must ensure high-end security. Your audience should trust you and be assured that data on their money is safe.

Here’s how you can make your app secure:

  • Add two-factor authentication.
  • Encrypt data through standard SSL protocol.
  • Enable short-term sessions in client-server apps.
  • Don’t use catchy large fonts for displaying private user information.
  • Avoid using open-source libraries.
  • Do not use closed-source cryptographic libraries as they don’t allow checking their efficiency and reliability.

Identify and Reach the Right Audience

Your finance mobile app should be an effective solution for people facing finance management problems. You need to evaluate your potential users, try stepping into their shoes, create a user persona, and then build an app to cater to their needs.

App’s Simplicity

People do not prefer using unnecessarily complicated apps especially if money is involved. Any mistake, in this case, can lead to unpleasant repercussions. Therefore, you need to build a simple finance application to win users’ loyalty.

The thumb rule is that 3 taps or clicks are ideal for guiding the user to the desired location. Also, you need to ensure that the online payment process is simple and secure.

You can bring all the essential information required for user authentication and conducting transactions on a single screen. However, such a page may be too complex for users.

Adding several screens can lead the user to achieve the desired goal, step-by-step. You can hire mobile app developers who can help you create the minimum number of app screens for accomplishing any goal.

Well-designed UI/UX

Besides the app’s simplicity, you need to ensure that your app has a clean and visually-appealing design. Users avoid using applications with obscure interfaces with a lot of elements. You can take the help of an experienced app UI/UX designer who will guide you on how to build a finance app that attracts users with its design.

Whether it is Android or iPhone app development, you must remember that UI/UX design trends are constantly changing. Therefore, you should incorporate the latest trends to stand out from the crowd.

24\7 Round the Clock Customer Support

It’s an undeniable fact that your app users are likely to face a certain problem sooner or later. The user will contact you with queries related to the functioning of your financial management app. As a responsible app owner, you need to respond to their queries and concerns promptly.

You should be in touch always, providing 24/7 round-the-clock customer support.

Mobile Platform Selection

Whether it is native iOS or Android app development or cross-platform app development, the ultimate decision to choose the mobile platform depends on your project requirements and your target audience. If you need high-performing applications, then you should go with native Android or iPhone app development. However, if you want to target both iOS and Android users with one mobility solution, then you should go with cross-platform app development.

As a top-notch mobile app development company in India, we specialize in all forms of mobile app development and build robust fintech applications for our global clients.

Start with MVP Development

If you’re tight on your budget, then you should start building a Minimum Viable Product (MVP). An MVP is an application with all the basic features and functionalities which can be extended in the future. It serves as the foundation of your future mobile app.

Key Features of a Financial Management App

If you want to achieve the maximum number of downloads for your app, you must make sure that your app caters to the needs of the users. Here are some of the things that users expect from a fintech application:

  • Simple user authorization and personal account creation
  • Easy linking with back cards, integration with banks, and scan verification
  • Show transactions history, tracking and viewing current balances on bank accounts and cards
  • Limit on expenditure per day, per week, or per month.
  • Categorization of spending for house rent, food, clothing, appliances, unanticipated expenses.
  • Online currency conversion
  • Payment calendar
  • Payment templates
  • Visual representation of expenses and reports
  • Goals setting and progress tracking
  • Search option
  • Backup
  • Useful tips on financial literacy

Wrapping Up

If you’re planning for fintech app development, we are happy to offer our range of services. As a reputed mobile app development company in India, we are backed by a team of developers who have vast experience in the domain. Explore our work portfolio to be assured that our experts are highly qualified.

Frequently Asked Questions

Q.1. What are the examples of finance apps?

Some of the best examples of finance apps include Wally, Mint, Acorns, YNAB, etc.

Q.2. What kind of team is required for finance management app development?

For successful finance management app development, you need a team that includes:

  • A Project Manager
  • UI/UX Designers
  • Android Developer
  • iOS Developer
  • Front-end Developer
  • Back-end Developer
  • QA and Test Engineer

Q.3. What does the finance app development process involve?

The process of finance app development involves:

  • Market research and analysis
  • Requirement specification and analysis
  • App Design and development process
  • Security checks
  • Testing and launching

Have More Questions? Feel Free to Ask Our FinTech App Experts.

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