Financial apps or also known as budget apps have been in high demand for some time. Mainly because people have realized the importance of saving money because of the pandemic. Moreover, since Gen Z is transforming in an era where technology is common, there is a dire need to learn how to build a financial app. 

This blog outlines the details of how to make a financial app. So, let's go forward. 

Financial Apps- What Are They?

We are sure that you already know what personal finance apps are. However, for the ones, who don't, these are specialized apps that help in managing tasks like saving, investing, budgeting, and things that we do with money. These apps connect with your bank accounts, credit cards, and financial apps, giving users the information of all accounts in a single place. 

The apps available today offer different features. For example, some offer tools to track expenses. At the same time, others can automatically categorize transactions and investments. 

One example is Mint, which is an AI-based personal finance app that can help users save and invest money in a smarter way. 

Making a Budget App- Is It A Good Idea?

Starting a budget app is a good idea since there is a lot of demand. However, entering this business is kind of hard due to the fact that there is a lot of competition. If you can offer something that hasn't been seen before, there is a chance you can compete in this market. 

There is another factor that contributes to the success of the budget app. That is the cost to develop a budget. Since it is a financial app, you will need proper licenses. High costs are involved with this. Also, buying tech stack, hiring developers, and getting hardware, are also present. 

We are not saying that this is not feasible. If you are creating a budget app that offers something new, it can be a game changer (please, check Topflight Apps guidelines here). 

Popular Budget Apps Available In The Market

Before you build a budget app, take a look at the existing budget apps and the features they are offering. This will help you better understand what you can offer in your own app. 

Mint 

Mint is a popular budget app that allows users to track their bills, manage investments, and manage expenses. The app gives detailed insight into the current status of the account and gives suggestions on how to save/invest more. Mint also gives credit score data and alerts. 

You Need A Budget(YNAB)

YNAB is specifically diverted toward users who want to create a budget and stick to it. The app has features such as goal setting and account monitoring. 

Pocket Gaurd

Pocket Gaurd provides benefits such as suggesting how to save more money. The app starts giving alerts whenever a user exceeds the spending limit, along with goal monitoring, investment guides, and more. 

Personal Finance

Another important app that has gained a lot of attention is Personal Finance. Personal Finance app allows users to sync their bank accounts, pensions, retirement savings, credit cards, and banking apps, giving them an overview of the whole picture. The UI enables users to shift between accounts and manage them more efficiently and easily. 

These features mentioned above are not limited to a specific entity. There is a lot more that can be added. For example, if you want to develop a budget app, you can add features like live chat with a banking officer. This will enable users to resolve issues with their banks directly. The sky is the limit here. 

How To Build A Financial App- 5-Step Breakdown

Market Analysis

Budget apps have a huge market, and there are many competitors. For that, a strong market analysis is needed. What you can do is see what competitors are offering. How Well the UI the behaving. The UI/UX design and color scheme. 

Similarly, see how users are responding to the apps. Are the comments good or bad? What the users are asking. 

Using this, develop a blueprint and then decide what you can do to resolve the problem.

Team Gathering and Tech Stacking

If you want to create your own budget app, you have to buy the technology stack and hire developers who will develop that app. 

For the tech stack, Flutter (Front-End), JavaScrpt (Back-End), and DeFi (Tokens creating) can be used. 

As for hiring developers, the option of outsourcing, outstaffing, and freelancing is available. Along with that, you can also hire recruiting agencies. 

Developing Prototype and Main App

Now that you have everything to create the app, develop a prototype and introduce it to limited users. These users will test the app and respond with their reviews. 

Then, using that, create a fully unlocked app and launch it in the market. 

Marketing

The last step is converting potential leads into customers. That is done using marketing and advertisement. See, this is a crucial step and will define the future of the app. So make sure you are doing it the right way. 

Wrapping up, budget apps are a good business idea, provided you are doing something that is unique and catchy. The competition is high, so make sure your weapons are loaded before entering this warzone. We hope that this guide on how to build a financial app will give you an edge.