Fintech App Development-converted

1. Fintech App Development: What Features the Personal Finance App must have in 2021? Most of the business sector will love to forget the year 2020, all thanks to the COVID- 19 pandemic. Even Financial enterprises have to face tough situations the previous year. Now we have entered 2021 and everyone seeks to follow new approaches to give a new lease of life to the finance industry. Come to the present, financial apps have been in great demand as digitalization is the best solution to cope up with the current pandemic. Particularly, personal finance apps have to gain more fame as they have the caliber to have a firm grip on the finances and offer the opportunity to manage a product in a market until it becomes a success. So, a surprising pairing of FinTech app development with the personal financial app has given the power to a financially savvy person to allow people to take control over their financial budget in a better way. What benefits people achieve with the given combo? They are numerous and includes: Ø Constant view for cashflow Ø Easy investment

2. Ø Ability to save for some special events But all these advantages come with caution: Downloading money apps without thinking will act as a short-sighted option that will leave you in the middle. So what to do to make it look more meaningful? The answer is selecting those personal finance apps that come with the latest features as per the newest trends in the present year, 2021. Today personal finance apps have become a remedy to have a curb on reckless spending and half-heartedly budgeting. Moreover, they are renowned for offering good value to their users. It has resulted in the development of more personal finance app on which many FinTech app development companies are doing high investment. In the given blog, there will be an understanding of personal finance apps and how they will shape the FinTech application developmentin the future. Let’s read further to identify some of the crucial features that will define the personal finance apps in 2021. What are Personal Finance Apps? Before moving further, it is important to understand the concept of a personal finance app. They refer to a wide range of mobile applications with the sole motive of effective budget management for the people. Not to forget apps offered by financial institutions and companies involved in the financial sectors! Personal finance apps, a sub-part of FinTech apps, are trending among the general public because they forecast investment to prevent companies to waste more on other expenses. If one wants to know what they can perform, then one has to depend on

3. which app they are using. Generally, the utilization of personal finance apps is wide and includes usage in: Ø Money-Saving Option Ø Budget Management Ø Debt Management Ø Investment Management Ø Expense Tracking Option Ø Financial Goal Management Ø Credit Goals & Report Monitoring Ø And many others So if you want to create a broad money management plan for your organization; then personal finance apps are the best available FinTech software solution. Now comes the most important part: What should be the exclusive features that will make personal finance management become champion in budget management in 2021 and even disrupt the financial world with innovation? Let’s dive deep into it and find out features that will help the given app become a pioneer in the world of FinTech. Features that will Define Bright Prospects of Persona Finance Apps in 2021

4. If you are choosing a personal finance app; then it will be beneficial to understand your business needs and which app will cater to your financial applications appropriately. Before moving forward, start with answering the given questions: Ø What is the usage of the app? Whether it is meant for saving, investing, managing budget, or other things? Ø Is the app has easy navigation? Ø Do app easily integrate with all the accounts (bank, investment, and financial)? Ø Is it safe enough to use in any circumstances? Ø Does it also offer customer service or tech support? Believe me; all the new and exciting features will answer the above-given questions. Moreover, every FinTech application development company will focus their finance apps to include those features that offer a satisfying reply to these questions. Now comes the important part: Features! Let’s move towards it: A. The app must focus on the Financial Health of Consumers As per the reports from PwC, a quarter of the people has to face financial issues and took some time out of their daily routine to fix it before it becomes out of their control. Even in 2020, it was found that many customers found it difficult to save their hard- earned money and even failed to manage their financial budgets. Why it has been happening? It is occurring due to two reasons: Ø Ignorance about basics of savings

5. Ø Fail to identify and cut unwanted expenditures To avoid them happening, the feature that must be added to the app can turn ‘insight into action’. What it implies? It shows that the new feature must allow freeing some extra cash so that the person can use them in the future and remain to align within their financial goals easily. To make it more useful, the application must offer: Ø Send alert notification to the customers when they have a low balance Ø Send alert when a person is doing purchasing at remote locations or is involved in suspicious activity So, it is a crucial feature as everything has been digitalized post-COVID-19 world, and an increase in cyber-crime will make such features exceptionally valuable in 2021. B. Personalization in App Services will connect directly to the User’s Heart Research from Deloitte has found that most of the users need personalized offers from their financial institutions. However, only 30% of the users can avail of such services and others get those services that are irrelevant to them. If one wants to create a perfect personal financial app; then they have to offer exactly those that are in demand at that specific moment to their customers. How it is possible? It is not much difficult as one thinks. Indeed, the inclusion of a feature that will collect crucial data about the user’s behavior is the need of the hour. When a FinTech organization has access to such data, the creation of personalized offers will be an easy task.

6. There are certain aspects customers are willing to share with their service providers and they include: Ø Details about location and spending Ø Social Interaction Ø Health updates Working on these aspects, it will not be difficult for an organization to include features that collect data in real-time and predicts to offer personalized services to the users. A study from BCG offers full support to the given fact: Financial institutions that offer personalized services have seen a surge in 10% in their revenue. The great thing, isn’t it? C. Online Payments at Lightning Speed is the New Norm Thanks to COVID-19, people are more and more switching for online payments instead of paying with cash. Even more, there is a large-scale increase in digital transactions (more than 30%) in early 2021 as compared to 2020. It clearly shows that online payments are becoming the norm for any bank or other financial institution. Now three features come directly to our mind: making online payment, looking towards payment history, and thoroughly analyzing it! So, if any FinTech website development company fails to include it, they are assured of losing in the financial business by a whopping 50%. What is the way to make it more user-friendly? The answer is devising a feature that will cut down clicks during an online transaction. It is necessary as a report has found

7. that customers get frustrated when it takes more than 10 clicks to accomplish a completely online payment. Besides, allowing customers to do payment through email or phone can also decrease the number of clicks per transaction. D. Give more Teeth to Payroll Management by adding more Services to it If you think that just offering a convenient payment service is sufficient to bring more customers into your fold; then you are utterly wrong! There is stiff competition and every FinTech institution is fighting with nail and tooth to offer financial wellbeing to ensure customer loyalty. Some states have shown that more than 70% of the reason for financial stress among individuals will be solved if they get access to liquidity in a better way. That’s the reason most of the activities to manage financial budget runs around: Salary on-demand, Salary advance, and Early Direct Deposit. So, the inclusion of these three features will offer an insight into the customers’ management of the budget well. For example, the inclusion of the Salary on-demand feature will allow users to have easy access and check into the earned wages. Another option, Salary advance can offer short-term credits to the person to manage their salary well and avoid getting trapped into facing excessive rates. To Sum Up In short, when a customer is financially sound, then only a financial institution can remain financially well. So, most of the features that shall become part of the personal finance app in 2021 should focus on the financial well-being of the customers. The current age is engulfed by the COVID-19 crisis and technology (such as FinTech) that can adapt quickly can overcome it in the best possible manner. FinTech is an agile

8. and quickly changing new-age system that will cater to the so-called ‘money management without affecting the earning of the people. Besides thinking about financial health, increasing the online transaction speed, making the app more and more personalized and the inclusion of more options in payroll will surely lead personal payment apps to become an integral part of people in 2021. Resource - https://medium.com/@emorphis.technologies/fintech-app-development- what-features-the-personal-finance-app-must-have-in-2021-280a71086580