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How to Build a Personal Finance App?

A screenshot of a personal finance app

Interested in building a personal finance app? 

That’s a huge market with many opportunities for original solutions.

According to Globes News Wire, “The Global Digital Lending Platform Market size is expected to reach $11.6 billion by 2025, rising at a market growth of 20.3% CAGR during the forecast period”.

Besides the huge profits to be made, innovating in this industry represents a way to make a huge difference to people’s lives. Here’re a few amazing case studies of companies who hired DevTeam.Space to build their software products:

  1. Micro Loans Management Solution – Management Web Application
  2. DDKOIN – Leading Cryptocurrency
  3. Cryptocurrency Exchange – Crypto Exchange And Wallet


What is a personal finance app?
Essential features of a personal finance app
Top personal finance apps
Approach to develop a personal finance app
Build a personal finance app using APIs
Managing your mobile backend:
Managing a personal financial app development project:

What is a personal finance app?

Personal finance apps make it easier for you to manage your finances. Anyone serious about growing their wealth can benefit from a good personal finance app. Benefits include long-term financial planning that starts by creating a realistic budget. A personal finance app should help you with accounting while also giving you helpful insights about money management.

Every app needs to give you insights on matters like investment options, short-term and long-term returns from investments, tax laws, etc. Security is of paramount importance in everything related to finance, hence, a personal financial app should check that box too!

Essential features of a personal finance app

A good personal finance app should offer the following features:

  • Users should be able to add transactions quickly.
  • Importing bank statements or credit card statements should be easy.
  • A user must have the ability to view bank balance, different bank accounts, and overall financial status easily.
  • Good personal finance apps need to make the budgeting exercise easy.
  • Users need easy-to-use accounting modules.
  • Over ease-of-use is important.
  • Personal financial goal-setting and tracking of progress are important features.
  • The app should ideally offer investment insights and guidance.
  • Security can never be underestimated.
  • Robust customer support is important, especially for new users.
  • Coaching about money management can be very helpful.

Read more about these features in “The best app for managing personal finances and budgets”.

Top personal finance apps

If you are planning to make a good personal finance app, I recommend that you check out the following examples to get good design ideas:

  • Mint: Made by Intuit Inc., this is one of the most famous personal finance apps. It enables you to create budgets, additionally, you can track your bills easily with it. Users can check their credit score, what‘s more, they also get tips to improve it. A simple UI makes it easy to use. The app has excellent security features. You can use it as a one-stop shop for all your personal finance management needs. Users can link all their bank and credit card accounts hence, they get a consolidated view of their financial standing. They have both Android and iOS apps.
  • Money Lover: It‘s a cross-platform finance app. Transaction recording is easy, additionally, it categorizes transactions for better visualization. Users can do their budgeting work easily with this app. Helpful reporting features help users understand their spending pattern. The security features are the same as what banks use. Users can easily synchronize across devices. The app sends reminders for bills and recurring transactions. Currencies with up-to-date exchange rates help frequent travelers. One can track investments with this app easily, furthermore, all debts can be managed in one place. Money Lover is available on Android, iOS, and Windows.
  • Monefy: A cross-platform app supporting Android, iOS, and Windows, it‘s an easy-to-use app. Users can easily add transaction records. Synchronizing between phones and tablets is easy. First-time users can easily customize their own set-up. Nice visual reports show earning and spending across different categories, hence, users can get a snapshot or a detailed view of their finances easily. The app allows easy back-up and export features for user data.
  • Personal Capital: This app allows users to see all accounts in one place, furthermore, it provides important insights. For e.g., users get important insights into their spending, savings, and retirement-related financial planning. The app provides good guidance for wealth management including advice. Users get a good portfolio management support with this app. Their personal capital dashboard provides excellent reports and visualization tools help users in getting a good grip on financial standing. The company offers both Android and iOS apps.

Approach to develop a personal finance app

To launch a high-quality app in a competitive market you will need to offer differentiators. Custom development can enable you to offer differentiating features in your app, hence, I will describe this approach here.

At a high-level, you need to do the following:

  1. Develop a simple yet elegant UI. Your UX/UI designers need a good knowledge of mobile menu design for this. Check our guide “Mobile navigation menu examples”.
  2. There are common functions where it‘s advantageous if you don‘t reinvent the wheel. Personal finance app development using financial data ’application programming interfaces‘ (APIs) can save you valuable time. I will explain a few popular financial data APIs.
  3. Mobile backend development and management are time-consuming, however, you can take advantages of ’Mobile Backend as a Service’ (MBaaS) providers. I will explain this.
  4. I recommend ’Agile‘ project management methodology and you can read about it in our guide “How to build an Agile development team?”.

Build a personal finance app using APIs

You can use financial data APIs for building a finance app thereby saving time. Check the following examples:

Yodlee financial data APIs:

Envestnet Yodlee is a leading data aggregation and analytics platform for digital financial services. They offer their financial data APIs. Their APIs can give you access to financial data from 16,000 global data sources.

You can create a personal finance app with the following features:

  • Users can set their financial goals and track the progress.
  • Users often subscribe to products or services using their credit card. It‘s often hard to manage multiple subscriptions. The app can help users to manage this easily.
  • The app will help users manage their bill payments with automated tracking and alert messages.
  • Monitoring spending, credit card debts, and other debts are easy.
  • The app can provide chatbots or other forms of financial advice to users.
  • You can offer industry-leading security features in your app for financial data.

The APIs provide data enrichment services hence, customers can view their transaction data in clear format. Contextual information such as transaction category and geolocation is available. Read more about their features in their personal financial management solution webpage.

To sign-up for Yodlee APIs, access their sign-up page. The company provides extensive documentation for their APIs, and you can access them here. Yodlee offers a 45-days free trial period with limited features, however, their paid plans offer advanced features. For e.g., the paid plans offer access to a high number of data sources, furthermore, you can access a greater range of APIs. Check their pricing page for more details.

Fincity APIs:

Fincity has nearly 2 decades of financial services industry experience, which they have capitalized while offering their financial data aggregation platform. They offer this platform via their financial data APIs. Their APIs enable you to include the following features in your app:

  • Transaction aggregation, including expense categorization, account balances, transaction status, investment positions, etc.
  • Account history aggregation: You can offer up to 24-months of transaction history through your app when you use their APIs. You can include data elements like income deposits, expense categorization, transaction descriptions, account balances, and loan balances.
  • Industry-leading security features for sensitive financial data.

Sign-up for the Fincity APIs here. Fincity provides comprehensive documentation for their APIs, and you can access them here. For e.g., you can check out their API reference guides here, additionally, the API guidelines are here. Find the ’Getting Started‘ guide for their APIs here.

The company offers a limited trial period.  You need to first sign-up with them to avail that trial. To get their API pricing plans, you need to contact their sales team.

Plaid APIs:

Plaid is a company that had earlier built the technical infrastructure APIs for the financial services industry. These enabled developers, consumers, and financial institutions to connect. They have since expanded with analytics suite for their data. Their APIs can help you make a personal finance app.

With their APIs, you can add the following features to your personal finance app:

  • You can build an engaging UI leveraging their platform.
  • Users typically have accounts with multiple financial institutions, however, the Plaid personal finance solution helps them in getting a comprehensive view.
  • Your app will be able to consolidate financial data from multiple sources, additionally, categorization of data is easy.
  • 24-months of historical data is valuable, especially when you combine that with their powerful analytics.
  • Users will have an easy way to add transactions and categorize them.
  • The app will have balance functionalities to keep track of users‘ net worth.
  • Reminders and alerts about debt payments will be helpful to users.
  • Users will also get personalized suggestions for debt refinancing and consolidation options.
  • Security features including user permission for accessing bank accounts are helpful.
  • Integration with the Plaid front-end modules.
  • Users can have multiple customization options.

Sign-up for the Plaid APIs here. You can access their API documentation here. They have a free version of their APIs, however, the premium versions naturally offer more features. Access their pricing plan here, however, I advise you to contact their sales team for a detailed overview of their pricing.

Managing your mobile backend:

To expedite your personal finance app development, I recommend that you use an MBaaS provider. This will save time. MBaaS providers manage several aspects, for e.g., infrastructure, database provisioning, and persistent storage. User management, push notifications, security, etc. are easy when you have an MBaaS account. Leading MBaaS providers provide easy options for API integration, furthermore, mobile apps often need to use the microservices architecture for scalability and MBaaS providers make it easy.

There are several good MBaaS providers, for e.g., Google Firebase, AWS Mobile, Kinvey, SashiDo, and Kumolos. Check our comparison guide “How to choose the best Mobile Backend as a Service (MBaaS)?”. You save the effort of hiring mobile backend developers, additionally, you don‘t need to manage the infrastructure.

Assemble a development team:

You need the following skills in your team:

  • Business analysts;
  • UX/UI designers;
  • iOS and Android developers;
  • Testers;
  • Project manager.

The PM role is important hence, onboard a PM with knowledge of modern PM methodologies. Check our guide “Top 7 project management methodologies in 2018”.

Managing a personal financial app development project:

I recommend the hugely popular ’Scrum‘ technique, which is tried and tested in the Agile context. The PM will be the ’Scrum master‘, who will lead a small cross-functional team. The team will consist of business analysts, designers, developers, and testers. Another role is that of the ’Product owner‘ (PO), who provides the business requirements, i.e., the list of features.

All features are listed in a ’Product backlog‘ document, subsequently, the team estimates them. Features are prioritized and added to ’Sprints‘, i.e., iterations. During the sprint execution, the scrum master needs to conduct a ’Daily stand-up meeting‘ to get status and resolve issues. Upon completion of features in a sprint, the project sponsors review them in a ’Sprint review meeting‘ and approve them.

The team also conducts a lessons-learned exercise after the sprint, which is called the ’Sprint retrospective meeting‘. Read more about this in our guide “How to build a Scrum development team?”.

Key tools and guidelines for a personal finance app development project:

I recommend you use effective tools for this development project, as follows:

  1. Tricentis Tosca: This is a well-known test automation tool.
  2. Gradle DevOps: This will help you with DevOps practices like build management, staging, deployment, etc.

I also recommend that you use a good PM tool like Visual Studio Team Services (VSTS). You can check out more examples in our guide “The 10 best Agile project management tools in 2018”. Also, remember to consult the Android app launch checklist and the Apple app store review guidelines for submitting your app to app stores.

The cost to build a personal finance app:

API providers often list their price on their website, alternatively, you may need to contact them for pricing information. MBaaS providers list their price on their website. Your development manpower cost is influenced by your ’Minimum Viable Product‘ (MVP) features and subsequent enhancements.

Local labor market influences your development manpower cost too. You may need to get professional help, hence, consult our guide “How to find the best software development company?”.

DevTeam.Space is a vetted community of expert dev teams supported by an AI-powered agile process.

Companies like Samsung, Airbus, NEC, and startups rely on us to build great online products. We can help you too, by helping you to hire and effortlessly manage expert developers.

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