Best App/Business Ideas — Financial analyzer App

In this article, I am going to explain a Financial App that can analyze user transactions and provide improvement suggestions to save more and avoid yearly expenses surprises.

Vocabulary:

Before starting to talk about the idea let's agree on some vocabulary here to use during the App explanation.

Saving: Leftover of each calendar month will go to a separate account/bucket/space,… We call it a Saving account here.

Monthly expenses: Expenses that you might or might not have every month. These are expenses that are not constant. Like shopping for food, You can't say how much exactly you will pay for that and you can't say that this will happen every month.

Goals: In another hand, there are costs that we know when and how much we have to pay. For instance Monthly Internet costs, or monthly/yearly subscriptions. Also, we might have costs that we want to define a goal or limitations for that cost. For instance, imagine that you want to limit yourself to don't spending more than some amount of money on food shopping And if you spend less, next month you can spend a bit more. Lets call these two types of expenses and spending Goals.

The app looks simple but it is gonna do magic in the end. So you need a professional designer to don't make your users confused or disappointed.

How it works:

User opens the app and login/signup

It will connect to their bank account and will get all the transactions records.

Now user should define their Monthly expenses and Goals.

Then it will come up with some expenses or goals suggestions for each of those transactions and will ask for their confirmation or modification. All those transactions should have an expense or goal type.

Based on the user’s confirmation or modification, the app will learn and next time will come up with better suggestions, and assigning types based on user choices will be less and less and easier every time.

Then it will analyze and will show how they are spending their money in graphs.

And will show them what is wrong with their spending based on a suggestion that AI will provide. The AI will learn about spending types from all the users and for each user will provide different suggestions.

The AI can suggest some plans, which will make restrictions for better spending and prevent surprise payments (like yearly insurance payments) by collecting and preparing for those during the year.

Anytime in the App users can define or modify goals and define the due payment(s) and due date(s). The App will calculate a safe way and will deduct some amount of money every month to reach their goals.

The app will be able to estimate the saving of each month before the month ends and also show the real-time amounts of the money in Main, Saving, Monthly expenses, and Goal buckets/accounts.

Bonus features:

The AI can learn about spending or people and find the best deals around users and based on user’s shopping habits provide best suggestion or deals.

Monetization:

You can make revenue via:

• Corporating with banks and providing extra services for them
• Corporating with banks and promote them in your app and get referral fees
• Advertising related shops/services when they are related to the user. You can check it via the history of transactions of the user. For instance, a user is buying regularly from a specific shop, in case of an event for that shop you can show a special deal of that shop for that specific user.
• Subscription plan. You can provide some extra features for your premium users. Features like connection to a specific bank, showing more detailed analysis, having multiple saving buckets/accounts.

Development plan — Time & Cost estimation:

As I said before you need a good designer to design your App with the best standards so that your users will understand all the App powers and will not miss anything or you will not confuse them with a bad UI/UX.

For the implementation of this App, you need to have backend and frontend (mobile and web) developers. You can make it for web and mobile or only for one of them based on your decision.

MVP Version features:

Users can log in, connect a bank account, and define expenses types and goals.

Based on those they can see an analysis for each month

For this phase, the whole development might take about 6 weeks

Phase 1 - Simple AI:

Implementation of smart categorisation via AI.

In this part, a simple AI will be implemented and will start to collect information and learn based on those.

In this phase, you can also implement the expense type or goal smart suggestions for each transaction.

This part can take about 4 weeks to implement.

Phase 2 - Subscription:

Implementation of subscription plans, payments, admin panel to make payment confirmation or refund and introducing premium features.

This part can take about 6 weeks to implement.

Phase 3 - Advertisement:

Add advertisement possibilities, an admin panel to submit and manage ads, and a panel for advertisers to see the ad performance. In this phase, only admins can submit an ad, and advertisers still can’t advertise by themselves.

This part can take up to 6 weeks to implement.

After this, you can start to make more corporations with more banks or focus on providing more useful features for users depending on the user behavior in your app.

I hope it was useful, Please let me know if you have any questions in the comments. And don't forget to 👏 and follow to stay up to date with upcoming articles of this series.