Top 8 Essential Features of Personal Finance Apps Like Mint
The ability to make online transactions without the hassle of physically visiting a bank or money deposit location has made app development very profitable. According to research, the number of active users of personal finance apps climbed by over 150% from 2020 to 2021.
An application like Mint can be an excellent choice for businesses looking to target potential clients with high-income potential.
Mint is ranked number one among personal finance apps on both Apple’s App Store and Google Play; it has been downloaded over 10 million times with an average rating of 4.8 out of 5 stars. Mint’s services are mostly free, but they receive plenty of revenue through a mix of customer referral programs, advertising, and the sale of customer data.
If you’re looking to create the next big personal finance application, then you’ve arrived at the right place. This comprehensive guide will help you understand what it takes to develop a finance app like Mint from scratch. We cover winning strategies, features, pricing structure, tech stack, and more for building a successful app like Mint.
Top 8 Essential Features of Personal Finance Apps
To help you develop an easy-to-use personal finance app that puts you in control of your finances, here are some critical features you should consider while developing an app like Mint:
1. Integration with payment services
People often keep multiple bank accounts and credit cards. And therefore, it’s hard to find what you need when carrying around so much clutter. Linking these accounts to a budgeting app helps them manage their money in one location and gives them a thorough picture of their finances.
2. Data Visualization
An effective budget app needs a clear and accurate user interface. Stunning data visualization can be the key to helping users better grasp information and make more informed financial decisions. It can be achieved by using attractive charts, infographics, and dashboards to help users better grasp information and manage finances.
3. AI-Powered Financial Assistance
Make sure you equip your budgeting app like Mint with artificial intelligence so that it’s able to stand out from other money and spend monitoring tools.
Therefore, using AI algorithms while developing an app like Mint can help you evaluate the collected data and turn it into actionable insights, assisting users in aligning their expenditures with their savings objectives. It can compute how much a user may save safely, and the app will automatically deposit this amount.
Furthermore, AI algorithms can help users analyze their fiscal habits and categorize transactions automatically to inform them better on how to optimize their costs. AI personalized budgeting apps by assisting with discounts for already owned subscriptions and advising about upcoming bills to avoid overspending, savings opportunities, etc.
Gamification features in a budgeting app like Mint improve user engagement and encourage users to interact with the app more frequently. You may include aspects such as a point system defined goals, prizes, and milestones to keep users engaged and help them reach their savings goals more effectively.
5. Strong Security
When developing a finance app similar to Mint, where the app has direct access to all the user’s financial accounts, it is crucial to ensure high-level security to protect sensitive information. One must use modern technology to secure the app infrastructure from data breaches and bot attacks. As someone who wants to design a new app, it’s recommended that you study GDPR and ISO 270001, which are essential measures for keeping users safe online. Your app should be built with a cloud infrastructure that offers high-end encryption.
6. Manage Your Bills
As we all have various bills that need to be paid now and then, it is pretty likely to skip a deadline sometimes. An unmissable advantage is a finance app like Mint that reminds you to pay your bills and payments before you miss them.
Implementing a notification feature to your budgeting app enables your user to stay on top of their finances, get notified about upcoming bills, deadlines, and milestones, and inform them about anything that could be helpful to them.
8. User Login
To begin with a Mint finance app, the user has to register and sign up for the app with their details. After signing up, users can synchronize their accounts and keep track of their expenses. It is essential to implement a two-factor authentication or unique code generation system during the registration process to protect the crucial details of the user.
Read the full article: How to Develop a Personal Finance App Like Mint: A Step-by-Step Guide.