In this 21st century or we can say the tech-oriented era, what could be the most expeditious way to influence your target audience – A broad and quick reply is – Mobile App. Having a mobile app for your brand helps you to survive in this vast tech world no matter whatever the field of work is.
Even, in maintaining personal finances, now everyone wants personal finance apps so that they can control their unproductive budgeting and spontaneous spending effectively.
For this, personal finance apps like Mint have arrived in the market!
Because financial tracking apps give important value to users and are high in demand in the market, revealing a money management app is a worthy investment for your business. So, if you want to develop an on-demand money management app like Mint, here we gathered useful knowledge that will help you in personal finance app development.
Mint is a well-known mobile application for maintaining personal finances. It has more than 14 million users. In starting, it was just an investment tracker that has several sections, and now it has transformed into this AI-enabled financial counseling platform traversing beyond the web & mobile platforms.
There are also so many financial tracking apps like Mint that are present in the market like Wally, Acorns, YNAB, and more, but Mint is the most suitable example if you want to know how to build a budget app and evolve into a profitable takeover target.
If you want money management app development like Mint, you should have an idea about how this app makes money. Here, we mention the way by which the Mint app earns money. If you don’t want to pick the same one, we also mention a sort of monetization strategy that you can choose for your financial tracking app.
Although Mint is free to use, it uses a smart monetization strategy by which it earns money.
In the “Offers” section, you can see the personalized best deals. Mint examines the user’s financial activity and suggests some financial tools by which you can manage your things more easily.
Whenever you choose one of those, Mint receives the financial benefits. So, the app mainly offers work as a kind of ads that assist users to increase their economics at the same time.
“Lately, Mint also added the subscription model. By paying to Mint Live Services, a customer receives a way to get an approved financial executive, certified public analyst, or accredited enrolled advocate. This service is available at $24.99 for US users only. You can also include this kind of service to boost your business revenue.”
There are many types present by which you can make your Mint clone app, but all these programs can be divided into 2 basic types. So, before starting to develop your financial tracking app, first, evaluate what type of mobile application development you want.
This is the traditional way by which the user records all the spending data on his own, directly by hand (manually). These types of applications enable managing indications of expenses and classify them, prepare large investments and some other work related to this. The process of this type of personal finance app development is simple to execute and cost-friendly.
It is the most advanced version of developing financial tracking apps. In this type, the user’s bank accounts and banking card are connected to the services/application which collects data about each transaction automatically without any manual entry. This is the most used category as this provides high security and easy accessibility of financing apps.
|S.No||Measures of Technology||Technology Required|
|1||Developer Stack||PHP, HTML 5, Angular JS, Node.js, NGINX, Bootstrap, Google Maps, Play Framework, Amazon Cloudfront, Github, Adobe Flash, Ruby on Rails, Apache Commons, CoffeeScript, EmberJS, PostgreSQL, RawGit, ReactiveX, SQLite, Stylus, TypeScript, jQuery|
|2||Admin panel||React, Angular, jQuery|
|3||Backend/API||Ruby, .NET, Postgre DB|
|4||Product & Design Stack||Font Awesome, Trello, clipboard.js|
|5||DevOps & IT Stack||Jira, Facebook Comments, Gravatar, Bugcrowd, Crashlytics, Jenkins, Phusion Passenger, ExpressionEngine, Cloudflare, Comodo SSL, Fabric, Heroku, Rollbar, Wistia, Zencoder|
|6||Finance & Accounting Stack||Recurly, Square|
|7||iOS mobile app||Swift, Objective-C|
|8||Marketing Stack||Mandrill, Segment, Google AdMob, Mailchimp, Google Sign-In, Google Tag Manager|
|9||Customer Support & Success Stack||Forumbee, Intercom, Help Scout|
|10||Productivity & Operations Stack||Google Drive, G Suite, Google Hangouts, Slack|
|11||Analytics & Data Science Stack||Amplitude, Google Analytics, VWO|
|12||Other Required Stack||TripActions, 1Password, Mixpanel, ClickTale|
To make a successful and appealing mobile app for presenting personal financing maintenance to your users, you have to follow the right set of steps by which you can achieve the whole profit without any mistake. So here to help you out in this, we mention easy-to-implement steps for how to make an app like Mint. This will help you in creating the best and attractive app for your business.
Planning and making your app’s design attractive and robust is the most important thing when you create a personal finance app. Creating an attractive UI & UX design means improving the design with micro animations and giving complete graph-based statements that the audience can customize over time, category, etc.
Prototyping, on the contrary, is the most cost-efficient move in the entire app development process. Performing prototyping helps in building a killer product and optimize cost and how much does it take to develop an app.
Here the developing (coding) part starts. In this step, the developer adds features in-app. Back-end engineers are creating the server element for syncing user data and implementing web access to the app. It is suggested to consider Node.js for development and React Native, as the two are famous and effective in making apps for both platforms. You may be interested to know how to hire React Native app developer in your budget.
Technically, it is a part of the development process. but when it comes to personal finance app development, I think that ensuring good security measures is a very crucial point of the developing process. There are some guidelines that developers must follow for security. Some of them are:
Testing your app before launching it is very important to give a hassle-free experience to the users. Although testing is not the interesting part when you are creating a personal finance app, it’s our QA work that occurs in an impeccable mobile experience for our customers. So always test your application to make your app bug and error-free.
Now, your app is ready for launch. Make your app available on the app stores of the targeted platforms so that users can access your app and take the advantage of the same. After launching, keeping your app updated is very important to stay up in the market. This is how your Mint clone app will get success.
Now, it’s time to know some exciting cum essential features that you must add to a budget app like Mint. These features will make your app worth using and comfortable to use. So let’s go through with this.
For the financial budgeting app, gamification is an amazing method of keeping its users involved. From the user’s perspective, a gamified money app is an efficient and enjoyable feature that encourages them to accomplish their saving objectives adequately. The gamification of consumer maintenance led to enhanced user urge, lifted morale, and engagement.
A budget app like Mint must use AI technology to regulate user’s expenses completely with stretching goals. It has the capability to fastly analyze the data and convert them into meaningful insights. It can estimate how much a user can store securely and the app settles away this sum automatically. So it is the latest trend that you must add to your app to make it different from others.
Personalization has been trending for the past few years and suspected to continue in 2021 as well. It gives the user experience according to their needs that makes things comfortable and appealing to the customers. You can also make your app customizable by adding some advanced features like chatbots, push notifications, etc. You can check here the top 13 Push Notification Tools to boost mobile app engagement. You can also add beautiful infographics.
This is the most obvious and the most important question that arises when you decide to build a money management app like Mint. However, the personal finance app development cost varies on many things of an app. But the estimated personal finance app development cost is about $30k to $35k for both Android and iOS + Web Admin. But if you want to add some advanced features or complexity to your app, the cost of the development process may be increased to $50k to $70k.
Some number of factors on which the Mint clone app development cost depends are:
Personal Capital is the most famous and most used alternative of Mint. It is the best free financial app present in the market. It provides:
The full form of YNAB is You Need A Budget brings lots of changes especially in the automation section. It is best in providing:
It is one of the favorite alternatives of financial tracking apps like Mint. It has many advanced features that make the user experience worth using. It offers:
It’s time to wrap up this discussion. I hope you will get all the required knowledge about how to make an app like Mint. If you have a layout or approach that you believe could benefit the users to get more facilities at investment tracking, budgeting, financing, and economic management then you must begin your own personal finance app development. This will lead your business to bring success and help your users to manage things easily.
My name is Hemendra Singh. I am Managing Director and co-founder of The NineHertz, a Mobile App Development Company. I am having a keen interest in the latest trends and technologies that are emerging in different domains. Being an entrepreneur in the field of IT sector, it becomes my responsibility to aid my audience with the knowledge of latest trends in the market.
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