Personal expense manager apps are the best remedy to make personal finance handling efficient and effective. Personal finance management apps like Money Manager Expense and Mint deliver substantial value to the users by streamlining the expenses. Considering the number of downloads that they have on app stores, it can be derived that expense manager apps are trending nowadays and it is therefore worth investing in expense manager app development.
In this article, we’ll discuss the best approach to expensive manager app development and the features that you should incorporate in your app. We’ll also learn how to calculate the expense manager app development cost.
But first, let’s understand the market trends:
Current Market Scenario
A recent survey of 1,039 US millennials by Credit Karma, discovered that most of these individuals (almost 85%) feel too burned out to think about and deal with personal finances. This presents a huge opportunity for personal finance manager apps to tap in with a blue ocean business strategy.
The Existing Players
The app stores already have a few successful apps that are dedicated for personal expense management. Still, there is a room for more personal finance apps when considering the increasing global demand. The following are the top 5 expense manager apps in 2021:
Money Manager Expense & Budget
Money Manager is the editor’s pick on Android play store and is the #1 personal finance manager app. The app operates on a double entry bookkeeping accounting system. The app allows users to define the type of expense and mode of payment, which ultimately reflects in the expense visualization charts. The app also allows users to manage their debit and credit cards within the app.
Once recommended by Google Playstore, AndroMoney is a personal finance manager app that supports multiple currencies. The app gives users an option to visualize their spend data via multiple charts. As the app is based on the cloud, the users can access their profiles from any device.
Mint is a free money manager and financial tracker app that even allows users to check their credit scores. The app allows users to create several spending goals i.e. transportation, leisure, food and beverages, rent, etc. having access to the data from each category allow users to become more aware of their spending habits.
Although I have a couple of more expense manager apps that are worth looking into, I’ll skip to the next part where we’ll discuss several other things that you should know before you opt for money manager app development.
Banking Apps are entering the market
Conventional banks are increasingly adopting innovative technologies to improve operational efficiency and offer new product/service lines. Modern banking apps incorporate many features that help users manage their finances. The budgeting and expense management is also one of the features that banking apps utilize to increase customer retention.
For example, Alliant Mobile Banking App has an expense management feature that allows users to track where they’ve spent their money. This increases competition for your app idea.
AI-powered virtual assistants steal users
In addition to the Banking Apps being your competitors, there are some other apps that fall into the FinTech ecosystem, which also compete with personal finance management apps. Apps related to messaging and payment integrated AI-powered chatbots can be very effective in helping users with finance management. These virtual assistants track user’s spend, offer budget options, and provide personalized assistance. I recommend you to consider implementing chatbots into your expense management app. Plum, Digit, Cleo are among the best FinTech chatbots that you can keep in mind when analyzing these features.
Target user base is getting younger
Around 26% of the world’s population is under 15. For that matter, many FinTech apps are targeting a younger audience. Greenlight, BusyKid, Plan’it Prom are among popular apps that educate teenagers about managing their personal finances.
Crypto is the future
With the rise of cryptocurrencies, it has become essential for FinTechs to consider support for digital currencies during expense tracker app development. You can gain competitive advantage, if you allow users to track and manage their digital currencies such as bitcoin. For example, Mint users can easily manage and track their Bitcoins. Some other solutions like Coinbase and OSOM specifically focus on managing and trading crypto currencies.