Factors Behind the Development of Financial Apps that Affect Productivity

In our day-to-day life, we use at least a financial app to do investments, pay for insurance, and others. That shows the significance of mobile applications in the financial industry in recent times.

So, if you are an entrepreneur in the financial industry, then you must have a mobile application for your business. In this blog, you can check the data on financial app development and its necessity, factors of its productivity, and others.

What is meant by a Financial Application?

A mobile application has been developed to deal with a specific financial activity. The activity includes buying or selling financial products like shares/securities/bonds and others. Other than this, the application can deal with banking activities, managing financial activities & records of your business, streamlining the financial transactions, and others.

It can be developed for Android and iPhone or both. This application will reach the global audience through Playstore and App store. The term ‘financial app’ is a general word that denotes the following.

Public Finance App,
Personal Finance App,
Corporate Finance App, and
Private Finance App.

Depending on your business model you can develop an application that suits you. Having a mobile application for your finance-related business is significant as 73% of smartphone users have at least a financial app. Let’s check some more reports that show the importance of financial app development.

Insights on Financial App Development and Its Need

Among people, the awareness of digital financial activities has been increasing day to day. They are doing financial activities from their phones. For instance, as per the report from Google, 82% of financial app users use the app features at least weekly.

Checking account status, or history of purchasing has been topped in the list of financial activities done by users in a month.

People are reaching such financial apps through various media. In which the app downloading platforms like the app store got a top place. That means the financial app development can help you to reach more users.

On another hand, the finance industry has been forecasted to increase at a compound annual growth rate of 6% from the period 2020 to 2025.

As per the Google report, nearly 55% of people stated that they are installing a finance application to make their financial activity easier.

Among the people who use a financial app, around 43% of users are ready to pay for the financial app if it has good reviews, offers advanced features, and others.

That’s why developing a finance application can help you to obtain new customers for your business. But at the same time, it should be productive to convert the users of the application to your loyal customers.

Factors Behind the Productivity of a Financial App

There is no use in having a mobile app for your finance-related business without productivity. The productivity of an application is the efficiency of providing benefits and generating profit. Simply, the application should have the efficiency to satisfy the users to convert them.

Here is the list of factors you should focus on during the finance app development process that can improve and ensure maximum productivity.

Features – You have to prepare a list of necessary features that you need to include with your mobile app. An app with more unnecessary features may irritate the users often. So, try to include only the essential and advanced features with your app.
Platform – Before starting the financial app development process, you should do market research. Find the devices and the OS platform used by your target audience widely. You can choose to develop the finance app for Android or iOS or both.
Integration – It is one of the features that ease the process from login to payment. It opens the gate for users to share their data with other applications and IoTs. The integration with the IoTs enables the customers to experience the next-level service. Simply, it helps to increase the customer retention rate and satisfaction.
Design- The design of a mobile application which is known as UI (User Interface) can represent your brand, attract users, and make a user-friendly platform. It also provokes brand remembrance.
Proper Maintenance – Your financial application should be updated concerning the latest tech advancements. When you are providing regular updates and bug fixing services to your customers they can do their financial activities with your app confidently. By doing this, you can improve brand loyalty.

These are the important factors that should be fulfilled to develop an operative mobile application for your finance-related business.

Features of a Customized Financial App for Your Business

In the list of factors to be focused on to get an effective financial app, adding features need high priority as it affects the customer retention rate directly. In this part, you can check the list of important features for a financial application.

Profile and Dashboard Management – It allows the users to create and maintain their personalized data in the dashboard dedicated to storing the data safely.

User Data Management – The finance application should be able to collect the essential data from the users like their geo-location, the device they use, and others, you can provide personalized services.

High-end Security – As the customers store critical financial data with your application, it needs a high-end security system to ensure data security.

In-App Wallet – It is an advanced feature that allows the customers to store some amount of money with it and use the money when the users need that. This feature can automate the payment option.

Payment Gateway Integration – It is a necessary feature if you want your customers to do money transfers within your application. It also enables the recurring billing facility, fraud management, and other add-on features.

In-app Customer Support – It is a part of customer support that allows the users to interact with your customer support team to resolve their problems within the application. In recent times, in-app chatbots are used to provide this kind of customer support.

Detailed Analysis and Report – This facility of a finance application allows the users to get a detailed report of their transactions, and analyze the quantitative data, history, and others.

By having these features with your financial app, you can provide the best customer experience, complex integration benefits, and seamless services. But only a top-rated financial app development company can produce such an application.

Step-by-Step Guide to Avail the Best Financial App

If you are interested in availing an application for your financial institution or any other businesses in the finance industry, then you should find an app development firm. But, you have to do some important processes before that. Here is the step-by-step to avail the best finance app.

Step -1: Find the category, the exact business process, and the workflow of your business and prepare a perfect scratch to develop a mobile application.

Step-2: List out the essentials and advanced features that you want to include with your application.

Step-3: Do market research to choose the best platform to develop your application. Along with the market research can help you to know your business KPIs, competitive strategy, and others.

Step-4: Search for a top-rated finance app development company that provides reliable app solutions for your business.

Step-5: Check and scale the app development company. Select the finance app development company only if it satisfies your needs and expectations.

Uplogic Technologies is a financial software and app development company that can produce credible mobile applications with the aforesaid features. It can benefit your business and attract your customers potentially.

Final Thoughts

Simply, the count of the financial app users is increasing daily, so your business in the industry needs a mobile application. Such an app should be seamless and user-centric. For that, it must be filled with enormous features.

Uplogic Technologies has been providing such applications for the financial industry. It has the best team of developers to develop a financial application that is tailor-made for your business model.