Well experienced entrepreneurs in the world can’t forget the economic meltdown in 2008. Why is it reminding me of it now?. I think this question is on everyone’s mind. Handling the fluctuations in the economy is a big task globally nowadays. Many countries have a fear of how to handle money management crises. Controlling the money flow is an essential thing to meet such crises that requires the analysis of the complex accounting systems. Tracking the earning and expenses by the accounting professionals is a time consuming one.
Recently, the term evolved in the market called FinTech, an integration of Finance and Technology to handle the tracking phase easily and it is regarded as the driving force of the end-end transactions. The major key process evolving to contribute to the digitization in the financial services is the fintech app development. The growing financial apps provide better rescue for the accounting phase in the enterprises and matches the standards of customer requirements. Hence, many of the companies turn their attention to Finance App Development.
The Board of Governors reports states that around 70% of adults use financial apps to track their daily expenses and budget. Similarly, the Statistic reports highlighted the worth of the mobile-based payments is $63 billion by the end of 2020. In addition to this, 90% of the users start their payments through smartphones. From the survey reports, it is understood that the impact of the financial apps on the industry. This blog will give you the depth analysis of trends that drive the money flow, blunders of the startup owners and how the Uplogics’ tips for those blunders in a unique way.
Where Money Management goes in 2020: Trends that drive the money flow?
The significant disruption aspects of the money management are the customer experience and digital transformation. Looking at deep customer insights, employing open API and the security assurance on the data driven approaches are the top trends that drive the money flow in 2020. Let’s have a deep discussion on these points for better understanding.
The major implications from the customer insights to the owners are investing in a sustainable environment boosts up the brand value of the venture, dealing with customer engagements digitally, and providing diverse opportunities for the selection stage. Besides, creating the emotional connections between the client’s needs to the organizational workflow is also necessary and the crucial task for money management. The following are the key points observed from the insights of customers.
The growing digital transformation employs the APIs in order to faster the operations by partnering with the technology providers in order to stay top on competition. The provision of customizable and agile platforms from API fills the gap in the technology and scales up the activities. The implications from the API based growth are listed as follows:
Financial service sectors available are largely affected by the cyberattacks in last year 2019. When there is the domain transitions on data in the digital transformation process, then there is a threat for the cyberattacks increases. Leaks of the data can lead to customer disloyalty and mistrust. The implications from this section are listed as follows:
With the analysis of trends, the technology acts as the huge pillar for handling the digital transformational challenges. It is suggested that the new firms are moving from the tied-down architectures to the highly secure infrastructure to assure the high-transparency and make the loyal relationship with the customers.
Top Blunders in money management and Uplogic Tips to scrutinize
The money management apps bring a remarkable impact in controlling the money flows in the industry. The top three issues addressed from the small business owners are tough revenue growth, challenge in increasing the profit value, and difficulty in cash flow management. The following mistakes from the owners are the main causes for the above issues. Besides, this section also illustrates the Uplogic tips to scrutinize these mistakes.
Poor cash flow management is the major cause for the 82% of the business failures. The lack of solid projection on the cash flow in and out of the organization when the clients’ payment is large leads to great issues.
To resolve this, the Uplogic encourages you to do the following practices: closely monitor the cash flow within the enterprises like when the clients are going to pay, follow up on the late-paying clients, what are the frequent accounts payable and receivable.
The tracking of finance involves numerous processes: loan analysis, expenditure reduction. Though the money management apps are simpler than the personal accounting software, they need to be customizable based on the user’s needs.
The major advice from Uplogic is the app used for money management to be customizable. Hence, you may get a chance for grouping the activities, bill reminders, expenses tracking, cash flow, etc in an easy way.
Diverse audiences are the ultimate end users of any business and they are aware about the technology and how to use the technology. The simplicity in looks and the convenience in the operations are the major intentions of the users. Similar to the individuals, the enterprise owners also need the simplicity and the convenience in the operations.
After the revolutionary innovation in the technology called mobile app development, the Uplogic Financial App Developers created the money management app with the following factors: user-friendly, fast operation and cover more activities. The Uplogic also shouldn’t focus on tracking the money flow only, it also encourages the business owners to keep the track of cryptocurrencies which are in demand nowadays. Visualization of budget also helps the owners to easily understand the cash flow activities and hence the main tip from Uplogic is to build the powerful app with the great design UX.
This is the common mistake observed from all the business owners. Having advanced thinking like how you utilize the financial app to make the money. Most of the app developers recommend the freemium strategy for their clients. i.e. Trying the product before they purchase. To look into the detail, the download and the usage of the app with the basic features are free. If the user needs additional features, the app must be ready for that.
Hence, the Uplogic encourages the new venture owners to figure out what are all the additional features will be ready to pay off from the user side. The prior modelization may help the owners to make the smart decision when the customer needs arise.
What Uplogic Financial App can do for your money management?
As per the discussion on the previous sessions, the major features needed for the financial app are customizable design, advanced thinking, security, adoption to the latest technology trends and the convenience in the entire operation. With these factors in mind, Uplogic develops a unique financial app that supports entrepreneurs’ money management in the following ways.
Among the numerous financial apps available in the market, differentiation with the unique features must be required to attain top. That differentiation lies in providing the solution of the real-time challenges faced by the individuals and the business owners means, surely the app gains familiarity. The following section illustrates how Uplogic financial apps conquer issues.
How Uplogic Financial Apps Conquer the Provocations with Unique Features?
The major challenges observed are security, user experience, and retention. The first biggest challenge is keeping the data to be secure. Nowadays, the usage of financial apps on smartphones and computers suffer from numerous threats like hacking and stealing the personal credentials, etc. Customer facilitation, engagement, and experience are the challenges observed in the user experience category.
The over-complication in the app usage degrades the user satisfaction level. When it comes to financial app development, certain transactions make the users in complex which is unavoidable. The last challenge is to retain the mobile app on the customer’s phone. Inconvenience in information access and the unorganized activities when utilizing the financial apps to create the complicated issue for the user’s side. This leads to a great impact on retainability. To completely resolve these issues, the Uplogic includes some following unique features for financial app development.
Uplogic implies three modes to assure the secure operation like two-factor authentication, and encryption. The provision of user name, password validates the identity of the user. Encryption of shared and stored information through the suitable encryption technique assures security. The Uplogic financial app is careful in displaying personal information. Prior identification of security risks in making the application assure the high security for the personal data.
Uplogic employs the minimum clicks for the users to achieve what they are desired. Most of the time app developers focused on the single page construction for user login and the transactions process that leads to difficulty and the page also complicated one. Hence, the Uplogic Financial App developers focused on the minimum number of screens and clicks that lead the customer to achieve the goal in a convenient manner.
To achieve the simplicity in design, then the appealing and clean design is the major requirement. Hence, the experienced UI/UX expert in Uplogic develops the financial apps to attract the customers and make them convenient in the operations. Carrying all the actions related to the financial process in one place reduces the time and money on the client’s side.
The developed financial app from Uplogic has the ability to track all the advanced transactions over the multiple bank account integration. Hence, the complete analysis of users in how they utilizing the money is achievable. We, the Uplogic, not only focused on the big financial software budget, but we also granted for small financial app development with the MVP feature. After the deployment, the new features required as per the client’s needs are added to the app at an affordable cost.
Final Thoughts
Finance mobile app development definitely has a big market. Numerous players are involved in this process to control the money flow either an individual or on an enterprise side. When you look into the enterprise side, the impact of financial apps is huge and it is met up with new evolving technology trends and challenges. How the Uplogic financial app conquers all the provocations raised in the app development industry and the features that make you different are highlighted. We are ready to grant our services at [email protected]. to make you perfect in money management.
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I am working as a Senior product developer at Uplogic Technologies Pvt Ltd. Uplogic Technologies is a leading producer of mobile and web app development solutions in the market. We have delivered web and mobile app solutions for numerous clients comes across the world.
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