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Mobile financial applications are a tool that allows a client to interact with financial institutions and manage funds. The development of financial applications allows the company to build a new business model and meet the needs of customers.
Financial applications have been able to create a real revolution in the world of banking. The introduction of FinTech technologies has made it possible to develop unique tools for banks and financial institutions, as well as for users and clients of these institutions.
Mobile financial applications allow you to get quick access to funds, establish communication between banks and customers, improve the quality of service by increasing payment methods. The development of customized tools has helped make a huge step in the financial world – the hyper-personalization of services. A few decades ago, the banking system worked according to old models and technologies developed in the middle of the last century. However, modern technology has made it possible to obtain financial management tools through a smartphone.
What tasks can a FinTech application solve?
Personal finance control, payment organization, lending tools, investment platforms, security systems, financial data analysis are just a small part of the areas of mobile financial applications. Each of them has its own goals and objectives. But it is important to understand what FinTech applications do for businesses and clients.
Benefits of creating an application for banks:
- reducing the cost of doing business, in particular, the number of staff, office rent;
- reduction of paper workflow;
- reducing the likelihood of errors;
- a significant increase in the speed of processing operations, automation of business processes and a decrease in the processing time for customer requests;
- increase in efficiency, since the financial accounting program does not require weekends and holidays, does not get sick and works around the clock;
- optimization of work processes based on the processing of a large amount of data, reducing the cost of organizing activities, marketing;
- continuous improvement in the quality of service as artificial intelligence learns;
- introduction of new unique tools that increase customer loyalty and improve the quality of services provided;
- creation of new technologies that help implement modern approaches in the work of financial organizations.
This is only part of the benefits for banks and financial institutions that open up with the introduction of FinTech technologies. Applications for finance allow you to enter the digital space and take a confident position in it. A typical example is Monobank. It has no branches, while the number of users is growing tremendously.
Application benefits for users:
- ease of use of own money;
- the ability to control financial income, expenses, keep records;
- formation of a plan and calculations of income, the ability to build a model of interaction with finance in advance;
- no need to directly contact banks to work with them;
- convenient interaction between financial institutions and clients;
- access to information and functions around the clock;
- automation of flow financial processes, for example, payment of utility bills, payments on loans and others;
- customizing the application according to your needs;
- binding bank cards, comfortable and fast payments.
Financial applications help the business and the client to quickly communicate and complete tasks from both sides.
Development of fintech applications and services from Smart FinTech
Smart FinTech offers financial application development services. We carefully analyze the needs of your customers, determine the necessary tools and implement them. Due to the use of modern technologies, we manage to implement even the most complex projects.
Here are a few reasons why it is profitable to order the development of financial applications from Smart FinTech:
- we use a stack of modern technologies, which ensures the speed of the service, a high level of functionality, security;
- we discuss each stage in detail and keep records, no hidden fees or unexpected changes;
- our resources allow us to develop individual tools for business, and analysts draw up a detailed promotion strategy, which increases the effectiveness of the application already at the creation stage;
- we have a large staff of employees, we select specialists according to the level of the project, and due to well-established communication within the company, work is carried out quickly, the likelihood of errors and edits is reduced;
- we strictly follow the set task, which helps to reduce the number of edits to a minimum, and if changes are made during the development of the project, we will quickly implement them.
Our goal is to create high-quality applications for finance that will bring profit to the business, and provide customers with tools for comfortable interaction with the company.
Main stages of development
- You come to our office, we discuss the project, set tasks, define goals. At this stage, it is important to understand what role the application for finance will play and what tools should be implemented.
- Analysts collect data, study the target audience, study competitors and business features. A technical task is being drawn up.
- Next, we develop a prototype, think through every detail. We pay special attention not only to functionality, but also to appearance. The application should be easy, understandable and accessible to everyone.
- The designer starts drawing the elements. A corporate identity is introduced, if necessary, it is developed separately. The application interface is drawn, and UX design is also created. After the design is approved, the developers begin to implement the software part.
- We use a stack of modern technologies to create a program. Financial applications are being developed for android, for iphone, if necessary, a cross-browser version is made. All necessary tools are being implemented. Further testing is carried out, and after that the project is launched.
At each stage, we draw up a detailed report, you control all processes. Our task is to create an effective service that will bring profit to your company.
The cost of developing a financial application
There are many factors that affect the cost of developing a financial app. What operating system is it being developed for – for iPhones or for Android? Perhaps it will be a web version? During the discussion of the project, we will understand the needs of the project and the tools that are needed to implement it.
Each technology and tool embedded in an application requires development time. This increases the cost. In addition, integration with third-party resources and connection to banking systems are often required. We will be able to announce the detailed price only after discussing the project. Then the tasks will become clear, and the time for their implementation. Therefore, we propose to leave a request for a manager’s call and discuss everything in detail.
Examples of Popular Personal Finance Apps
There are quite a few applications on the market that are designed for control, accounting for personal finances, organizing expenses, for calculations, invoicing, and others.
Money Lover
An application that allows you to control your personal budget. There are graphs, charts that form a picture of expenses and income. The user can easily track where he spends money. Such tools allow you to plan a budget. All data is stored in Dropbox, so it will not be lost. A handy feature is spending control. Worried about spending too much money? Set a limit and you will know in advance when you are close to it. The paid version allows you to attach cards, spending data will be entered automatically. In the free version, all data is entered manually.
Splittable
This is a very handy app for spreading expenses. For example, you rent an apartment with a friend. The service will help to form all expenses, keep records and create detailed reports. So you will know who and how much spent on food, household items, utility bills and other expenses. This financial accounting program is ideal for those who keep a separate budget.
Money Manager
A very high-quality application that can recognize data from checks. Take a picture of it, and the program will automatically record all expenses. Graphs, charts and detailed reports allow you to form a big picture and easily monitor your budget. Suitable for analyzing spending in several currencies, and the application itself converts them based on the current exchange rate.
Expensify
Powerful accounting service. It helps keep track of personal and business expenses. Designed for the business segment, as right in the application you can book hotels, book tickets, organize business trips and calculate expenses for them. Scan receipts, and the application will enter them into the database, summing up the calculation. You can attach cards, there is a built-in currency converter, the ability to integrate with accounting services.
Good old Excel
Even standard Excel was originally developed as a data accounting tool. It is often used in accounting, although more modern services are increasingly being used. Nevertheless, the tools and functionality of Excel are enough to keep financial records. However, unlike modern programs, all data is entered manually. There is no way to connect cards to control payments. And yet, this is also a program for accounting finance.
Modern technologies allow developing native programs. Financial applications for android or iphone perform their tasks and are easily installed on smartphones. Thanks to this, financial control takes place right in your mobile phone, and is always at hand.
Advantages of our company in development
- An experience. We have been developing digital products for over 20 years, during which time we have been able to learn many aspects and approaches, as well as make enough mistakes to create flawless solutions now.
- Command. We have a whole team of experienced and responsible professionals who work smoothly, as a single mechanism, and strive to do their job quickly and efficiently.
- Portfolio. During our work, we have created many successful tools for our clients, which we are not ashamed to share.
- Involvement. We strive not just to develop a website or application, but to create a tool that will solve all your problems, because your success is our best praise.
- Expertise. We do not just create professional websites, we also deeply understand a variety of business areas, because each of our employees specializes in specific niches in which they have created more than one project and are ready to continue to show good results.
- Quality. Our products are tested on many levels, we do our work on time and do not go beyond the agreed budgets, because our goal is to create a high-quality and efficient tool that will not only meet, but exceed all your expectations.
conclusions
The development of financial applications is necessary for both business and clients. This is a great way for a company to interact with its customers, providing unique opportunities and tools, and optimizing budget control. This is an excellent investment in the future of the company.
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