5 steps of building a finance app for personal budget management 

The days of using MS Excel on your PC to manage your budget are over, and most people use their phones as their personal assistants. By exploring how to create a budget app, you can join the competitors who are racing to meet the increasing demand. It is evident that building a finance app is still a viable investment because the potential for improvement and growth is unlimited (in the article at the link, you can meet the relevant experience of Topflight Apps). In a post-pandemic world filled with uncertainties, it’s no surprise that budget apps are on the rise. If you’re interested in how to create your own budget app that will disrupt the market, here are the steps to do it.

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So let’s figure out together how to create a budget app in a few simple steps:

Identify the features that people expect in a budget app.

Let’s start by knowing what features people expect before we begin to build a budget app. Luckily, there are plenty of types of finance apps that cover different aspects of budgeting, from simple budgeting tools to high-end financial planners. Brainstorming the ideas that will set your app apart from the rest is crucial. This step might take a long time because our needs differ depending on many factors. We all have different personal habits, cultural backgrounds, financial goals, etc., which can be a lot to think about, but it also expands the range of possibilities.

Choose a convenient design.

Now that you have the ideas that will set your app apart, it’s time to create a budget app with an exciting design. Your app needs more than just usability and amazing features to be successful, it has to be fun as well. Designing a prototype and verifying it is the best way to make a budget app fun and cost-effective at the same time. Innovative features with game-like elements will set your app apart and make it addictive.

 Build an MVP.

Putting out a Minimum Viable Product is the make-it or break-it stage of the app journey, and the main challenge of this step is finding the right balance, the sweet spot regarding how fast you want to develop a budget app without discounting the integrity of your app. This burden is carried by the mobile developers and back-end engineers; they aim to put a product that is as nearly finished as possible while not taking too long. Any delays that exceed 10 months defeat the purpose of an MVP; therefore rapid testing and development need to go hand in hand.

Read more about MVP in startups

 Boost your security.

When dealing with fintech apps having high caliber security is a necessity, as the world gets more interconnected, cybersecurity threats become more and more prevalent. Considering the sensitivity of the shared information, any breach would put your reputation on the line. Implementing biometrics and 2-factor authentications to verify logins and financial transactions as basic security measures also encrypting user data will add another level of safety.

 Start testing extensively.

The next step now that you have a secured MVP is testing; although it might not be the most exciting step, it’s important to ensure a flawless app experience for your customers. Starting testing as early as the first development stages will guarantee fast and easy final testing, it’s also part of every step you take in building any app, but when you develop a budget, app it’s even more essential. The list of tests includes security, data integrity, usability, functionality, and performance.

 The big launch!

It’s the big day, launching your app and introducing the world to it; similar to the submission of any app, knowing the guidelines determines how smooth the process will be. App stores reject half the number of app submissions, this doesn’t necessarily mean that your app will face some hurdles, but it shows that launching your app is a step that needs to be taken seriously. After the launch, your goal is not simply to get downloads, the real objective is getting loyal users who will keep using your app, also known as the retention ratio, which can be hard to maintain.

If you want to know how to create a budget app and need advice, let’s talk.

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