How to Create A Successful Money Manager Platform

Are you willing to build a financial app to help people save money?

To succeed there are quite a few aspects to consider. First of all, it’s critical to do your best to make the saving process nice and easy for your users. Second of all, your objective is to turn your platform into a regular revenue stream. Obviously, it’s not as simple as it sounds, so we shall explore the matter further.

To start with we’d like to specify what advantages a money management online resource shall provide its users with. Let’s review a well-known Digit program as an example.

Key benefits of Digit:
●    the platform provides a 1% yearly bonus for users who stay active for at least 3 months;
●    chatbots help visitors and serve as true financial advisors;
●    Digit allows setting multiple financial goals as a time;
●    the process is completely automated;
●    the notification system keeps the audience updated on any changes;
●    when persuading a friend to apply Digit, a user obtains $5;
●    the solution is truly convenient and intuitive.

Another valid advantage would be the possibility to send funds by means of a web resource. Unfortunately, Digit doesn’t allow that.

How a money manager framework actually works
To build a working financial service, you need to understand the principle of its functioning. Let’s take Digit as an example to figure out how it operates. After clients create their accounts, the program analyzes their in-app behavior. It considers objects of expenditure, the status of accounts, revenue sources, future bills, and the like. Such an analysis is constant and continuous.

The obtained data helps the app to decide what amount could be automatically transferred to the account. At the same time, users can determine that sum of money by themselves.
To develop successful money manager software one shall define what features a platform will offer. We recommend you allow your audience to enjoy the following parameters.

Key functionalities of financial services
●    Users’ profile. After individuals have downloaded a program, it’s better to allow them to provide data on their financial status and more;
●    Connecting to bank accounts. Clients will enjoy that possibility, so you’ll need to cooperate with diverse financial organizations to make it work;
●    Setting multiple goals. It’s truly convenient to implement several financial plans for different purposes, say, education for children, vacations, shopping for gifts, etc.;
●    Withdrawing funds. This feature will definitely come in handy. And no fee policies will be appreciated;
●    Preventing overdraft. To avoid unpleasant situations, it’s better for users to determine a specific amount of money that must remain in the account. Such a safety lock will prevent from withdrawing too much;
●    Providing special offers. To stand out from competitors, it’s critical to provide unique features. For instance, Digit offers special loans for students, and in general, it provides several tools to get rid of different debts. You need to come up with one-of-a-kind solutions for your audience;
●    Notification system. When it comes to money, keeping users posted is a must-have. It’s better to make sure your clients stay updated on every change of their accounts.

When implementing the above-presented features, your saving framework will have all the chances to attract many clients and to meet their needs and expectations. Obviously, all app owners want their brainchildren to drive revenue. One of the secrets here is to supply an app with useful and valuable features we’ve just spoken about to bring wider audience. The other secret is to think through the appropriate monetization strategy to make the most of the online resource, taking into account users’ interests as well. So, let’s review this point now.

How money management software makes money
For illustrative purposes, we shall explore the Digit example, since it might give you some useful ideas to consider. Digit offers a one-month free trial. That’s a wise approach, cos not everyone is willing to pay for a service they aren’t familiar with. Trial periods are vital, because they allow the audience to get to know the system and all the advantages it provides. After one month users who still want to take advantage of the platform will have to pay a specific fee. Digit asks for $5 per month: that amount is withdrawn from clients’ accounts automatically, even if individuals don’t apply the framework.

One more tool to monetize a financial online resource is to receive certain interests from the audience’s savings. Moreover, why not introduce a special referral system? You could reward your current users for bringing their relatives or friends to try the program.

Safety issues
It’s pretty clear that every process connected with financial transactions has to be strongly secured. Here we’re talking about truly sensitive data, and its stealing can cause funds losses. Thus, proper safety and security must be a number one priority for the owners.

Those are a few ideas on how to ensure adequate security:
●    Absolute confidentiality. Such data must be protected, and no other parties shall get access to users’ private details.
●    Solid encryption. The highest possible level (like for military purposes) has to be ensured.
●    Decent architecture. To keep it robust it could be built on asymmetric cryptography.
●    Reliable storage. All the funds that get on the account must be strongly secured.

Those are only some examples for you to realize the importance of credible security. In this respect, you’ll never overdo. Hopefully, our short overview will help you to find app design company that help best product, and you’ll receive the expected revenue.