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Finance is a tricky area for mobile applications to cover because it requires layers of security to protect user’s data. However, as the smart device takes over the traditional Desktop Excel Sheet and books and files, a mobile application is a sensible option to store and access financial data. Furthermore, there is much more that can be done with the right type of features in the application such as setting reminders for premiums, calculating returns and interest due, getting market updates among other things.
Based on the mobile application trends on leading app stores, Apple’s App Store and Google’s Play Store, we have arrived at 5 segments based on which a lucrative finance app can be built and the features it can carry.
The risk of over-spending is prominent since the luxury of cashless and credit-based payment is easily available to the modern day working professionals. The target audience for this application will be working professionals who are making multiple transactions every month. The app can be the stern reminder to stick to a budget, create a savings and investment goal and motivator for cultivating thrifty habits. The app will have separate categories and areas where the user can allocate funds and monthly spending/ saving/ investment limit. The features and functions of such an app could include –
Such an application will help user take informed investment decision based on market trends and their personal needs. User can gather value and summary of their holdings; a news update feature will let them gain insights on investment options. The features and functions to include in such an app would be –
Help shoppers control their urge to splurge and find best deals on products and services they are seeking. This will target big spenders and those who rely heavily on online shopping for their regular purchases. The users can be segmented based on their monthly in-app purchases, location and last product purchased. The features and functions in this app would be –
As the world grows flatter, the number of people having transactions of global scale is also increasing. These transactions may happen via online portals or when people are travelling abroad. A niche finance app will be useful for the frequent flyers. Apart from the core financial services such as expense reports, exchange rates, and hotel booking payments, the app can offer personalized services such as expense tracking, finding deals and other features to simplify financial transactions of international travel. The application can be segmented to include details such as country being visited, duration of stay, travel dates, travel agenda by day, entertainment preferences and time allocation. The features and functions of this app will include –
Doing taxes is compliances can be tedious with the multiple forms, regulations and calculations. While some people employ tax professionals, many prefer doing their own taxes and an application that will streamline the process and make it comprehensive will be viable. The app can target people who have started the tax filing process but haven’t completed it or those who want to attempt it for the first time. User profile can be defined on the basis of their job title, marital status, employment status etc. The features and functionalities of such an app will be –
The finance based application can be made interactive with multimedia and advanced UX and UI to keep the experience engaging. Managing finance can be a mundane activity, especially for those who do not have an inclination towards number crunching. The app can also give voice automated instruction and be the ultimate guide in modern day financial management.
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