5 Segments Your Mobile App for Finance can Target

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.

Budgeting and Expense Tracking

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 –

Push notification – “You are overstepping the budget!” Send reminders to a user when they are overspending on any particular segment such as food, entertainment, shopping etc. They can be sent a “Congratulations! You are facing the saving game!” motivation message to show them areas where they are within their budget limit. Send notification for upcoming bills and due dates.

In-app messages – “Time to create your monthly budget” A simple message and in-app link to navigate user through the process of setting their budget and allocating funds by creating categories. Present a periodic overview of their spending in the form of a simple balance sheet.

Interactive graphs – To display amount earned and spent and budget overview. It will be easier to decipher than lots of number.

For the Investors

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 –

Live news scroll – giving latest market news and current rates of leading stock markets. There can be a scroll for exchange rates and commodity prices.

Push Notifications – can be sent for announcing rates of current investments, price fluctuation in interested stocks, insurance policies etc.

Dashboard – with detailed graphs and easy to read pie diagrams for performance reporting

In-app messages – send updates on regulatory compliance, premiums due, dividend payouts.

Shoppers and Deal Hunters

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 –

Push Notification – “Thank you for making payment of $x for your purchase, your transaction is being processed” message after a purchase.

In-app messages – “x% discount on your interested product. View locations”. Give user incentive to make purchase via the app

Payment Gateway – Give user option to store details of their card, net banking information and secure channel to redirect to payment gateways and popular online payment channels.

Social Media Integration – Give user incentive to share deals on social media or create access to app via social networking credentials

For the Globe Trotters

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 –

Camera Scanner – to scan and enter details of bills to expense report so that user can discard paper bills

Push Notification – to Inform user about the day’s exchange rate, ask them their travel preferences (by taxi or other public transport)

Map integration – to send notification to user on finding quickest route to reach their destination and the best modes of available transport

In-app message – to give user helpful tips such as estimated cost of travelling by taxi from point A to point B, where the user can get good bargains and great restaurants to try local cuisine.

Dashboard – an in-app compilation of all expenses with bills assorted.

Email integration – email the expense report to user and other authorized email addresses with attached copies of the bills and receipts. A category can be created for group expenses and these can be emailed to all members with their share included.

DIY Taxes

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 –

Push notification – Giving reminders of due date and pokes to submit early, giving information of form submission and the status of filing process.

In-app message – address queries or doubts arising on tax filing process

Tutorial – a guide can be provided on the tax filing process with useful savings tips

In-app messaging and chat – this can be used to message experts or friends to ask suggestions or resolve doubts.

Pop-ups – Giving tips while the user is entering details on aspects they can claim as expense or income and maximise their refund

Camera Scanner – user can scan their bills and receipts and upload them as documentary proof that has to be submitted while filing taxes

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.