The era of using Microsoft Excel spreadsheets for money management is fading away as more and more finance apps become available. Over 75% of smartphone users surveyed by Fact.MR stated they used at least one application to handle their finances.
According to the same survey, 6 out of 10 users prefer mobile personal finance apps over websites. It makes sense indeed. Such applications, if well-designed, make the budget management process more convenient (the smartphone is always close at hand) and less complex (most apps include simple wealth management tools).
But how to create such a financial application that will be user-friendly and as straightforward as possible? At Arounda, we know that the answer lies in flawless UI/UX design and rich functionality.
In this article, we’d like to concentrate on the design of money management software. Arounda will use its experience in developing FinTech solutions, notably our product Freedom Stocks, to do this. We are experts in financial technologies dealing with various startups and established businesses in this sector.
What Are Personal Finance Apps?
A personal finance application is a software that helps people keep track of their money. Users can, for example, split cash flows, manage expenses, set financial goals, and more. Best personal finance apps offer even more functionality. It includes syncing with other users’ accounts or helpful tips for managing their money and investments.
Wealth management solutions like the Mint budget app allow users to:
- View all their transactions
- Check their balance
- Track expenses and revenues
- Set financial goals and achieve them
- Save money
- Adjust their financial behavior
As you can see, such applications offer users many benefits due to various money management tools. Yet, no matter how rich the app’s functionality, it is ineffective if the application’s design lags in quality. Continue reading to learn more about the importance of design in budgeting apps.
Why Is Design Essential for Financial Apps?
Should you pay close attention to the design of your finance application? Our experience proves that you should. Here’s just a couple of reasons for that.
Trust and Credibility
The visual component of your application significantly affects the level of trust among users. Imagine if the budget app was full of oversaturated colors and a load of information blocks. Would you like to entrust your confidential financial data to such an application? That’s it.
Design plays a critical role in familiarizing the user with your app. You increase your users’ trust by giving your product a nice look and easy navigation. And trust, in turn, is the first step to building long-term relationships between your customers and your application.
Simplicity and Actionability
According to Statista, the retention rate for finance apps reaches 21.8% on the first day of use. But in 30 days, this percentage drops to 6.1%. Why does it happen?
We suppose the issue stems from the following fact: the already complicated finance industry adds to the complexity of its software solutions. Sophisticated design overloaded with numerous tools can confuse the average user of a FinTech app.
As a result, another critical reason to work on your app’s design is to ensure simplicity of use and retain more users.
Features for Your User
You may feel compelled to include as many innovative features as possible to stand out in the competitive FinTech apps market. But if you go overboard, you risk losing your users.
Decent work on your app’s design means studying the needs of your audience. With the right approach, you will determine which features your application needs and which are not so significant. The same goes for your product’s overall look.
We are not implying that innovative design and unique features are undesirable. But consider your users’ needs first because a well-thought-out UI/UX means a satisfied customer.
Easy Language
Numerous financial terms and tools are another critical reason to consider your money management software design. Quality design involves working on your app’s language.
With a comprehensive approach, you will explain complex financial terms in simple words and give your users some helpful tips. It will make using your application more convenient and enjoyable.
User-friendly Navigation
It is the design that makes using your finance software straightforward. Only by analyzing user experience will you be able to make the UI clear to your customers. You will retain more users, and they will utilize more features of your app if you make the navigation user-friendly.
Best Design Practices for Budgeting Apps
Let’s see how you can make the most of your finance app. Take a look at the best design practices for such applications.
Use Minimalistic Approach
Financial applications are all about numerous tools, features, and design elements. But a decent budgeting app is minimalistic: from colors and shapes to structuring information. So be careful not to overload your product with unnecessary details.
Provide Meaningful Content
We recommend you consider what your audience expects from your product and decide what features to provide. It doesn’t matter how fantastic your app’s functionalities are if they don’t add value to your user. For example, dashboards giving information about your customer’s finances will be valuable from a design standpoint.
Look at our Freedom Stocks product, a website that delivers practical information on finances. We have made this resource as informative as possible for users, providing research reports and education materials on a personal budget, stocks, crypto, commodities, and taxes.
Add Goals
The budget monitoring feature in your application is only a starting point. Add goals and tasks to keep your users engaged in your app. As a result, your product will meet your customers’ needs in achieving their financial goals and simultaneously increase their time in your application.
Add Animations
If you think animation is not for finance apps, then we hasten to convince you otherwise. Interactive or animated elements add a bit of entertainment to your formal application.
Consider the Colors You Choose
Colors play a significant role in money management applications. Therefore, it would be best to give your application a serious vibe by choosing green, blue, and white colors. Of course, you can also use vivid colors but do it where appropriate.
Allow Customization
The loyalty of your users will increase if you allow them to customize the application according to their needs. It will be good to add the ability to add and alter budget categories or change spending limits.
How to Create a Finance App?
Let’s look at the process of creating a financial planning application. Here are the essential steps:
Step 1. Idea Discovery and Market Research
This step involves studying the audience that may be interested in your financial application. The team examines what strengths your software has and what its limitations may be. At this stage, business analysts are also analyzing your competitors.
Step 2. Design
This process entails developing a design layout for your finance software. Our specialists come up with user experience and create information architecture. Also, the team prepares mood boards and concepts, tests the UI, and makes adaptive product versions.
Step 3. Development
Developers, in addition to designers, start working at this point. They build the minimum viable product (MVP) for your finance app.
Step 4. Testing
Your application is almost ready to go live at this stage. But testers check it for flaws and bugs to bring your product to perfection.
Step 5. Market Launch and Further Support
Once you have made your finance application ideal, you can launch it on the market. Over time, you can improve your product by adding new features or changing design elements.
For example, look at how our team has improved Gigzi’s innovative financial system. During the audit, we found that this wealth management platform lacked decent graphics, branding, and UI/UX.
As a result, we created a new interface for the landing pages with an impeccable user experience. Our designers have also developed a fresh branding strategy for Gigzi. Among the innovative features that our team worked on are the crypto wallet and ICO cabinet.
Final Thoughts
Personal finance apps are growing in popularity, and their success in the market significantly depends on the design quality. Through design, you can give your users what they so desperately need. The ease of use and meaningful features help your customers solve their budgeting issues.
If your goal is to create such practical and successful finance applications, pay attention to their design. And if you need someone to implement your idea for a money management solution, then you are in the right place.
Arounda agency knows how to make high-quality finance software. Our Freedom Stocks and Gigzi products serve as an example. Feel free to contact us, and let’s create a flawless design for your finance app!
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