The budget app is a new buzzword in the corporate world today. The personal finance app development sector has been growing steadily over the last decade, with the lockdown giving it an unprecedented boost. Thus, entrepreneurs are now keen to leverage this trend’s benefits by offering people finance app development services.
The need to keep track of earnings and expenses and shop online without visiting a physical store or bank has made building a personal finance app a highly profitable business opportunity. This article will discuss why personal finance app development services are so popular. You can learn from EPAM Anywhere Business how to create a budget app.
Why personal finance app development services are so popular
According to a study by eMarketer, mobile finance apps reached 573.1 million downloads in the US alone in 2021, up nearly 19% from 481.9 million in 2020. Google also stated that 73% of smartphone users in 2016 used at least one finance management app. These statistics show that the personal finance app development sector is very lucrative. Below, we will explore why personal finance app development services are so popular.
Personal finance apps make a huge difference for users
App development services are so popular because creating a personal finance app makes a huge, positive difference in people’s lives. For example, an easy way people run out of money is not having plans for their expenses or spending. Therefore, app development services come in handy here to simplify the management of finances through mobile personal finance apps.
Unfortunately, many people want to enjoy financial freedom but do not want to perform financial management and expense and income tracking. Personal finance apps users spend money more clearly while simplifying the process of money budgeting and management.
Personal finance apps are handy
Making a finance app that works on android and iOS devices has been a credible way for the app development services industry to gain popularity. Since mobile phones are always at hand, so are mobile finance apps because they are installed on the phones. This results in people accessing convenient money management services on their phones.
Increased adoption of personal finance apps
According to Allied Markets Research, the global personal finance software market was valued at $1,024.35 million in 2019 and is projected to reach $1,576.86 million by 2027, growing at a CAGR of 5.7% from 2020 to 2027. This is a testament to the fact that the market is steadily growing.
Besides, the major drivers of market growth are the need for people to track & manage income and expenditure and the surge in mobile application use. Thus, these two drivers will continue to contribute to the popularity of personal finance app development services. In addition, increased adoption of personal finance software among developing economies is expected to provide lucrative opportunities for market growth.
Personal finance apps can generate income
There are several ways to make money through creating a financial app, such as advertisements, referrals, premium fees, and partner networks. In addition, the monetization strategies that come along with app development services have contributed to the popularity of the services.
In addition, it becomes easier for owners of financial startups to motivate and retain their app users with a reward program. This makes it a win-win situation for all the parties involved — app owners, users, and app development service providers.
Personal finance app development team
Building a finance app requires a team. The team usually includes a project manager, android developer, iOS developer, front-end developer, back-end developer, QA engineer, and UI/UX designers. Which of these professions is not lucrative? Arguably, mobile app development is one of the most lucrative careers.
The usage of phones has increased drastically from just calling and texting to online shopping, banking, and much more. In addition, the pandemic has increased the time people spend on their phones. More often than not, we are on some third-party mobile app while using the phone. This has made app development services more popular, and the same can be said for the finance app sector.
This article has discussed why personal finance app development services are so popular. Considering all the reasons mentioned above, we can conclude that personal finance app development services are popular because they offer a range of money management solutions. Arguably, app development services make a difference in people’s lives.