Must Have Features For Personal Finance Apps

As per a survey conducted by Expert Market Research, 28.79% of respondents desire a user-friendly interface and better customer support to be incorporated followed by the rest who prefer features such as strong security, integrations with accounts etc.

Personal finance apps though have facilitated the development of the financial sector, there is still room for improvement. Delay in payments, increased scams and less awareness among users has called for some major changes to be incorporated among personal finance apps. As per an exhaustive survey conducted by Expert Market Research across top-tier 1 and 2 cities, covering over 50,000 students, the results delve deep into the improvements or new features that can be incorporated among personal finance applications. 

Key Features To Include For Personal Finance Applications

The results derived from the survey indicate that 28.79% of the respondents want user friendly interface and better customer support to be integrated while 18.18 % and 15.15% of the respondents want enhanced expense and investment tracking respectively. The study aims to analyze what new features can be integrated into personal finance apps to make it more feasible and compatible. It’s evident from the statistics above that a major share of the respondents are inclined towards integrating user friendly interface which includes customized push notifications and enhanced customer support dominating other improvements such as stronger security checks and enhanced expense tracking which forms a minute share of 11.36% and 18.18% respectively.

User-friendly interface and customer support are the most essential aspects of a personal finance application. Be it investing or integrating your bank accounts, financial activities like these need to be organized and should have user-centric designs. Recent trends show that integration of AI has made the users conscious regarding the usage of personal finance apps. Although it leads to increased efficiency, it also poses a threat of data breaching and recording of personal information. An error known as "Business Logic Flaw" occurred on a website named “FIrst American Financial Corp” in which more than 885 million financial and personal records exposed. This case serves as a testimonial to the data breach and thus highlights the need for robust customer support.

Top 3 Features To Include In Personal Finance Apps

After analyzing varied preferences of users towards improvements in personal finance apps, user friendly interface and effective customer support should be prioritized. Investing has now become a part of everyone’s routine because of the increased financial awareness and as majority of the users are millennials, there’s a need to simplify the interface along with the process. Enabling options such as customization and data analytics could provide real insights to consumers along with better user experience. To effectively communicate the features, in app demonstration of how to use it can be a great option for bridging the gap.