Financial literacy has increased now more than ever. People are aware that savings and investments are essential, but unlike before, there is no need to dig through piles of receipts or go through tedious processes to organize finances. Today’s world is way more simple because personal finance apps are just a click away!
Personal finance planning apps save the day from inefficient budgeting and impulsive spending. Keeping a record of personal finances is vital as money management is a matter of survival!
The two biggest competitors are Mint and Personal Capital. However, Mint tends to focus more on short-term goals like purchasing a car or a house, while Personal Capital focuses more on retirement planning. We can find various well-designed apps with similar functionalities in this space, but no one can help you plan your mid-term and long-term financial goals.
There’s an opportunity here to be the first to fill this gap in the market and become the “go-to” finance app for users.
What are Financial apps, and why do people use them?
Financial stability and security give a sense of confidence, and financial apps help you manage all aspects of your finances. Whether you want to track your spending, save more money, or make investments. Not only that, apps provide several different features such as push and In-app notification reminders on due dates, track subscriptions, etc.,
Reasons why you need a personal finance app:
- Real-time information in one place
- Managing finances by tracking incomes and expenses
- Planning a budget and keeping track of savings
- Making payments for various types of services
- Being more confident with your financial decisions
Top 3 Growth Tips
#1 Security and Compliance
The finance industry is built on trust, but there is a lot of doubt and discomfort regarding online finances. Sensitive data must be safe and secured in any app, but it is the most critical aspect of financing apps.
Include strong layers of security in the app with password protection, biometrics, multi-factor authentication, and real-time alerts to protect them from any suspicious activities. Transparency, reliability, and accountability within finance are paramount.
Let’s face it, managing finances can be dreadfully dull, and users are not always motivated to open the app and use it. Gamifying personal finance is one of the most important and easiest ways to enable users to set savings and investment goals and reward them if they achieve the goals. You can also boost your user’s financial literacy by introducing short videos with exciting and crisp financial content that will increase their awareness and creates a sense of productiveness.
A game-like experience where rewards, badges, leaderboards, trivia, and polls are a few essential elements that will make your app different and fun!
Points and rewards
Rewards are among the most common techniques for gamifying personal finance apps. Rewards don’t necessarily have to be that valuable if they coincide with the customer’s goals.
Earning points are a great instant feedback mechanism for users to signify an achievement, accomplishment, or upgrade in their journey.
Progress bars allow users to visualize where they are at in their journey, what they have yet to complete, and how much they have left until something extraordinary happens (they reach a daily goal or get a reward). The display of progress acts as a visual stimulus that keeps people motivated.
Leaderboards and Badges
When applied correctly, leaderboards and badges are significant social gamification elements and visual tools to recognize achievement and encourage progression.
Trivia and Polls
Trivia helps users engage in a fun and entertaining way. Interactive quizzes boost engagement and deliver personalized experiences in real-time.
Polls give users a voice and understand their needs and expectations. It is easy to collect data from users to know what they need and serve them with the right content.
#3 Personalization and Real-time Alerts
To make the user’s experience engaging and delightful, we need to create a personalized App experience based on user data. This helps understand the user’s unique personality type, preferences, and behavioral patterns.
Personalizing each aspect of the app allows us to offer a truly exceptional customer experience in every interaction with the App. Personalization also helps the app send real-time alerts when the expenditure limit is reached, in case of low balance, upcoming bills to be paid, great deals, discounts, etc.
We’ve hit on three things to help improve the performance and engagement of any personal finance app you create or manage: personalization, gamification, and security. Leverage these to enhance the performance and productivity of your app, which will, in turn, make your users rely on your app in making their financial decisions and help in better engagement. Visit Upshot.ai to get started!
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How can Upshot.ai help?
Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve product adoption and conversions.
With Upshot.ai, banks and FinTech firms can enhance the digital experiences with pre-built gamification features while providing personalized insights, actionable recommendations, and contextual nudges designed to deepen their relationship with their users.
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