What is a financial app?

Financial apps are one of the kinds of mobile apps to build for businesses. Banking and financial institutions use these kinds of apps to provide practical and cost-effective solutions. 

Mobile apps have become a powerful tool that people use almost daily. According to a report, 49% of people open an app at least 11 times each day. That is nearly half of mobile phone users. 

If you are interested in building a financial app for your business but don’t know where to start, check out this helpful guide and then contact a financial app development company like Monstrous Media Group.

What is a financial app?

A financial app, also referred to as a fintech app, is a mobile application that helps businesses or individuals manage finances and investments via numerous essential features. These kinds of apps have become popular because of features such as a slick user interface and low transaction fees. An example of a financial app is PayPal, which is an app that makes it easier for people to make online purchases and receive money without using a traditional bank. 

The different categories of financial apps

There are various categories of financial apps, and companies should choose the kind of app they use based on their niche or gap in the market. Here are some kinds of apps companies can build, as well as a few good examples of each:

Budgeting apps - Goodbudget

Investment and trading apps - TD Ameritrade Mobile

Money lending apps - Cash App

Money transfer apps - Western Union Send Money App

Credit score apps - Discover Credit Scorecard

The benefits of developing a financial app

Provide value to your customers

Every company should strive to provide its customers with value. It helps bring customers down the marketing funnel into the conversions and loyalty stages. One way to accomplish this is by building a financial app that helps people manage their finances. Instead of logging into a web browser and completing 20 steps, you can make it easier for your customers to complete a task with all the convenience of an app.

Increases brand awareness

Building a mobile app is a great way to increase brand awareness. Apps can be powerful marketing tools where companies can directly target their audience. Even if your customer does not use the app daily, they are constantly reminded of your brand because it sits in a place they check every day. You can also send them notifications to market directly to them. If the user really loves the app, they can recommend it to their friends or family members. Thus, gaining free earned media. 

Provides cost-effectiveness 

If you are looking to save some money when it comes to transaction and marketing fees, then you should consider building a financial app. It can reduce or even eliminate the cost of fees for customers and companies. At the end of the day, this can help put the money somewhere else and keep your customer satisfaction high. 

Build a financial app with the best financial app development company!

At Monstrous Media Group, we provide financial application development and maintenance services that are designed to offer banks and financial institutions the freedom and cost-efficiency of reliably outsourcing the maintenance and enhancement of their financial solutions. Contact us to get started today!