Saving looks like an old school thing to most of the people today as more millennials believe in ‘spend like there is no tomorrow. But when people want to buy a dream car or home after a few years, they realize the importance of saving money.
In today’s world, managing regular expenses is very crucial. There are hundreds of things available with a subscription plan, plus there are rents and utilities to pay. While people should be enjoying their lives and spending money, budgeting should be done properly to avoid unnecessary expenses.
More people are now using expense management apps like Cleo and Fyle to manage their regular expenses and save for important things and the future. According to MRFR Analysis, the financial app market around the world will reach $114 billion by 2023, witnessing a CAGR of 7% during the forecast period of 2017-2023.
Startups and businesses are increasingly investing in finance management apps to take a big bite from this fast-growing market. The growth is especially driven by the impact of modern technologies like artificial intelligence (AI), cloud computing, the internet of things (IoT), etc. Furthermore, almost everyone owns a smartphone today, and digital transactions have become the new norm.
Cleo and Fyle are the leading examples of AI-based expense management apps. Cleo is being used by more than 3 million people today to track their spending, save money, and manage all finances. If you want to develop an app like Cleo or Fyle, this is the best time for you to do so.
Before diving into why and how to develop an AI expense manager application like Cleo, let’s first understand what exactly Cleo is and why it’s trending.
Cleo is an AI-based expense management app that helps users to create budgets, track all expenses, and save money automatically. It offers intelligent advice and recommendations on how to save more.
The app has several handy features like salary advances, savings account, cashback rewards, expense management tips, etc. The business model of Cleo is freemium, which means that some features are available for free, and some advanced features come at a cost.
It is available for download on both Google Play Store and Apple App Store. The user interface (UI) and user experience (UX) of the app are quite intuitive and straightforward. Cleo has gained popularity over the last few years because of Artificial Intelligence integration and the use of technology to guide people with expense management.
To enable smart suggestions and recommendations as an AI assistant for your finances, Cleo synchronizes with the user accounts and analyzes the pattern of spending. After having sufficient information and details about the accounts and spending, it automatically suggests the most appropriate ways to cut down expenses and manage the money efficiently.
Another helpful feature to save money using Cleo is a digital wallet that allows users to keep some savings securely within the app.
As discussed in the introduction, expense management is an essential thing to do for everyone. People around the world are looking for efficient and smart ways to save money and manage budgets. With an AI-powered mobile app, you can meet this demand and make the most from the market.
Here are some crucial stats that prove that people are indeed interested in money management apps:
These statistics by reliable sources show that the usage of money management apps like Cleo is on the rise today. By offering a seamless user experience and Artificial Intelligence app development features, you can cater to these demands and make an impact.
If you want your new creation to stand apart from the competition, you must include all the essential features, along with some unique and advanced features.
Using the process below, you can kickstart your expense app tracker app design and development:
The first step is to perform some market research for deciding the target audience for your app. There are various kinds of audiences and markets around the world. You have to choose the relevant ones for the success of your idea.
For example, you can choose to target working professionals or graduates. Along with audience, you have to finalize the primary locations where you can find the maximum audience with low or decent competition. This will help you to expand faster in the market.
Once you have decided your target audience and locations, the next step is to find out your potential competitors. Analyze their strategy, what they are offering, business models, features, etc.
Based on competitor analysis, you can create the right strategy for your app and decide what to do and what to avoid for success.
You might be having an excellent idea but consulting with experts in this field can help you to learn the factors that you might be otherwise missing. You can connect with a professional mobile app development company that have been developing such apps for years now, or consult the experts to understand the current scenario and latest trends.
This will also help you to finalize the app features, functionalities, and find an estimated cost of developing an expense management app like Cleo.
For which operating systems and platforms will you be getting your app developed? Will be available on App Store or Play Store, or both?
To make a decision about the development platform, a market analysis will play a crucial role here. While doing the market analysis, you have to find the ratio of people using Android and iOS.
If a majority of them are using Android, then you can develop the app only for Android devices. If the ratio is nearly similar, then consider developing it for both platforms. You can also conduct some surveys online in your targeted locations.
The aim is to serve the maximum users in your targeted locations.
In today’s competitive market, the best design and features will help you to grab a significant share and grow faster. From the features mentioned above, finalize the ones that you would like to integrate into your app. It will be great if you keep all of them for an improved user experience.
The UI of the app should be simple yet appealing. Only features are not enough if your app is not user-friendly. That’s where the role of UX and UI comes to the picture. Analyze the apps of your competitors and market leaders for some ideas about expense tracker app design and create a better UI/UX than them.
For your AI expense tracker app development, you have to opt for the most reliable and professional company that holds expertise in building such apps and Python development. This is a big step in the process because experienced developers at the hired development company can create an impactful app that meets all your expectations.
Moreover, these companies also have in-house professional designers as well so that you get a feasible solution without interacting with multiple companies.
This is the final step before releasing the app. Once developed, the app must undergo a testing phase to find the flaws and bugs that remained unnoticed during production.
Ensure that the app is tested properly so that users don’t face issues when using it. Bugs can impact the user experience and the reputation of your app. So, ensure that everything works well before launching the app.
A number of factors will decide the total cost of expense management app development. These factors include the complexity of the app, security practices implemented, platforms chosen, project management, UI/UX design, features, development, customizations, as well as testing. Overall, the final cost will range somewhere between $10,000 to $40,000.
Hope you found all the essential information related to the development of an AI-based expense and finance management app like Cleo. If you are thinking of getting such an app developed this year, then this is the right to do so. These apps are in high demand today. Your investment will be worth it.
Have any questions related to app development? Get in touch with our experts using the comments below.