Between 2020 and 2021, the proportion of U.S. consumers using fintech apps grew from 58% to 88%. As financial service mobile apps become increasingly popular, an average smartphone user has 2.5 personal finance or budgeting apps on their device. The demand is very high, and launching such a product might be an excellent option for a startup. Apart from the demand, a personal finance app brings great opportunities for collaborations with financial institutions, integrations with top-notch fintech software, and development of new payment solutions. Potentially, a simple budgeting app can grow into a complex financial software development project.
But let’s not get ahead of ourselves. For now, let’s dive into the topic of budgeting and personal finance apps. We’ll explore why they are so popular, the challenges in developing these solutions, successful examples, key features, and tips for launching a budgeting application.