When somebody is active in the world of FinTech, at some point in their career, they will start developing a mobile application. Or in some cases, other people will be hired to take care of mobile development, as this is a difficult skill to master. Most of these applications are put in the various mobile app markets at a small or high price, depending on what type of service they offer. It is important to keep in mind that apps need to be discounted now and then to attract more users.
Financial Applications For Mobile Devices
No matter how you want to look at it, more and more consumers are flocking towards the mobile ecosystem. Whereas this trend started out as a way to promote casual gaming while on public transport or waiting for someone, financial institutions quickly saw the value of the mobile ecosystem. As a result, consumers are now treated to a plethora of financial applications and services, which only require a few taps to be used.
In the early days, no one would have dared to use their mobile device for financial transactions. Fast forward to today and a large group of consumers are using services such as mobile banking and mobile payments based on NFC capability. Any business active in the financial world not focusing on mobile applications is behind the curve by quite a margin.
All of these financial applications are not just developed by established players in the industry either. Various developers around the world have taken a liking to the task of bringing informative financial applications to mobile users all over the world. Some of these applications are free of charge, whereas others require a purchase to be used.
Especially when it comes to budget management, or keeping track of expenses in general, mobile users seem more keen to pay for application access. Rather than sticking to a paper ledger and noting down every purchase, most mobile solutions allow users to take pictures or scan associated codes to mark an entry in the application.
From a convenience point of view, mobile financial applications make a lot of sense. General consumers want to manage their finances on the go, whereas professionals want access to charts and information at any given time. There is a huge market out there waiting to be tackled, as the amount of mobile financial applications is still relatively small [for now].
DigitalTrends recently released their top nine financial apps for mobile users around the world. Every single one of these applications has its merits, depending on what the individual user is looking for. It is also worth noting that all of the mentioned financial applications are available on iOS, whereas not all of them are available for Android.
Offer Regular Discounts When Creating A Paid Application
One thing to keep in mind when developing a mobile financial application is to let users give it a try before they have to decide whether or not to pay for it. A lot of users are worried about their financial status these days and forcing them to pay for a financial app to give them valuable insights might not be the best approach. Most developers opt for a certain trial period or unlimited access with limited functionality.
Furthermore, when launching a paid mobile financial application, the price will play a big role. Charging consumers upward of US$10 for an app they might not even need sounds a bit strange. Make sure to offer potential users a discount at regular intervals, as it will help developers attract more customers. All app stores have a certain option to discount an app for a limited time, so make sure to check out the feature.
What is your take on using financial applications on a mobile device? Are there any apps you would recommend to other readers? Let us know in the comments below!
Source: News tip via email
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