Top 6 Wealth Management Apps to Inspire Your Digital Product
Uncertain about what type of wealth management app to create? This guide will help you define your product’s purpose, cater to users’ needs, and maximize its potential!
Lena Romantowska
Table of contents
Are you in search of the best approach to the development of a wealth management application?
As a wealth management service provider, modern technology can be a powerful tool to help you achieve your business and financial goals and propel you into the future.
In today’s fast-paced world, managing finances can be challenging, especially with rising inflation. Many people struggle to monitor their spending and stay on top of their budgets, often due to limited access or skills to manage banking resources. But it’s important to remember that every problem has a solution – and you can provide it!.
Today’s technology offers effective ways to tackle financial challenges, making it easier than ever to take control of one’s finances with budgeting apps. If you’re considering developing a digital wealth management product, let me show you some of the most successful examples on the market.
So, let’s get inspired! Discover what’s worth implementing, and see why this could be a great path to success.
But, first things first. Let’s explain what a wealth management app is.
Read also: What Is a Mobile App – All You Should Know as a Future Product Owner
What is a wealth management app?
Wealth management applications can be defined in a variety of ways, each offering a different level of clarity. However, with so many forms of these applications available, it can still be confusing. In this article, we’ll keep things simple and focus on the real value these applications provide, rather than getting lost in complex jargon. Let’s dive in…
Here is a collection of wealth management app key features:
- provide accessibility and convenience (forget about paper and pen on the train!)
- improve financial organization
- help you in setting financial goals
- help you in creating and managing budgets
- provide real-time monitoring and alerts
And well, we’ve already found our definition, right?
What should we focus on when building a wealth management app?
The first step in deciding to embark on this journey is to focus on the needs, opportunities, and benefits this application will bring to your customers.
Let’s consider step by step what can help us choose the perfect match!
1) Identify the goal: Yes, we need to start at the core! What is the primary purpose of your mobile application? Is the automatic tracking and categorization of expenses something that allows users to plan better? Or are they investors looking to control risk and optimize investments for long-term growth? Understanding what your users want to do with their money or how they want to invest will help you choose the perfect type of wealth management app to create.
2) Get familiar with the market: Reviewing competitive tools is the essence of market research. See how others have tackled the problem, get inspired, and learn from their mistakes and successes. Reading reviews and seeing that users say something doesn’t work or is missing? Treat it as an opportunity to meet their expectations. Listen to customers, because we make our product for their financial well-being. Start building customer relationships early in the budgeting process!
3) Find your perfect match: Many people forget that an application should be easy to use. All the features fade if people have trouble using the app. A perfect fit often occurs when an application meets these factors:
- Simplicity and clarity: User-friendly design and functionality with intuitive navigation and clear financial language.
- Accessibility: Openness to diverse users from around the world, including people with disabilities.
- Consistency and predictability: A consistent approach that creates a sense of wholeness and sophistication. A safe space that inspires confidence and transparency.
- Security: Prioritizing encryption and secure storage of data.
- Support: Efficient customer service ready to advice with tools and services.
An intelligent approach based on specific client needs and preferences can make you a leader in wealth management. The application should be a pleasure for the client, not a chore!
Read also:
Top 6 apps from the wealth management sector
Here are 6 wealth management apps from Google Play and the App Store that we’ve selected as the best financial planning products available in today’s market.
As we’ve noted before, a lot depends on customer preference, but the number of downloads, reviews, and features were key factors here. The following apps were also tested for ease of use, intuitiveness, and options available in the free version, as well as a look at what is included in the paid version (if any).
Comments in the stores and forums were also helpful in understanding the market, the customers, and the requirements for current apps.
Keep in mind that every application will find its own set of supporters and detractors, and it all comes down to individual preferences. The most important thing is to try to make the ideal product for as many users as possible. It is in people’s opinions that we can see what works and what does not.
The apps that made it into the ranking are a perfect example of how it can be done well. Please note that the order of the tools listed is random.
Monarch: Budget & Track Money
As a wealth management app, Monarch focuses on customer individuality. To start, users can customize their dashboards by selecting and hiding individual dashboard views. This helps provide a thorough overview of personal finances by allowing customers to see multiple financial information in one place.
Setting financial goals, categorizing expenses and filtering them are just some of the additional features that enable the client to customize the application according to their expectations. The Monarch app is ideal for users who demand more and are willing to pay for access to the app to get more capabilities.
| Pros | Cons |
| – Custom dashboard – Multiple financial accounts – Expense tracking – 7-day free trial – No ads – Contact support | – No free version ($14.99/month or $99.99/year) – Limited investment tracking – Can’t pay bills |
Empower Personal Dashboard™
Another investment platform offering various financial tools, but this time for free, is Empower Personal Dashboard. Its comprehensive view of financial information can be a good option for anyone wanting to learn more about their financial situation and spending habits. Depending on additional needs and preferences, users also have the ability to create a budget and customized portfolio – this includes not only real-time net worth and cash flow tracking, but also taking care of mortgages. It’s easy to use, free, and with a friendly interface – an application good for the less demanding.
| Pros | Cons |
| – Free spending and investment tracking – Multiple financial accounts – Tracking cash flow, budgeting, not worth, and transactions – Retirement planning – Investment tools | – Wealth management services require min. $100.000 of deposit – Higher fees for management |
YNAB (You Need A Budget)
Setting budget priorities, planning expenses and easily taking care of banking are the key principles of the YNAB service. This app gives customers the ability to manage their finances through the option of combining all their bank accounts and credit cards in one place, leading to accessible portfolio management. For better financial planning, users can even add transactions manually and assign them to budget categories. It’s one of the more expensive apps, but as you can see from the rating above, it is in high demand on the market.
| Pros | Cons |
| – College students get a free year of use – User-friendly tools – Created for partners and families – Automatic payments – Community support | – No free version ($14.99/month or $99.99/year) – Zero-based budgeting (not for everyone) |
Honeydue
Honeydue is a user-friendly app designed for couples to effortlessly manage their budgeting together. This app has the option to synchronize multiple financial accounts within one platform. Users can also split expenses between themselves and their partner to see how much has been spent together and separately in a specific time frame, helping to avoid the later hassle of writing down and accounting for household and travel expenses. It’s a simple and easy solution, but users should check that their bank is in the available options in the app, as some have reported a problem with this.
| Pros | Cons |
| – Free app – Household spending limits – Reminder to pay bills – Categorization of expenditure – Synchronizing all financial accounts | – No reports available – Not every bank is accessible – No desktop version |
Goodbudget
Goodbudget is an envelope-style wealth management application. It perfectly meets the requirements and follows the latest trends of putting money into categorized envelopes! On well-known social networks, this method adopts various solutions – special bookmarks, pockets, caches, or others. Users buy special books to manually divide their budget. This application enables them to do it in an easier way.
A simple system, without advanced algorithms, helps control bills and finances in real time. Personal finance can be carefully planned – save for the future with targeted and annual envelopes.
| Pros | Cons |
| – Free app (10 regular envelopes and 10 annual envelopes) – Low cost paid version ($10/month or $80/year) – Follow the envelope-style trend – Categorization of expenditure – Community support | – Adding expenses manually – One financial institution in free version |
Pocketguard
The last of our applications is PocketGuard, which is very focused on expense tracking and bill monitoring. Users have several options for your budgeting strategy, so you can customize it for yourself. Additionally, the application reminds customers of upcoming limits for a given expense, which can be set in advance. Overall, it is easy to use, has free features and additional premium features, while the alerts and recommendations are also a benefit to help control daily spending.
| Pros | Cons |
| – Free app – Expense tracking and bill monitoring – Bill tracker and subscription manager – Debt-payoff plan – Many additional security layers | – Some features are only available for plus version ($12.99/month or $74.99/year) – Website is not very intuitive |
Wealth management app development with Droids On Roids
At Droids On Roids, we are technology geeks who are passionate about mobile applications and care about their users. Our approach includes setting and tracking development milestones, overcoming challenges and focusing on delivering real value. We believe that digital financial management solutions are powerful tools, and staying on top of new trends is critical for our clients to grow their businesses.
Wealth management strategy – final thoughts
Wealth management apps have become important tools in our lives, especially when it comes to taking control of our banking. When building such a digital product, it is important to focus on the basics of functionality, those that will be available to everyone, such as making transfers and payments, monitoring expenses, and keeping track of bills. This ensures that we have a steady stream of users who sometimes just need transparency to be happy.
Customers are also looking for more personalized services that meet their needs in many areas – the ability to set screens, filters and trackers. Being open to development and responding to demand is important to be able to come out with new improvements that users will find encouraging. Application development is the key to not getting old and boring for customers.
We need to remember that technology is moving forward and it is important to listen to client feedback to create the most desirable wealth management application. Apps are designed to help people in their daily lives, so let’s make them recognizable and easy to use.
Read also: Native vs. Cross-platform App Development – All You Need to Know as an Entrepreneur
About the author
Lena Romantowska
Ready to take your business to the next level with a digital product?
We'll be with you every step of the way, from idea to launch and beyond!
Ready to take your business to the next level with a digital product?
We'll be with you every step of the way, from idea to launch and beyond!
