How to Build a Personal Finance App: Steps, Requirements & Features

Fintech

Product Development

April 08, 2025

How to Build a Personal Finance App: Steps, Requirements & Features

We at Artkai know that well-thought-out logic, secure and scalable architecture, impeccable UI/UX, and regulatory compliances are a must for a successful financial app. We also know that many businesses struggle when it comes to finance app development. So we've prepared an ultimate guide with expert tips to help you build a first-class product that will last for years.

We have more than 10 years of experience developing effective and competitive personal finance products, successful financial wellness cases, and proven methods, which we will share with you in this guide.

Finance App Dev: Main Steps

This section of our development guide is based on years of experience and a proven project roadmap, so let’s take a closer look at all the key stages of developing a personal finance app and their business value and core components.

Product Discovery

Product discovery is an essential strategic phase in personal finance app development. It allows you to test your idea and reduce risks. At this stage, a significant amount of work is done on the product since setting ideas and goals will directly affect your financial app. Therefore, we highlight the most critical points.

Market research. The main point is to ensure that the financial app is in demand among the audience that wants to manage personal finance, which is the main goal of most financial apps intended for personal use. The process of competitive analysis includes observing existing personal finance apps and determining the best competitive personal finance app and its main approaches. Identification of market trends and opportunities. In the context of a finance app, it is a study of a set of market data, identification of new trends, and industry reports of the fintech niche. And ultimately, determining what positively and negatively affects specific market segments.
User research for personal finance software development is an enjoyable and, at the same time, complex process that requires many approaches. User surveys and interviews can help you understand the client's needs, the reasons for the individual's choice of a particular financial app, and the pain points that prevent harmonious work within the financial app.
Journey map and user personas. After the interview, it became much more apparent how to create detailed profiles of different user groups and display their complete UX when interacting with personal finance. After that, you can segment the target audience with illustrations of interactions and move on to usability testing, which should be a preliminary step in software development.

The idea and concept from a mobile app development company that will develop your financial app based on an outsourcing model should also be based on generating and comparing many ideas, analyzing the feasibility study, and directly creating the value proposition.

This will allow you to test business models and determine the one that meets the key criteria, such as revenue streams, pricing, and cost analysis. After incorporating these various points, the finance app may be ready for the next design stage.

Post-discovery documentation review for a personal finance app:

Documentation with an articulated vision and structure for the financial app. This should include goals, scope of work, and requirements for the app.
Technical documentation. This primarily includes a description of the architecture, tools, APIs, and technology stack.
Wireframes and UI-UX. This may include visual prototypes of the logic and look of the finance app.
Expert recommendations. Additional documentation on design, branding, global strategy, and monetization models.
Estimate development costs, hours rates, and priorities.

App Design

At the design stage, we will look at the most important points and principles to follow to ensure a functional financial app. As a reminder, product design trends are very diverse, so your target audience is the key to a visually high-quality product.

User personas and their research will include demographic research, behavioral patterns, and motivation for using a personal finance app. Trust and confidence are conveyed through the psychology of colors, such as shades of blue or graphics with legible fonts that can convey competence. From a design perspective, it is also worthwhile to use and build a clear privacy policy presented on the design side with visual cues, such as security icons or encryption indicators, to indicate the importance of the information presented.
Emotional design is a separate part of building a personal finance app. It concerns how your finance app can awaken motivation to save, for example. Various progress indicators, icons, challenges with gamification elements, etc., can be drawn to implement this. Suppose the main goal of the app is to maintain financial well-being. In that case, clear visualizations with understandable support functions and personalized recommendations can contribute to a positive user experience and convert into an annual or monthly subscription for your financial app.
The UI and UX design phase should also be based on building accessibility and inclusivity, which should be adjusted according to the laws of your region or country.
Accessibility should be manifested in sufficient color contrast between text and backgrounds, appropriate font size, and compatibility with reading programs for visually impaired users.

The design team should provide the following:

Profile page
Login/signup
Transactions
Error handling
Card details
OTP screens
Expenses page
Bank information

Of course, after the discovery stage, the design is iterated along with development. Therefore, it must be technically sound, not just visually organic.

System Architecture

This development step focuses on the technical foundation of the personal finance application. It defines how the system components will interact, how efficiently they will process data, and how much the system will be able to scale without losing performance.

This is especially important for the fintech niche, as the architecture must work correctly under high load and in accordance with security regulations and standards. The business value, in this case, is manifested in compliance with certain aspects:

Resilience to failures and operation during peak loads.
Speed of updates and acceleration of development, which is why a modular approach is recommended.
Scalability conditions, which include the frequency of new user segments and the ability of the personal finance application to expand functionality.
Minimization of costs at the initial stages of development.
High-security level.

Also, depending on whether it will be mobile or web development, it is worthwhile to understand in detail the optimal and frequently used tech stack, with the help of which your finance app will eventually be ready for release.

The personal finance app technology stack is created depending on the specific needs of companies undergoing digital transformation. Therefore, when building an architecture for a personal finance app, there are key points that you should not forget about:

SDKs for payment systems
Data analytics APIs
Auxiliary architectural tools
Web frontend
Mobile apps
Backend
Databases
External integrations
DevOps infrastructure

Maintaining these parts' consistency is vital for correct system operation.

Engineering

The development stage of a personal finance application involves direct work on creating a personal finance product. At this stage, the engineering team focuses on writing the code for developing a personal finance app. It integrates external services such as banking APIs, push notifications, analytics, etc. It also implements the functionality and reproduces the business logic.

The optimal technology stack for a personal finance app can be:

React Native + TypeScript - for modern and efficient iOS and Android apps.
React.js + Material UI - for responsive and dynamic web interfaces.
Node.js + Nest.js - for robust and scalable backend services and APIs.
PostgreSQL or MongoDB for reliable data storage.
Amazon Web Services as a cost-effective cloud provider.

The above programming languages, frameworks, and services are reliable tools that ensure the entire project's speed, quality, and safety. It should be noted that the development stage is not only the technical implementation of the finance app's basic functionality but also the point of interaction of all functional roles of your product into a single product and technical cycle.

In practice, this interaction may look like this:

Developers + Designers:

Collaborative prototyping for user interface elements.
Joint design system implementation and component library creation.
Iterative feedback sessions on visual design and interaction flows.

QAs + Developers:

Shared responsibility for defining acceptance criteria.
Collaborative debugging and root cause analysis.
Joint performance testing and optimization.

Technical + Product Team:

Alignment on feature prioritization and technical feasibility.
Joint roadmap planning and sprint reviews.
Iterative feature demonstrations and feedback gathering.

Backend + Frontend Developers:

Shared API contract definition and documentation.
Regular communication for data flow and integration testing.
Joint troubleshooting for cross-layer issues.

DevOps + Security Team:

Joint security vulnerability assessments and mitigation strategies.
Collaborative infrastructure scaling and performance monitoring.
Shared responsibility for disaster recovery planning and testing.

Thus, developing a finance app will be a holistic process that will have specific positive results, such as faster feature implementation, reduced rework cycles, higher business solution productivity, and high product quality from the first releases.

Testing & QA

Testing and auditing elements in personal finance apps include functionality, business logic, user experience, and security testing. This is especially important in the context of personal finance apps to solve problems related to data processing, regulatory compliance, security, cross-platform compatibility, and accessibility.

Therefore, the main parts of testing include:

Data synchronization across multiple environments
Optimizing battery consumption on mobile devices
Modeling conditions to check reliability
Transaction processes and their correctness
Risk assessment algorithms
Fraud detection mechanisms
Financial reporting and its accuracy
User accessibility
Strategic A/B testing
Customer journey validation
Session management protocols

Therefore, with this approach to testing the personal finance app system, it is worth following the above parts to avoid technical debt, respond faster to market changes and regulatory requirements, and build a personal finance app so that user feedback becomes an important part of the entire cycle, not a part after the release.

Release phase

Successful deployment of a personal finance app involves preparing and setting up the server environment, publishing the app in the App Store or Google Play, officially launching the web version if it is available, and activating integration systems.

For companies, this means:

Receiving feedback
Start monetization for new projects or increase profits for modernized ones
Product evaluation
Post-launch support

Support for personal finance applications is a continuous process that includes maintenance, adaptation to changes, stabilization, and system updates. As a rule, it is usually formalized as a separate section in the contract or as an additional service. The

Support & Maintenance and development services package mainly includes:

Technical support (bug fixes, library updates, etc.)
Analytics with the analysis of user errors
Incident management (emergencies, system failures)
Security (audit, vulnerability closure)

The technical support team is generally smaller than the main project, down to 1-2 developers, QA, PM or support manager, and DevOps.

Each stage of personal finance app development is a brick of a large and complex multi-stage process, with steps each of which is critical. Therefore, to successfully build a personal finance app, it is not enough to assemble a team and release an MVP.

Core Features of Personal Finance Apps

We work with various international companies, so we know which features and tools bring actual results in the personal financial apps niche. In the next section, we will analyze the most relevant functions in the personal finance niche.

Analytics and reports

A lack of insight into expenses and financial habits leads any user of a personal finance app to not only inefficient budget management but also to a debt pit. Development services in personal financial apps, such as integrated BI systems, Chart.js data visualization libraries, and ETL pipelines, will be able to form full-fledged analytics tools with visualization of income, expenses, and dynamics, which will solve this problem. The same is true for digital wallets, depending on their typology.

Gamification

Monotony should not be in personal finance. If your existing personal finance app has a target audience outflow, this may be one of the consequences of the problem. It is recommended to use a modular architecture that will allow you to implement gamification elements with new flexible interaction scenarios in a relevant way. This will allow you to apply points, levels, and badge systems.

AI and ML Technologies

Visualization in a finance app is not a tool for analysis and decision-making. Therefore, if your personal finance app has only pretty charts, it will be a zero success.

Instead, use built-in AI modules based on NLP and ML algorithms such as Random Forest or K-Means. Bots analyze transactions and generate estimates and forecasts using Prophet or ARIMA. AI inference pipelines with model hosting in TensorFlow Serving or AWS SageMaker will ensure the assistant's implementation.

Personalization

UI and UX will not guarantee all the different financial styles of your target audience. Hence, using a user profiling engine to segment different groups and an action-based UX can solve the problem. These can be:

Personal financial dashboards
Dynamic AI - advice
Adaptive push - notifications

In-App Search

Many unnecessary functions only stimulate dissatisfaction in a finance app, as an extended search prevents users from finding the transaction or payment receipt they need. That is why intelligent search is a feature that will speed up this process without wasting the nerves of the user and the technical team involved in building personal finance. Understandably, most fintech projects focus on financial accounts with premium features and reliable security measures.

But what else can be hidden even in what seems to be a super personal finance app with proper design and functionality? It may not enter the market if it does not meet basic technical standards or does not comply with the current legislation of your country or region. Let's consider the main technical requirements that must be met for a finance app to be successful in further development.

Top Tech Requirements

Personal finance and apps for it may be considered inferior, and this will be true if you do not comply with the basic technical requirements listed below.

AML

Building fictitious companies, large amounts divided into a bunch of small transactions, and crypto mixers can all be associated with fraud financing, high terrorism risks, and the complexity of money laundering schemes. Does your finance app need such a reputation? Of course not.

The technical solutions to this issue are AI/ML solutions for detecting unauthorized activity and verifying transactions. Another reliable way is to connect to external registries and risk databases, such as sanctions lists.

KYC and KYB verification

To prevent violations of laws, loss of licenses, and blocked transactions. However, this can be solved by observing several points in finance apps:

Automate the processes of uploading and verifying identity documents
Verify authenticity through state registries
Apply sanctioned screening
Biometric authentication

Data storage and transfer

Vulnerabilities in information exchange channels lead to the leakage of sensitive data in personal finance apps, reputational losses, and lawsuits. The technical side is to avoid this process:

AES-256 encryption during data transmission and at rest
TLS/SSL protocols for secure transmission

Identification system

Your finances and application may be at risk if unauthorized access to accounts and data is possible. Therefore, it is worth applying:

Enforce strong password requirements
MFA
HTTPS protocol for every request with sensitive information
Biometric verification and protection against its imitation

Investing in security should not be an extra expense for personal finance and payment apps but a prerequisite for the successful launch or modernization of the product. User trust is not built on building a lightweight finance app but a functional and truly reliable one that guarantees the security of bank accounts, household, and personal budgets.

Project Insights: Red Rocks

The project is an innovative B2B solution created by Artkai's leading specialists for the American company Red Rocks Credit Union. The vector of our activity for this project was the personal finance app development of a unique corporate platform, an IOS application to improve the financial literacy of internal employees of the client company.

The personal financial app is equipped with gamification elements, personalized advice, and support to make building personal finance a complex process for each employee, which has premium features for budget tracking. The following goals were set for this finance app:

Increase personal finance literacy among employees and corporate clients.
Increase staff productivity and reduce financial stress.
Launching the first and unique B2B personal finance app focused on the US corporate segment and can potentially expand to European markets.

For a personal finance app of this unique type to help everyone build a personal finance system. Our software development team had to solve some critical tasks:

Research the essential features of the target audience to ensure that the personal finance app meets the requirements.
Create an engaging and user-friendly UX/UI design for the iOS financial app.
Conduct frontend and backend development of a personal finance app.
Create and integrate gamification elements for the financial app.
Optimize the onboarding process to correspond to everyone's financial planning
Implement software development in such a way that it supports the white-label concept by adapting the design to the brand.

Also, in the process, we proposed to divide user scenarios separately for C-level and employees. For company leaders:

Develop performance analytics for engagement programs with specific advanced features.
Increase employee loyalty and financial literacy.
Support 401(k) programs, charitable giving, and insurance.

For employees:

Build a personal finance system with a convenient money management process.
Control expenses and debts.
Achieve personal financial goals.
Apply a gamification system for achievements.

The unique specifics of the project requirements required our specialists to take a deep approach to software development. After all, such a finance app should be easy to use for the main two user groups and contain personal information and financial data. Therefore, after the discovery phase, Artkai developers began a 4-month development of the personal finance app, and it gave positive results:

A scalable and full-fledged iOS financial app with an adapted design and successful architectural components.
Positive feedback from companies that have integrated the finance app.
Increased employee engagement.
Proven effectiveness as an HR tool for money management app productivity.

It should be noted that this project is not a usual financial tracker that can make you depressed but rather a comprehensive B2B solution that aims to develop the vector of financial literacy for everyone and positively impact corporate culture and staff retention.

Conclusions

The future of money management apps is not just another technical challenge, but a strategic investment for most fintech businesses that provide development services. After all, a well-developed financial app increases the number of attracted users and other business results, such as company revenue growth, brand strengthening, and international expansion.

Artkai focuses on development services of any complexity level. Our activities combine many years of experience, innovative approaches, and constant development and scaling of internal specialists' skills. We are ready to become your technical partner for a long-term perspective.