Key Features Every Finance App Should Have – From UAE to Saudi Arabia

Finance management is one of the most sensitive works and topics because a single mishap can ruin the entire audit sheet and you will never know what was left behind. 

A mobile app development company in Dubai once shared a case study where they explained that all finance management applications should meet the clients preferences in terms of delivering high end digital assets management and also allowing them to make the right decision timely. 

Finances need to be managed and maintained timely and we should always try to manage and keep an eye on everything to avoid any mishaps or malware attacks on the personal data especially referring to cash in, and our details. 

Many companies are now offering finance management services to their loyal clients in order to help them with the finance management and indeed it’s one of the best decisions made. 

In this blog, we are going to learn about the ways through which you can learn about the key features for a finance management app, and we hope that you are going to enjoy reading it all the way along with us. 

Are you excited to explore all three techniques with us? Let’s get started then … 

What was the world’s first bank? 

World’s first bank Banca Monte dei Paschi di Siena, established in 1472 in the picturesque region of Tuscany, Italy, holds the title of the world’s oldest bank still in operation. Founded to provide loans to “needy or miserable persons,” the bank initially functioned as a charitable institution.

Now let’s start discussing about the key features necessary for building a finance management app: 

Necessary Features For Finance Management App 

Let’s start discussing the mandatory features for building an eye catching and interactive finance management app for the Middle East region where the currency is Riyal, and Dharam prolly. 

Consider incorporating the following key features:

Core Features for Finance Management App 

Let’s start discussing about the core features for the finance management app: 

1. Bank Account Integration — 

The first feature for the finance management app is bank account integration that allows the users to link their bank accounts and debit cards along with credit cards to track the finances and keep it simple in one place to gain the amazing insights about all the past spendings. 

2. Real-Time Communication — 

You can start sending push notifications for account creation, activities like if you make any transaction or got any amount in debit along with security alerts that allow you to know when changes need to be made so you are always informed about what’s happening in your account. 

An app development company in Saudi Arabia should always try to integrate notification features within the app to get real time notifications and allow them to make all the decisions timely. 

3. Secured Payment Gateways 

The third amazing feature associated with the finance management app, is to allow the users to integrate their cards in order to facilitate all the transactions made like, money transfer, bill payments and in-app purchases for a better idea. 

The finance management app will allow you to make the informed decisions timely, and learn about all the dynamics without any hassle. 

4. User friendly Mobile App Interface 

Fourthly, we have to design an intuitive interface that is easy to navigate and the interface should enhance the user’s digital experience for quick adoption and familiarity with the finance management app. 

These were the basic features that should be present with in the finance management app, now that we are done with the basics let’s start discussing the core financial management app features for better understanding: 

Financial Management Features

In this section, we will learn about the core financial management app features that will sound more amazing to you, if you are planning to design and develop a finance management app: 

1. Budgeting and Expense Tracking —

The finance management app will enable the users to track the expenses and create budgets alongside instant financial goals setup.  

2. Investment and Savings — 

The finance management app also comes with features like quick investments made, alongside savings and finance planning like Shariah compliant ETFs for better result monitoring. 

3. Bill Payment and Management — 

Thirdly, the finance management app should allow the users to pay bills electronically and manage their payments in one place.

Security and Compliance Features for the Finance Management App 

Let’s start discussing about some mandatory security features that should be present within the finance management app: 

1. Multi-Factor Authentication — 

The robust implementation of the security measures like biometric authentication and OTP, facial recognitions and other practices to ensure that safeguarding of the user data. 

2. Data Encryption — 

It should also ensure a secure management of the user data with encryption protocols and fraud detection of the systems. 

It’s going to be one of the best and most fulfilling experiences for the end users. 

3. Regulatory Compliance — 

Comply with local regulations, such as SAMA’s Open Banking Framework in Saudi Arabia and the Central Bank of Bahrain’s regulations.

Additional Features for the Finance Management App

Custom app developers in Bahrain are specially  known for adding some additional features to the finance management app in order to make it sound and look more compelling: 

1. Personalized Financial Insights — 

You can offer users with personalized financial insights and come up with recommendations that are based on their spending habits and financial goals for showing that you are connected to their recurring business. 

2. Customer Support — 

The mobile app should offer  24/7 customer support through AI-powered chatbots or human representatives.

3. Integration with Third-Party Services — 

It  allows quick integration with third-party services, such as accounting automation and payment initiation, to expand the app’s functionality. 

Wrapping Up 

And we are done for the day. We hope you all enjoyed reading about the integration plans and the way through which you can develop the most compelling finance management app for your end users. 

Always keep the competitors in mind, and go through their business app for a better idea of what extra they are adding to extend the digital experience for the end users. Feel free to share your thoughts in the comments section. Happy Reading.