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Personal Finance App Development

Personal Finance App Development


A lot of people believe that tracking their expenses could help to reduce them. And actually they are right with a little amendment: it’s really better when you don’t need to see how your budget fades away, but someone or something does it instead of you. Finance applications really come in handy in these situations. Today we are going to speak about Mint budgeting app and how to develop a personal finance application.

How does Mint work

A little excursus to history. Mint was developed by Aaron Patzer as a personal shopping assistant for US and Canadian markets. In 2009 was bought by Intuit - developer of financial and tax preparation software and related products for $170 million. In 2010 Mint bosses claimed that they support 17 million unique accounts and collaborate with 16 000 financial institutions.

Marc Hedlund - the founder of Wesabe (one of the main Mint competitors) once reviewed it: «Mint focused on making the user do almost no work at all, by automatically editing and categorizing their data, reducing the number of fields in their signup form, and giving them immediate gratification as soon as they possibly could».

Mint finance app spares users from obligation of entering their data manually. It’s a winning feature because everyone has separate bank account. credit card account, taxes, loans and a lot of other other consumer and business profiles. What Mint does is collecting all the data from those accounts to one place that makes it really easy to trace your expenses and earnings.

Financial data is directly taken from the institution that makes Mint app safe as the original bank or investment firm website. It uses a developed by Intuit account aggregation technology that helps to collect all the information in one place. Doesn’t it really convenient?

Transactions categorization

As you launch Mint for the first time, it asks you to put your banking information. Then app downloads all the information about your purchases and categorize it automatically. It’s done on a basis of vendor’s name or your own inputs.

But how Mint knows which category is your purchase fit? The answer is pretty simple. It has an already-made database where thousands of vendors are previously categorized so most of the time is doesn’t make mistakes. These categories are mostly made according to Standard Industrial Classification (SIC).

You may think that there is no ultimate classification and you’re right. For example, when you go to a drug store to buy a sugar free chocolate, Mint should categorize it like you were buying a medicine. So you always can manually categorize all the purchases on your own taste.

Spending and Saving

Mint Personal Finance understands that people are not only into spending money but also saving it to buy something expensive. They’ve discovered that users usually have basic reasons to save money: saving for a new car, paying debts, retirement, college or emergency.

Mint creates goals automatically or users feel free to create their own ones. The only thing that is needed from is user is to answer some question about payment tools or total cost. It can also automatically define the cost. There are also guidances on how to actually save money.


You may ask is Mint app safe? The app connects with the Mint.com which means your data is protected as much as the financial institution. User data is stored in a database with 128-bit SSL software encryption.

Don’t be afraid if someone has your Mint login, they won’t be able to access your bank account. Mint only displays data but doesn’t allow to deal with it. So your money will be safe.

All user information is synchronized between smartphone, tablet and web version. If you lose your phone or IPad, you could easily deactivate access to Mint from the lost device.

Finance app development

Financial applications are usually divided on two types: let’s name them simple and complicated. Simple often use manual entry while complicated link to your bank account to deal with your finances.

In our tempo boosting times, a lot of people want everything to be automatized. Applications must do the work that user doesn’t actually know he needs. Manual entry finance apps have to be as user-friendly as possible because user are obligated to entry all the information themselves. Otherwise, these apps won’t be value at all.

You may think that all these apps can perform is maths and you’re not right. They also provide categorization as well as being personal shopper apps. Mint Finance is actually a bit more complicated and links your financial information automatically. To create an app like Mint you should pay tons of attention to security.


Most of financial applications are free to use so developers have to turn on fantasy to monetize. Some of them choose the most effective strategy - advertisements. Spendee relies on this model. They offer to pay for turning off ads.

Freemium is also good for such apps. Dollarbird app offers a Pro version for $4.99 per month with extra features.

Some applications like Bgdt are just paid. Their developers ask just $1.99 so it’s not so much.

Mint collaborates with different organizations and promotes their services within the app to help users save money. Despite this feature is really heavy to implement, it keeps a great balance.

British most popular financial app OnTrees uses a bit strange but really cool monetization model. In exchange for their free services, you have to grant them an access to your financial data. Speaking roughly, they sell your spending habits to other organizations that use it for market analysing. But don’t worry, OnTrees doesn’t break any law in Britain because all the information is anonymized and they provide only statistics.

To sum up, I need to say that financial apps will be popular until people need money. The other thing is there’s no worldwide financial app it’s a good idea to create your own one for your country. To dispel any uncertainties, feel free to contact us. We can consult you on any step from idea to launch.