According to Ankit Agarwal Alankit Group MD; In contemporary times, FinTech companies have undergone 360-degree revolutionary alterations and have given a new definition to efficiency in achieving targets that seemed like a dream traditionally.
Managing finances be it business or personal, can become an overwhelming challenge. Currently, multiple financial management tools in the market often refer to the software considerably bespoke to cater to customer financial management. Migration towards the smart life has been observed where almost all the services are moving to a digital or app-based platform. The financial industry is no different as the financial app is helping the service providers to help users have a better grasp on their invested money.
According to Mr. Ankit Agarwal Alankit Group MD, ‘Data is the newfound oil with analysis as the combustion engine. Ergo, It is crucial to filter and analyse the unrefined and amalgamated data to gain valuable insights.’ According to a data survey, the global market will witness a market of Personal finance Apps amounting to $1,024.35 million and is expected to grow to $1,576.86 million.
These Personal Finance Apps majorly accept a variety of financial data as input and can be used for a variety of tasks such as managing bank records, investments, tracking investments, budgets, and portfolios, to name a few. The increasing need to monitor and address consumers’ incomes, as well as the explosive growth of mobile applications globally, are the primary factors driving the market growth.
‘In contemporary times, FinTech companies have undergone 360-degree revolutionary alterations and have given a new definition to efficiency in achieving targets that seemed like a dream traditionally. As a result, the Sector has identified an opportunity and analysed data in order to provide tailored services that have the potential to alter the entire operational process significantly.’ – asserts Ankit Agarwal Alankit Group MD.
Personal finance mobile apps have copious of high-quality data that can be used for analytics and artificial intelligence. In addition, artificial intelligence integration will lead to services improvisation and further streamline the process.
Furthermore, the industry is expanding as a result of businesses focusing more on digitising their financial services and an upsurge in global internet users. However, the availability of open-source finance software, as well as security and compliance issues with personal finance software, limit industry growth. Likewise, the market is expected to benefit from appealing potential as the use of Personal Finance Apps grows in developing economies.
Digitisation is one of the most widely used strategies in the financial services industry for refining core processing proficiencies and providing better client services and insights. Nonetheless, these banks are said to have increased their sales by putting a strong emphasis on digitising their financial services. Over 50% of these investments have also been connected to online loans and payments. The banking industry’s digitalisation has facilitated faster application and disbursement processes for clients and businesses, as well as improved loan management decisions.
To sum it all, the market for Personal Finance Apps is growing as businesses or companies place a greater emphasis on digitising their financial services in order to increase business efficiency and produce better results. Personal finance apps, the financial industry, and proactive money management apps are becoming popular among app development companies, despite never being the focus of attention. Companies have investigated the potential of artificial intelligence to create better platforms for managing personal finances.