Features To Ensure Success Of Your Money Saving Service

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14 August 2020

Finance

Money Saving Service

We all have plans and dreams. Nonetheless, to implement them we need financial resources. Todays’ advanced technologies offer a solution to collect the sum we need. So, we shall discuss how to design a great saving application to help people build their dreams into reality, and how you as an owner can succeed as well.

Interested? Let’s get down to business.

Functionalities a money-saving platform should provide

Let’s explore what parameters are critical for users.

# Profiles

It’s pretty obvious that, first of all, a person downloads an app and sets up a personal profile.

Try to keep those processes simple and straightforward. People shall fill in a certain form to specify some information, including the financial one. It’s okay if the account activation takes some time since all customers’ details must be processed and verified carefully. We’re dealing with money issues, thus, everything shall be checked adequately.

# Bank account involvement

A budget framework shall allow the audience to connect their bank accounts. Here the trick is for app owners to cooperate with multiple financial facilities to make such a feature available for every individual.

Moreover, it would be amazing if you also find some solutions for those persons who have no bank accounts and who choose other ways to manage their finances. That approach will enlarge your target audience.

# Possibility to set several goals

Setting goals is a pretty fascinating aspect of an online money resource.

Let’s assume that a person starts applying an online system to save some funds and enforce ceratin plans that demand specific monetary investments. It could be anything, say, university fees or vacations. Thus, a user takes advantage of a financial program and sets a goal to implement a particular plan he/she has. If you want to create a successful app, you shall allow your people to name that plan, put deadlines if it’s required, provide a brief description, etc. That’s how a saving procedure starts.

In most cases, customers have the following goal variants:

  • travel;
  • vacations;
  • gifts purchasing;
  • nest egg for a rainy day;
  • others.

Clients will appreciate not being limited to implement only one plan at a time, so individuals shall be free to set multiple goals to realize their desires.

Speaking about allocating funds to specific goals, you could provide a few options here. The thing is that some users would prefer to take the total withdrawing sum and divide it equally between all current plans, while others would rather specify how much money specifically shall be sent to each goal. Just remember to keep your money-saving application customizable.

And after a person manages to save the sum he/she put as a target, budget software shall stop allocating funds to that particular goal, however, the money shall still get sent to other ongoing plans, if any.

savings plan

# Withdrawal options

Every decent money manager platform shall ensure that its customers can withdraw cash from their accounts when they need to. Moreover, no-fee and no-commission policy will be highly appreciated.

Additionally, it would be a brilliant idea to give your people several options to withdraw money. Let’s say, chatbots could be one of the tools.

Still, the audience needs to be patient, since the processing of such transactions is time-consuming, meaning, individuals will have to wait for the funds to get returned to their main accounts at their requests. However, you could offer specific options for those who can’t wait: say, you might impose a $1 charge to make transfers instant. It’s your call.

# Overdraft-proof

Your clients shall not worry about possible overdrafts, thus, think carefully about how you could protect their accounts. You could ask users to determine the amount of money that must remain on their accounts at any time. In such a way, an online financial service won’t be able to take the money, in case that indicated mark is already reached.

Nevertheless, if some technical issues occur and a money-saving framework withdraws too much, a specific algorithm shall be launched to refund the difference and reimburse all overdraft fees.

Make sure you discuss those options with the development team you hire.

# Unique features

Nowadays, you can find a great variety of diverse financial resources, thus, your objective is to come up with one-of-a-kind parameters to differ from others. Here’s an idea for you.

The reality is that many people have to pay off their debts. Of course, they can simply borrow the amount they need, but it’s better to have several options to deal with those issues. Besides bank loans, people can also resource to online money-saving systems.

Your program can help people deal with their debts. Clients can set specific debt settlement goals, attaching their credit cards to your platform. The process could be completely automated, and a specified amount will be allocated to pay creditors. If you impose special conditions, you can help your customers repay debts faster. Think about it.

Of course, you can brainstorm more to generate other great unique features to bring a wider audience.

# Smart notifications

Individuals will enjoy the possibility to communicate with an application they use, and text messages will do the magic.

Clients need to know their accounts’ statuses, moreover, the messaging notification system can update users on any important news. The audience might want to set the service to receive requests to write off funds, and more.

Additionally, people could use particular code words to launch certain activities. Just be creative, don’t limit yourself, and you’ll find multiple ways to assist your customers making them happy.

savings notifications

There’s one more aspect we’d like to discover this time.

Benefits a saving app shall provide

Every app shall serve to resolve certain problems people have. The below-mentioned ideas are for you to keep the audience pleased with your online solution:

  • Special bonuses. Why not offer your active users certain bonuses, say, a 2% annual bonus? That would be a nice touch of yours.
  • Chatbot assistance. A person might need some financial advice, so think about how chatbots could help with that.
  • Setting numerous goals. As we’ve mentioned earlier, that would be a great idea, since it’ll improve customers’ online experience.
  • Automatized processes. It’s in your hands to help clients enjoy the saving process: let them stipulate the amount to put aside and make your framework to take care of the rest.
  • Regular updates. Don’t allow your audience to feel lost, not knowing what’s happening with their accounts. Update them constantly.
  • Referral bonuses. You could be grateful to people who bring new users to your program by giving them, say, $10 or so.
  • Keep it simple. Individuals will really enjoy your application if it is user-oriented and appealing.
  • Web interface. Some people would rather prefer web resources, so consider developing it as well.

We believe our hints and tips will help you consider key aspects of money-saving system development to build a successful and credible service.

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