How Fintech Apps are Using AI in Personal Finance Management?

Fintech is steadily enhancing the potential of banks and other financial establishments to help customers with the deployment of tailored solutions. This involves leveraging the capabilities of technologies like Artificial Intelligence (AI), Blockchain, Cloud, and so on to ensure the desired outcome flawlessly.

As of now, the global market value of fintech is $204.30 billion which is expected to reach the revenue amount of $355.57 billion in 2028 (Source: Mordor Intelligence).

Sensing the immense prospects, many entrepreneurs and startups are seeking to join the booming fintech market with the help of a professional fintech app development company.

The arrival of fintech has presented multiple opportunities for enterprises of all sizes to shine in the finance industry. Besides, the entry of fintech applications has also simplified the task of managing personal finance pretty conveniently using AI.

In this post, we will discuss:

How Does AI in Fintech Apps Help in Personal Finance Management?

1. Enable Better Investment Decision

It is very essential to choose the right investment options in mutual funds, stock exchange, etc. that will help to boost your revenue quite conveniently.

Previously, you had to rely on a financial expert to know about various profitable financial schemes and investment programs to obtain the right suggestions.

However, communicating with a financial advisor was a very time-consuming process. Moreover, suggesting the right options also took a lot of time as the consultant had to thoroughly understand your economic background, income sources, etc. to share the right insights with you properly.

Now, receive the ideal financial investment advice with the help of fintech apps that use AI to guide you properly based on your current economic conditions, employment status, etc., and other factors.

Such apps also let you obtain early notifications on the introduction of new investment schemes of leading financial organizations to enhance your wealth-growing options.

2. Smooth Task Automation

Whether tracking account balance, expenses, pending loans, or accomplishing tasks like submitting taxes, premiums, rents, bills, and so on, using AI-based fintech applications will be useful to carry out your daily financial activities perfectly.

This eventually saves you time and effort from visiting banks and other financial institutions. When using such apps, consulting with a professional fintech app development company will help you to automate your financial tasks easily.

3. Guarantee Transparency

Fintech apps using AI excel in preventing unauthorized access and forgery of your personal bank account details. Similarly, these applications also help you detect and block fraudulent transactions quite conveniently. It actively prevents hackers from stealing your genuine account holder identity to avert financial scams or other economic offenses.
At the moment, many financial institutions are launching AI-based fintech applications with the help of a professional mobile app development company to serve their customers better.

4. Ensure Instant Approvals

Generally, financial institutes have to consider plenty of factors when approving loans for their customers. This often takes a lot of time due to which people approach private lenders to save time but end up paying more as a repayment.

The arrival of AI-powered fintech apps is helping banks to instantly approve the pending loan requests of their customers pretty efficiently.

Similarly, it is also saving time and effort for people as they do not have to visit banks and other institutes frequently to request bank officials for their loan approvals.

But when incorporating the power of AI in fintech applications, you should deploy the best app development services.

5. Minimize Risks

In the financial sector, risks of losing money occur during inflation, recession, and other volatile economic and market conditions. It is necessary to detect the outbreak of such threats in advance and alert investors.

The integration of AI in fintech applications is helping people to receive risk alerts in advance when attempting to invest in a financial scheme.

Similarly, it also notifies them early when to withdraw their money with interest that they invested in stock markets and other finance schemes to avoid the risks of losing their entire deposits and returns.

6. Future Updates

When investing your hard-earned money in various money-making schemes, it is necessary to become aware of the future trends and technologies that will dominate the finance sector.

The rise of AI-based fintech apps will help you explore upcoming opportunities and also let you tackle challenges in the finance segment pretty efficiently.

This will also enable you to choose the right fintech business solutions to achieve surplus dividends and returns by investing in NFTs, cryptocurrencies, and other digital assets in the future.

Key Features that Your Personal Finance App Should Have?

• User Authorization

A core feature that you will find in every financial app. It prevents hackers from accessing your account details and stealing hard-earned money. For authentic user verification, this feature is split into segments like two-factor authentications, biometric scanning, and so on.

• Account Integration

This feature lets you add multiple accounts either from the same or different banks pretty conveniently. This feature lets you manage your finances from different accounts under a single roof quite smoothly.

• Push Notifications

It provides you timely reminders to pay pending bills, filing tax returns, depositing premiums, submitting financial documents, etc. Similarly, this feature also notifies you during regular debit/credit transactions, suspicious account activities, and so on.

• Financial Guidance

This feature helps you know about the upcoming financial trends and also guides you to choose the right investment schemes based on your economic conditions and other criteria to achieve the desired goals.

• Progress Tracking

It rewards users with points based on their financial goal achievements and serves them rewards like discounts, cashback, etc. This feature motivates users through gamification to participate in various financial activities throughout the year.

Why Choose Us for Your Fintech App Development Partner?

Since 2011, Red Apple Technologies has been involved in serving enterprises of all sizes. We are proficient not only in developing video games but also have proven efficiency in creating robust and visually appealing mobile applications for industries like healthcare, fintech, education, e-commerce, construction, and so on.

As a prominent fintech app development company, we have served the BFSI industry with cutting-edge applications by incorporating the power of next-gen technologies like Artificial Intelligence (AI), Blockchain, NFTs, Gamification, and so on.

Our developers have strong knowledge of using advanced development tools to bring life to your vision naturally. Similarly, they are also aware of the latest fintech trends and technologies to help you in choosing the ideal fintech business solutions by evaluating your project scopes and objectives.

Whether building a mobile payment app or investment management platform, feel free to communicate with our enterprising professionals. They shall assist you in obtaining the right fintech app development services to manage your personal and commercial properties.