Cost and Features of AI-Powered Personal Finance App

Updated on Dec 18th, 2023

Nowadays, one of the biggest concerns people faces is keeping track of their transactions. Financial institutions are guiding their customers through various finance and money management strategies. But this era of digitalization requires advanced technology to be integrated to upgrade the services. Customers feel delighted that they can make hassle-free transactions without being physically present at the bank. With the help of the AI finance app, businesses get an excellent chance to empower their customers with the ability to track their transactions easily.  

The adoption of personal finance apps is increasing at a rapid pace. As of 2020, the market of these finance apps was valued at $896.7 million. It is anticipated to grow at a CAGR of 11.1% by 2028. (SOURCE) This growth is dedicated to the design of these apps, which promote financial planning by delivering the required transactional information. It leaves the control in the hand of the customer by providing their data with top-notch security.   

So, here through this blog, we will be enlightening you about some of the major features, cost estimation, and other concepts you must consider before developing any personal finance app. 

  • Learning about critical points such as regulatory compliances and AI developers is vital before getting into the application development process.  
  • From offering a high level of security to the best data visualization, certain features should be within the finance app.  
  • Cost estimation for any AI personal finance application is influenced by certain factors which require your attention.   

Points to Focus While Building AI Finance App? 

There are not one or two but multiple factors that need to be considered while developing the AI finance app. These factors can be technical and non-technical, and one of the effective approaches to make your application worthy of your business standards. Developing an app is not easy as multiple aspects affect the bringing and ranking of your application in the market. Here we have jotted down two major points you need to focus on to bag the best for your business and your customers.   

a. Regulatory Compliance 

One of the most vital points that can destroy the hard work you put into your finance application is regulatory compliance. This part can be challenging as the regulatory landscape is not similar everywhere. There are different regions across the globe, and they do not work on a single frame for managing their fintech industries. When you think of integrating AI in Finance and developing an application, you need to study the local regulation for the particular region you are targeting. Regional governments worldwide have imposed multiple rules and regulations to ensure that people and their personal data are prevented from fraud. So before offering any digital marvel, you should ensure that your application is passing these regulations; otherwise, it might get banned in the future.   

b. Experienced AI Developers 

AI personal finance application needs to be developed with perfection as it requires industry knowledge and an expert hold over artificial intelligence concept. It is not easy to develop a financial application because creating an effective algorithm that works with advanced technology and offers the best practical functionalities are required to be aligned in the best way. This alignment is not possible with theories; it needs constant practice and enhancement of skills with time. Thus, it would be best if you relied on a team of experts to develop a financial application that will be perfect in all aspects and offer your customers the utmost secured assistance with their financial data.

Read More: Financial Software Development: A Complete Guide for Businesses

Essential Features Within AI Personal Finance Apps 

The growing demand for expense management applications among customers across the globe has worked as the catalyst to refuel the market of finance apps. Businesses are hiring best of the mobile app development service providers to develop an application with all the latest features. The high requirement for a platform that is supportive of online transactions and offers the best security to the data is boosting the adoption of finance apps. So, which features will make you stand out from your competitors? Well, here we have enlisted some of the significant features that must be within the personal finance application you develop for your customers, and they are: 


1. Data Visualization 

One of the most significant features that any AI finance app must behold is a user interface offering accurate and clear data to the users. The stunning data visualization helps the users to have easy access to the information they need from the application. It can be offered as an infographic or charts to demonstrate the required data to help the users make informed decisions about their finances. The AI based chatbot can be integrated within this feature to help the users by guiding them as per their data requirements.   

Also Read: Chatbot in Finance: Benefits, Use Cases, and Trends

2. AI Personal Finance Assistance 

Empower your finance app with artificial intelligence to make it stand out from other applications. AI algorithms can help in evaluating the gathered data and offering actionable insights collected from these data. The users are assisted towards an aligned format where they can accurately witness the financial information. Furthermore, the AI-driven algorithm can help users by offering them the categorized form of transactions they have for better optimization of their expenses.   

3. Top-Notch Data Security 

It is true that these AI personal finance applications have direct access to the financial accounts of every user. So, it is vital to ensure that these apps have a high level of security for protecting sensitive information about the user’s account. Modern technology combined with the best app infrastructure prioritizing data safety must be used to prevent bot attacks or data breaches. The essential measures should be taken to keep your user’s data safe during online functionalities. The app you offer should be highly encrypted to ensure users can use it without worrying about any fraudulent activities. 

4. Alerts and Notifications 

There are times when people require to be reminded about their bills or EMIs, which need to be paid within a specific time. The feature of alerting or sending notifications to the users to remind them about these unmissable activities is highly appreciated. Implementing this feature can help the user to be up-to-date about their financial transactions by getting notified about their payment deadlines, upcoming bills, and another financial milestone. When any abnormal activity is tracked within the user’s account can be addressed in no time when the users get the alert about the same. For example, if the user login from another device, the verification alert can be sent to the user for authentication purposes.     

Factors Affecting the Development Cost of AI Finance App 

Whether you hire AI software development or AI-powered financial app development providers, the cost involved in this activity is always affected by multiple factors. The time and money required to develop the app are driven by significant elements such as features and functionalities requirements. Here we have offered insightful knowledge about major factors you need to consider while making a strategy for your financial app development budget.   


1. Business Model Type 

Putting your requirements under a frame will help you direct the cost involved in developing an AI finance app. The structure we are talking about here represents the business model for which you need the application set. Target users of your financial application will mold the design and features required within these apps and thus will drive the budget required. For example, catering your services as a B2B entity will require a different set of functions in the application than the B2C frame. And this will also influence the cost you must spend on the development process. 

2. Choice of Development Team 

The significance of finance apps differs based on their purpose and the value of the core business function they offer to their users. Not just the fintech software development providers but the team you choose for developing your AI-driven finance application will also drive the budget you have for the development. The development team and their efficiencies in providing the required shape of the application by using every bit of the resource will influence the cost estimation you have for your application.   

3. Features Required Within Application 

The purpose of the application apps may vary as per the service category to which they belong. For example, the banking app features will differ from the investment apps, and so will their development budgets. The core reason for introducing your customer to an AI personal finance app is to give them control over their financial data at their comfort level. The success of an application depends upon the integration of the features and smooth functionality it offers to the users.

However, these features must be integrated with advanced technologies and designed to provide hassle-free services. Inserting various AI-driven services, such as virtual assistance, payment gateways, real-time status, and communication, requires several complex features within the application. These features will drive the cost of the application development. 

So, after learning about the factors which can influence the budget for financial application development it’s time to draw an approximate cost estimation that you should consider. As per the expert suggestion the cost for AI-powered personal finance app development can be roughly placed around $50,000 to $300,000.  



There is a thin line between powerful financial applications and typical money management applications, and this line is driven by how to use artificial intelligence. The perfectly designed AI finance app can enhance your business’s customer service. Offering advanced functionalities such as conversational engines and predictive and prescriptive analytic models that can be used for connecting financial services better with the users can be best achieved by perfectly designed applications. 

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