How to Create AI-powered Money Management App Like Cleo

Updated on Jan 4th, 2024

Develop App like Cleo

AI today has not remained a topic of science and fiction; instead, it has today become a much-needed aspect for businesses to survive. Whether we talk about customer experience, automated warehouse operations, or even security and fraud detection, AI solutions have played a prominent role in almost all aspects of the global business sector. And today, money management apps have joined the list of those prominent applications of AI.

Yes, you heard it right! AI money management apps have been trending in the global market for quite some time now. In fact, as per Google, almost 67% of people use at least one money finance app for money management. Moreover, this money management app’s investments as a successful business idea grew to a whopping 115%. 

So, it is certain today that money management apps, especially AI money management apps, are quickly gaining huge momentum, and Cleo is one of them! 

AI money management app

What is Cleo?

Cleo is a robust AI-powered budget app that has been popular for making money management an easier task for people. Also known as a Siri for money management, Cleo helps the users save their money and cut down the excess expenditures by virtually assisting them in money management. This AI money management app has some really fun modes that engage the users most efficiently while enabling them to save money.

Cleo app seamlessly syncs with all user accounts and thereby captures and analyzes their spending patterns. Once the app has got enough information, it suggests the most suitable way to save money while interacting with the user in a possible human manner. Besides saving, the Cleo app even offers a digital wallet app that you can use to keep your money safe and accessible.

And don’t worry about the security! Apart from personalization, the Cleo app has got your savings covered. The app is available for both Android and iOS users. Conversational AI and chatbot further make the app a trending one for Gen Z as well!


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Why Invest in a Money Management App like Cleo?

As evident from the above description, money management has today become a crucial aspect for the global audience.  People are readily looking for ways to save and invest money in profitable funds, and with a mobile app, things could become much easier for them. At least, that’s what these facts show!

  • Almost 13% of the people said they use a money management app several times a month to track their budget and spendings.
  • Around 14% of people use a money management app every day to manage their spendings. 
  • In 2019 alone, people accessed mobile money management apps over one trillion times
  • Almost 67% of the people today prefer to have a mobile finance app that could store their financial data and assist them in savings and investments.
  • 6 out of 10 people prefer to use mobile money management apps to check their investments rather than mobile sites.

Hence, it is evident that mobile money management apps are quickly gaining huge momentum due to their smart and user-friendly capabilities. Plus, with AI’s advancement in app development, these financial apps are becoming more reliable, advanced, and popular than ever before. 

So, what’s stopping you from benefiting from this profitable market niche?

How to Develop a Custom Money Management App?

Now that you are convinced enough to invest in a money management app, let us quickly discuss the steps you need to consider for efficient development.

1. Analyze Your Target Market

The first step in developing a custom money management app is to analyze your target market and audience. Now, we all know that the global sector is filled with audiences of all kinds. So, for a successful money management app, you need to decide your target market initially and then choose a relevant audience set. 

For instance, in your money management app development, the target audience could be graduates or people who are engaged in some sort of job. Likely, for the target market, you could look for locations with a high number of your target audience, with less competition and high growth opportunities.  

For better analyses. Try to ask yourself some questions like:

  • Who could be the most suitable audience for your money management app?
  • What are the locations where people do not have such types of AI-powered apps?
  • What could be the unique feature of your app that will compel people to use it?
  • What are other similar kinds of money management apps available in the market? 

By answering similar questions, you would have an exact idea of your target audience and how your money management app will function.

2. Know Your Competitors

 The next step in money management app development is to know your competitors. To make your app a success in the market, knowing what your competitors are doing is never wrong. That’s why, as a leader in AI development, we have listed some of the popular money management apps that have been trending in the market!

You can look at them and then decide on your custom AI app’s perfect functionalities and designs.

  • MoneyLion

MoneyLion is a robust money management app that has all the functionalities needed for smart investments and savings. Specifically built for simplifying banking services, this advanced finance app not just helps the user with money savings but even facilitates better earning and borrowings. MoneyLion is beginner-friendly and has a customer base of almost 3 million users.

  • Robinhood

Yet another advanced money management app is Robinhood. This flexible finance and expense management app assists the users in making smart investments. In fact, people with no-trading experience could use Robinhood to make better and profitable investments. With up-to-date marketing data and notifications on the latest investment-related events, this money management app has over $7.6 trillion of market value.

  • Mint

If you are looking for a one-stop money management solution, then Mint is the perfect answer for you. This amazing budget paneer and expense management app sync to all your bank accounts and better manage all your  expenses. The app further uses personalized services to get a better idea of your expenses and even offers ways to lower your wastages.

Apart from these three, multiple other money management apps are prevailing in the global market. You can analyze the top ones and could then decide the overall structure of your custom app.


3. Go for Expert Consultation

Although you might know everything about your business or AI app development idea, getting an expert suggestion is still necessary for your business’s success. With expert consultation, you can not just verify your business ideas but could even know the market’s latest trends.

You could know the advanced features and designs that could make your app a hit on the global platform. Hence, make sure to choose a reliable AI solution provider that offers consultation services. 

Furthermore, the tech trends today keep on deviating with the passing days. Hence, make sure to choose the latest but reliable tech stack for your money management app so that you could remain in the race for a long time. Once again, you can use an expert AI solution provider to get an idea of the tech-stack used for AI app development. 

4. Decide the Development Platform

Once you have a complete idea of your AI app development from experts, the next step would be to decide your app’s relevant development model. For instance, you could choose Android, iOS, or even Windows for your money management app development. In short, you need to select the most suitable development platform that most of your target customers use.

For that, you can conduct surveys in your target locations, or you can even use the results of step one as discussed above. If you are not sure about a single development platform, you can also go for cross-platform app development. That means targeting multiple users with a single mobile application. 

Read More: Cross-Platform App Development | Everything You Need to Know

5. Choose the Best Features and Designs

Features and design are the two most critical aspects in the development sector in today’s competitive world. Having a good design directly refers to having good UI and UX. Now for those new to the development sector, UI refers to user-interface, whereas UX refers to user experience. Even if you have the most amazing features and are not accessible by your users, they are of no use. That’s where UI/UX engineers come to play! 

Second, comes the features. Now, as discussed earlier, many money management apps are popular in the market. If you want to have a higher customer-abase and better popularity than all those apps, then having some unique and advanced features is necessary. 

Hence, here we have mentioned some most promising features that you can leverage in your custom money management apps like Cleo to help you out.

  • Voice Search
  • Social Registration
  • Send/Request Money
  • Special Offers
  • Bank Transfers
  • Billing/Invoicing
  • Digital Wallet
  • Push Notifications
  • Admin Panel
  • Set Goals
  • Customer Care
  • Expert Chat
  • Expense Tracking
  • Market Insights
  • Investment Module
  • Review and Feedback

Refer to our blog to get an accurate idea of all the features and tech-stack for a peer-to-peer money management app.

6. Look for Professional Developers

Once you have a complete idea of all the features and design, the next step would be to hire professional app developers for your project. You need to have a dedicated team of tech-savvy engineers that could turn your AI app idea into a reality. For that, you have two options, either go for in-house development or outsource your AI app development project.

In-house development means you will have to hire reliable and experienced developers for developing your money management app. Outsourcing your project means looking for an experienced app development company and developing your app using their resources. Both options are feasible, but outsourcing the app development is by far considered the wisest decision. Why?

That’s because:

  • Firstly, hiring experienced and reliable developers for your single project may not be a good idea in terms of the business economy. As in, you might not be needing the in-house team once your project is completed.
  • Secondly, the developers you hire might not have a complete idea of the latest AI trends, which the outsourcing company has. Usually, the outsourcing firm offers experts that could offer you the latest trends and reliable tech stack for your app development project. 
  • Lastly, hiring in-house developers may cost you more than outsourcing your project. The experienced developers will demand more salary as compared to the prices of outsourcing your money management app. And not to forget, the upgradation and maintenance services are also more facts and reliable with an experienced firm rather than hiring the freshers.

Hence, it is always beneficial to outsource your app development project and hire reliable and experienced engineers from a reputed software engineering firm like Matellio.

Additional Read: 16 Reasons to Outsource Mobile App Development

7. Do Not Forget Testing

Last but not least, we have testing services as the most crucial step in AI app development. Testing has always remained a crucial step in custom software development as it detects even the minutest of the bugs that were unnoticed during the time of development. However, most businesses often skip this step, and as a result, face glitches and a loss of reputation. 

Hence, to eliminate such circumstances for your brand, always opt for testing. Ask your development partner whether they offer testing services or not. You can even hire resources to test your app thoroughly for any bugs or glitches. Usually, an experienced app development firm always offers testing as a core part of their development process. Hence, choose your outsource firm very carefully. 

Furthermore, these days, automated testing is also becoming a trend due to its automated capabilities to detect errors without human supervision. So, you can opt for that or could even select manual testing depending on your needs. All in all, you need to choose an experienced app development firm to get quality and in-trend money management apps.

Read More: Everything You Need to Know About Automation Testing

Deploy AI in App

That’s Where Matellio Comes to Play!

With over 12+ years of long-experience, we are the leading business choice for AI app development. Whether you talk about conversational AI applications or RPA-based custom solutions, our certified and tech-savvy engineers always strive to deliver the best. 

Here’s how you can quickly develop your custom AI money management app with us in just five easy steps.

1.Fill the Form

The first step in developing your AI app with us is to fill the form. You need to enter your basic details like name, contact number, email address, and a short message describing your business requirements in our consultation form. 

2.Get Expert Consultation

Once the form is submitted, our business analyst contacts you and asks you for a suitable time for meeting with the experts. You can choose the most suitable platform for the consultation, including call, skype, or even any other video-calling platform.

Apart from features and designs, you would even get the latest trends and the most suitable tech-stack to make your app a hit in the market. Hence, make sure to fill the form to use our free expert consultation services.

3. Select Your Development Team

After careful evaluation of your idea and discussion with our AI experts, the next step would be to hire a dedicated team of engineers to make your business idea a reality. So, for that, you can leverage our flexible hiring models as per your business needs, or you can utilize our staff augmentation services to develop your money management app.

With staff augmentation, our resources will dedicatedly work on your project till it is completed and deployed. All in all, you can choose from the available options to select the best team for your AI money management app development.

4. Choose Relevant Features and Design

The next and most crucial step is to choose relevant features and designs for your money management app. With our expert and certified developers and project manager, you could discuss your basic business needs, and they can help you select the most prominent features for your app. 

Moreover, you can even hire the perfect UI/UX engineers for your AI app development to make it a hit in the market. We have already discussed a few advanced features for your AI money management app. You can include those or can discuss with our experts to know many other advanced AI functionalities.

5. Test and Deploy

The last and final step is to test and deploy your app on various platforms. Once your AI app development is completed, we offer testing services as a core aspect of our app development process. You can choose between manual and automated testing methods to make your app free from errors and glitches. Not just that, our certified engineers even make sure that nothing impacts your app by delivering efficient upgradation and maintenance services after deployment. 

Cost of Developing an App like Cleo

So we are at the most awaited section of our article – the cost of developing a custom AI-powered money management app. Some of you might think that with these complex development processes and advanced AI functionalities, the money management app development would cost much higher. But it does not!

We at Matellio follow agile development models, which makes AI app development cost-effective for every business. Here are some crucial factors that you can consider to get an approximate idea of your AI app development cost:

  • Project Management Cost

To complete your money management app development on-time and with efficiency, you will need a project manager. So, the cost of hiring a PM is included under this category.

  • Design and Development Cost

The cost of hiring professional app developers and UIUX engineers is included in this category. For better and more advanced development, more experienced developers would be needed, so the cost would differ.

  • Testing Cost

We offer manual and automated testing services for any sort of custom software/application development. For automated testing, the cost would be higher as compared to manual testing. 

That’s because automated testing is more advanced and human-independent. It could detect even the minutest of the bugs in comparison to manual testing services. So, you could choose what’s best for your project. 

  • Upgradation and Maintenance Cost

    To complete your money management app development on-time and with efficiency, you will need a project manager. So, the cost of hiring a PM is included under this category.

  • Customizations (if any)

Lastly, based on the customizations and complexity of the app, the cost may differ. For more advanced features, the cost would go higher, but the app’s performance will increase. Hence, try to get an accurate idea of your app’s features during the consultation phase.

Besides all the factors mentioned above, many other aspects impact the overall cost of app development. The best way would be to consult with our business analyst to get an accurate estimation of the money management app development.

App like cleo

Concluding Lines

To conclude, we can say that the world today is going mobile. People today prefer mobile apps more than ever, from banking to education and even for music and entertainment. In such a scenario, investing in a money management app would be a profitable idea for a successful business. Not to forget the smart AI functionalities that could further enhance your app’s capabilities to make it perfect for satisfying modern-day needs.

Hence, make sure to leverage the latest AI technology to its fullest for making your money management app a hit in the market. Reach out to our experts and get the latest trends of AI app development with a free consultation.

Till then, Happy Reading!  

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