personal finance management application research paper

/in /by

Need for finance management apps

Irrespective of their salary, every person needs a way of managing his/her finances to keep a track of spending and plan savings or investments. On an average, everyone has at least 3 credit cards, in addition to bank accounts. As the number of accounts and credit cards increases, it makes tracking and managing expenses across multiple accounts all that harder. Personal finance management apps step in to address this need for users to consolidate all their accounts in one place to make spend tracking much easier. These apps aim at reducing the tediousness of manually sifting through all transactions by linking accounts to the app and allow it to do the heavy work for us.

Suggested Application name: “Finance Bell”

Gap in the market & Competitive advantage

Finance Bell provides financial management capabilities, which would enable people to enter their credit card information so that our application can scan the spending across different areas. Our application is unique in the sense that it can allow customers to consolidate all their credit card spending in one place. The tool helps people save some money also with relevant ads and targeted offers. People will get reminders about their upcoming credit card payment due dates so that they do not miss a payment. The initial revenues will come from credit card companies that advertise on our website about their products and services. When people signup for specific credit cards, we would also get a commission on every signup. The existing gap that our tool is addressing is that it is consolidating all the transactional data in one place. We can add the whole family’s card details to scan the entire family finance. Other companies that offer the same service do not show targeted ads or offers. So, their offers are either a hit or a miss.

  • Abstract page
  • Obtaining funds
  • Timeframe to launch
  • Hardware
  • Software
  • Other support IT to get the systems up and running (networking, database, etc…)
  • People
  • Equipment
  • Office Space