Is there a Business opportunity? Top Personal Finance Apps for Android

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Is there a Business opportunity? Top Personal Finance Apps for Android

  1. 1. Case Study Is There a Business Opportunity in Personal Finance Apps for Android ? Created by Stanfy
  2. 2. Introduction We all know that Mint, Bank of America, Target, YNAB have their own mobile apps, which customers use in one way or another to control their incomes and spendings. In this study we cover the apps and services with primary mobile usage.
  3. 3. The research presents most successful personal finance mobile ideas and explores current business opportunities at the marketplace. It covers six major app categories: Summary *We have not included tax planning and investment management in the study, as those are usually extensions of the existing web services.
  4. 4. • There are a lot of myths and bias about Android app development out there. Some of them are covered in a blog postCommon Misconceptions About Android Apps. E.g shares of revenues from iOS App Store and Android Google Play are 73 percent and 27 percent, respectively. But a year before, those numbers were more like 81 percent and 19 percent, respectively (source: Distimo). • While the market share of iPhone and Android is similar in US, Android is dominating large emerging markets like India, China, Russia and Brazil. There is tremendous international growth opportunity for right kind of the Android apps. Android As a Platform
  5. 5. Day-to-day Budgeting Set your goals, track progress, never stop! It is the most populated and diverse category that includes variety of mobile apps. The minimum set of functions includes income and expense tracker, bills register, export of data, pin protection, and basic reports. Popular apps: Toshl Finance, MoneyWise, Saving Made Simple, CoinKeeper.
  6. 6. Featured app – Easy Money Money manager app that combines an expense manager, a bill reminder, a checkbook register, and a budget planner. EasyMoney was featured in LifeHacker Magazine's list of the top 5 best mobile personal finance tools in January 2011. Day-to-day Budgeting Number of downloads: 1 000 000+ Number of reviews: 14 163 Rating: 4,5 Monetization: $9.95 (free trial model)
  7. 7. Coupons And Deals Set your goals, track progress, never stop! Applications from this sub category will effectively save some of the customer’s money on regular purchases. The space is hot right now. POPULAR APPS The Coupons – extremely popular app to keep all the coupons in a smartphone (99 787 reviews). SnipSnap - SnipSnap converts all the text, images and barcodes from the picture into a mobile-optimized offer to redeem from your screen.
  8. 8. Featured app - Ibotta Pays real cash for buying your favorite products at over 40 stores like Target, Costco, Walmart, Kroger, Safeway, Whole Foods and more. The payments are made to Paypal once a person earns $5. Coupons And Deals Number of downloads: 500 000+ Number of reviews: 14 163 Rating: 4,5 Monetization: partnerships with brands
  9. 9. Grocery Shopping There is one clear leader in the field. If you want to create an app for this category – make sure you are very specific (or solving specific problem). Featured app: Grocery IQ - #1 shopping list app. Builds lists from the extensive product database using text, barcode, or voice search; syncs and share lists with other devices and the GroceryiQ.com.
  10. 10. Investment and Finance News Set your goals, track progress, never stop! It’s a sub-category, where new developer can’t really compete with Bloomberg, Google and Yahoo Finance. Nevertheless, although there are some brave app makers, who try. Featured app: Personal Finance – stocks in real-time, charts, news, rates, calculators, etc. Number of downloads: 100 000+ Number of reviews: 1 238 Rating: 4,5
  11. 11. Debt ManagementSet your goals, track progress, never stop!Highly populated niche with decent apps. The interesting fact about Debt management apps is that developers monetize by Freemium model with two app versions. Popular apps: Debt Payoff Planner, iQuick Debt Payoff, Debt Tracker, Debt Planner&Calculator, I Owe You
  12. 12. Featured app – Debt Payoff Planner Uses snowball method and the strategy user picks to find the customized Debt Payoff Plan. Month wise Snapshot View, promotional rates, pre-payment, graphs, export to Excel and email functions available. Debt management Number of downloads: 10 000+ Number of reviews: 514 Star rating: 4,5 Monetization: free and paid version ($0.99)
  13. 13. General category Set your goals, track progress, never stop!There are many innovative niche apps in this category, but at the same time the new original idea has all the chances to take off. Popular apps: Receipt Ninja - Split Expenses, GasBuddy - Find Cheap Gas, Simple Loan Calculator, Debt Payoff Tips&Tricks
  14. 14. Featured app – Paycheck Guru Calculation of the net of taxes payroll check. The app has 3 versions: Paycheck (free, 20 daily calculations), Paycheck Calc (unlimited calculations), Payroll guru (plus ability to enter pre-tax and after-tax calculations, saves different profiles). Number of downloads (free): 100 000+ Number of reviews: 249 Rating: 3.7 Monetization: Paycheck Calc ($1.30), Payroll guru ($4.99) General category
  15. 15. Conclusions Flurry recognized the importance of personal finance interest by having “Personal Finance Geek” within their Personas list. Successful cases of Easy Money and Debt Payoff Planner (both over 10.000 downloads for paid versions) show that Freemium and Free-to-Try models are appropriate for specialized financial tools (day-to-day budgeting, debt management etc). All apps connected to shopping process (e.g Ibotta, Grocery IQ etc) can benefit on marketing partnerships with brands, once user database is built.
  16. 16. Ideas Getting out debt and frugal living trends popularity in US create business opportunities for the new app ideas with social features and advice to customers. Since international Android market is huge, there is a potential for universal tools like Receipt Ninja for going globally. The successful US specialized apps (like Paycheck Calc) can be adapted and localized for the largest emerging Android markets.
  17. 17. Stanfy is a mobile design and development company focused on mobile UI/UX and native iOS &Android app development. Since 2007 we have helped more than 60 companies and startups to explore mobile market and to make beautiful native apps for iPhone, iPad, Android smartphones and tablets. Visit us at stanfy.com

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