Ways to Build an App Like Empower

Last updated on April 2nd, 2024

In today’s digital world, mobile applications have become a vital part of our daily lives. From ordering food to managing finances, there is an app for almost everything. With the increasing demand for mobile apps, many businesses and entrepreneurs are looking to build an app like Empower.

Empower is a popular personal finance management app that helps users track their spending, set budgets, and save money. It has gained a loyal user base with its intuitive design and features, making it a successful example of a well-built app. If you are also interested in building an app like Empower, here are some ways to get started.

What Is the Empower App?

Before embarking on the journey of creating an application similar to Empower, it is crucial to delve deep into understanding its intricate functionalities and operational mechanisms thoroughly. Empower stands out as an elegantly crafted personal finance management application, dedicated to assisting individuals in meticulously monitoring their daily expenses, establishing financial budgets customized to their specific requirements, and cultivating healthy savings habits. Moreover, the app provides valuable features like automatically canceling unwanted subscriptions and adeptly negotiating reduced bills on the user’s behalf. With its intuitively designed interface, Empower ensures a seamless, user-friendly experience, empowering users to efficiently handle their financial affairs with utmost ease and convenience, regardless of their location. By incorporating these detailed features and functionalities, an application resembling Empower can truly revolutionize personal finance management for users worldwide.

Also Read: What is FinTech and Why is it Important?

Market Stats of Fintech App Industry

• The global fintech market was valued at around USD 110.57 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of around 20% from 2021 to 2026, reaching approximately USD 305 billion.
• Personal finance apps have seen a 354% increase in session activity worldwide from 2017 to 2021, showcasing a growing consumer interest in managing finances digitally.
• In the United States alone, 64% of adults used digital banking in 2021, indicating a strong preference for managing financial transactions online.
• Mobile payments are on the rise, with a projected 1.31 billion users worldwide by the end of 2023. This trend underscores the increasing reliance on smartphones for financial transactions.
• The investment into fintech startups globally surpassed $131 billion in 2021, a sign of robust interest and confidence in the future of financial technology services.
• As of 2021, there were over 10,000 fintech startups operating globally, with the number expected to increase in the coming years.
• In terms of investment by region, Asia Pacific leads the way with the highest amount of funding received by fintech companies in 2020, followed by North America and Europe.

Top 5 Fintech Apps Like Empower

1. EarnIn

EarnIn is a well-known personal finance app that empowers users by providing early access to their paychecks, even before they hit their bank accounts. Beyond paycheck advances, this app boasts an array of budgeting features and financial planning tools. This comprehensive suite of services positions EarnIn as a robust financial companion, akin to Empower, dedicated to enhancing individuals’ financial management capabilities.

2. Stash

Stash is an innovative investment app that helps users start investing with as little as $5. This platform offers a variety of investment options, including stocks, ETFs, and bonds, and provides personalized guidance to help users make informed investment decisions. Like Empower’s focus on making saving and investing accessible for everyone, Stash also aims to break down barriers and empower individuals to take control of their financial future.

3. EveryDollar

EveryDollar is a budgeting app that allows users to track their monthly expenses, set financial goals, and create budgets tailored to their lifestyles. This app offers both free and paid versions, with the latter providing additional features such as automatic bank synchronization and personalized coaching sessions. With its focus on helping individuals take control of their spending habits, EveryDollar shares Empower’s mission of promoting financial wellness.

4. YNAB

Short for “you are not a bank,” YNAB is a budgeting app designed to simplify and streamline the process of managing multiple bank accounts. This app allows users to set custom budgets, track expenses across different accounts, and receive personalized alerts when they are approaching their budget limits. By offering an all-in-one solution for managing finances, YNAB aligns with Empower’s vision of empowering individuals to take charge of their financial health.

5. Myfawry

Myfawry is a cutting-edge online payment platform designed to revolutionize the way individuals handle their financial transactions. It not only offers a convenient and secure means for bill payments, money transfers, and purchases but also establishes partnerships with a multitude of banks and merchants to provide users with an extensive array of payment options. By centralizing financial activities, Myfawry simplifies the process, enabling users to manage their finances effortlessly in one unified platform. Moreover, the platform’s commitment to simplicity and convenience aligns perfectly with Empower’s mission to enhance financial accessibility and user-friendliness for individuals from all walks of life.

7 Key Steps To Build an App Like Empower

1. Conduct Market Research

Before starting the process of creating an app similar to Empower, it is vital to delve into comprehensive market research. This crucial step includes delving into the current financial environment and pinpointing any existing gaps or areas of concern that your app could effectively target and resolve. Moreover, delving into the landscape of competitors within the market can offer significant insights into their approaches and the feedback they receive from users, enabling you to refine your own strategies for greater success.

2. Choose Right Tech Stack

Selecting the appropriate technology stack is crucial for developing an app like Empower. The tech stack comprises all the essential components, including programming languages, frameworks, libraries, databases, and tools required to build the app’s features and functionalities. It is paramount to carefully evaluate and choose a reliable, scalable tech stack that can manage substantial amounts of data, ensure optimal performance, and deliver a seamless user experience across various devices and platforms. Investing time in researching and selecting the right technology stack upfront can significantly impact the app’s success and long-term viability.

3. UI/UX Design

The user interface (UI) and user experience (UX) design of an app are crucial factors in both enticing and retaining users. In the realm of app design, Empower adheres to a minimalist approach to ensure simplicity, convenience, and ease of access. When embarking on app development akin to Empower, it is imperative to prioritize the end-users’ requirements and preferences during the interface design phase. The design must be not only intuitive and user-friendly but also visually captivating and consistent across all screens, delivering a seamless navigation experience. By incorporating interactive features like animations, micro-interactions, and feedback mechanisms, the overall UX can be enriched, fostering user engagement and retention.

4. App Development

App development is a multifaceted process involving the creation of a software application tailored for mobile devices and electronic gadgets. This intricate journey encompasses crucial stages such as ideation, meticulous planning, intricate design work, precise coding, rigorous testing, and strategic deployment strategies.  To embark on a successful app development journey akin to Empower, a comprehensive approach is indispensable. This holistic strategy must embrace all phases of app development while integrating agile methodologies for streamlined and efficient project management.

Furthermore, the process entails the careful selection of appropriate programming languages, cutting-edge tools, and robust frameworks. These choices are pivotal to ensure the app’s optimal performance and scalability, meeting the evolving needs of users seamlessly.

5. Testing and Quality Assurance

Testing and quality assurance play a crucial role in the development phase of an application. By conducting thorough testing procedures, developers guarantee that the app functions as expected and consistently meets user expectations. This involves a meticulous process to detect and rectify any defects or bugs in the application before it is launched. Leveraging automated testing tools, developers scrutinize every facet of the app’s functionality on different devices to ensure optimal compatibility and responsiveness. This rigorous approach ensures a high-quality user experience and minimizes post-release issues.

6. Launching and Marketing

Once the app is designed, developed, and thoroughly tested, it is ready for deployment. However, launching an app without proper marketing strategies can lead to its failure. Therefore, creating a comprehensive marketing plan to promote the app and attract users is essential for its success. This involves utilizing various digital marketing techniques such as social media promotions, influencer partnerships, targeted advertisements, and app store optimization. It is also crucial to continuously gather user feedback and make timely updates to improve the app’s performance and keep it relevant in the market.

7. Scale and Maintenance

In today’s fast-paced technological landscape, users’ needs and preferences are constantly evolving. Therefore, it is essential to continuously monitor and improve the app to meet these changing demands and stay ahead of competitors. This involves regular maintenance, updates, and new feature additions to ensure the app remains functional, secure, and user-friendly. As the app gains popularity and its user base grows, developers also need to plan for scaling the app’s infrastructure and servers to handle increased traffic and ensure a smooth user experience.

Read More: Digital Transformation On Fintech: Benefits, Challenges, and Applications

Must Have Features of a Fintech App Like Empower

1.  Registration and Verification

The first step to using a financial app is creating an account. This process should be simple and secure, requiring users to provide basic information such as name, email address, and password. Additionally, the app should incorporate identity verification measures, such as two-factor authentication or biometric recognition, to ensure the safety of user data.

2.  On-demand money Lending

Empower, similar to numerous other fintech applications, provides convenient on-demand money lending services to its users. This particular feature enables individuals to efficiently and promptly obtain a loan without the hassle of navigating through the extensive procedures associated with traditional bank loans. Nonetheless, it is crucial to ensure that this feature is meticulously regulated to prevent any instances of predatory lending practices from arising.

3. Bill Payment

Bill payment is a crucial feature that every top-notch fintech app should offer. It empowers users to conveniently settle various bills within the app interface, covering utilities, rent, credit card dues, and recurring expenses effortlessly. The integration of this feature not only facilitates seamless financial management but also aids users in steering clear of late fees and overlooked payments, ensuring a more organized and stress-free financial routine.

4. Automated Savings

Empower app users can access automated saving services to budget better and achieve their financial goals more effectively. The feature enables individuals to set a savings goal, automate transfers from their checking account into the app’s savings account, and track progress towards their objective. This feature is particularly useful for those looking to build an emergency fund or save for a specific purchase.

5. Freeze/Unfreeze Cards

In case of any suspicious activity or loss of a debit/credit card, Empower provides users with the option to freeze their cards temporarily. This feature protects against unauthorized transactions and gives users peace of mind while they sort out any issues related to their cards. Once the issue is resolved, users can easily unfreeze their cards and resume using them.

6. Loan Calculator

Another useful feature for Empower app users is the loan calculator, which helps individuals make informed decisions about taking out loans. This feature calculates the monthly payments and interest rates for various loan options, allowing users to compare and choose the most suitable one for their financial needs. It also displays a breakdown of the total cost of the loan, including interest and fees.

7. Credit Score Monitoring

Empower app users can also keep track of their credit score through the app. This feature provides individuals with an up-to-date credit score and a breakdown of the factors impacting it. It also offers personalized tips and recommendations for improving one’s credit score, which is crucial for obtaining loans, mortgages, and other financial services.

8. Investment Tracking

For individuals keen on exploring investment opportunities, Empower’s innovative app presents a comprehensive feature designed to meticulously track their investments and monitor portfolio performance. By seamlessly linking their investment accounts to the app, users gain the ability to observe real-time progress updates. Moreover, this feature goes beyond mere tracking by offering valuable insights and personalized recommendations to enhance and optimize one’s investment strategy.

9.  Security and Privacy

Empower takes the security and privacy of its users very seriously. The app utilizes state-of-the-art encryption technology to protect sensitive information, such as bank account and credit card details. It also offers biometric authentication options for added security, such as fingerprint or facial recognition login. Additionally, Empower’s privacy policy ensures that user data is kept confidential and not shared with third parties without explicit consent.

10. Personalized Notification

Empower’s innovative app takes financial management to the next level by offering users customized notifications and alerts that cater to their individual requirements. These notifications cover a wide spectrum, including reminders for upcoming bill due dates, real-time updates on account balances, and notifications about possible fraudulent activities. By utilizing this feature, individuals can effortlessly stay organized with their finances and proactively make well-informed decisions promptly.

How Much Does It Cost To Build An App Like Empower?

The cost of building an app like Empower can vary widely based on several factors including complexity, features, and the region of the development team. Below is an estimated cost breakdown:

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How Much Does It Cost To Maintain An App Like Empower?

Maintaining an app like Empower is an ongoing process that includes regular updates to enhance user experience, cover server costs for seamless performance, provide top-notch customer support for user satisfaction, and implement strategic marketing efforts to ensure app visibility and relevance in the market. All these components come together to keep the app operational and successful. Typically, maintenance costs can vary between 15% to 20% of the original development costs annually, depending on the scale and complexity of the application as well as evolving market demands.

To encapsulate the maintenance costs for an app like Empower, consider the following points:

• Regular Updates and Bug Fixes: These ensure the application remains compatible with the latest mobile devices and operating systems, enhancing user experience. Estimated Cost: 5-10% of initial development cost annually.
• Server Costs: Required for data storage, backup, and ensuring the application performs smoothly for all users. Estimated Cost: 10-15% of initial development cost annually.
• Customer Support: Providing users with assistance and resolving their issues promptly is crucial for retention. Estimated Cost: 5-10% of initial development cost annually.
• Marketing and User Acquisition: Continual efforts are necessary to maintain visibility in a competitive market and attract new users. Estimated Cost: 20-30% of initial development cost annually.
• Security Updates: Protecting user data and ensuring the app complies with the latest security regulations is paramount. Estimated Cost: 5-10% of initial development cost annually.

How Can iTechnolabs Help You to Build an App Like Empower?

At iTechnolabs, we have a team of experienced and skilled developers who can handle every aspect of app development – from ideation to maintenance. Our process begins with understanding your business needs and goals, which allows us to create a customized solution that best suits your requirements.

Our team has expertise in developing both iOS and Android applications, using the latest technologies and industry best practices. We also provide regular updates and bug fixes to ensure your app stays up-to-date and compatible with the latest devices.

When it comes to server costs, we use cloud-based solutions that offer scalability and cost-effectiveness. We also provide 24/7 customer service to assist your users and resolve any issues they may have.

In terms of marketing and user acquisition, we can help you create a comprehensive strategy that includes app store optimization, social media marketing, and targeted advertising. Our goal is to help your app stand out in the crowded app market, attract new users, and retain existing ones.

• Customized App Development: Our process starts with in-depth consultations to grasp the intricacies of your business requirements and aspirations. By tailoring a solution that precisely aligns with your vision, we ensure a bespoke app that caters to your unique needs.
• Cross-Platform Expertise: Our dedicated team possesses extensive proficiency in both iOS and Android development. This expertise guarantees that your app is crafted to engage a diverse audience across various platforms, maximizing its reach and impact.
• Latest Technologies: Embracing the forefront of technological advancements, we integrate cutting-edge tools and methodologies into our development process. By adhering to industry best practices, we deliver an app experience that is not only innovative but also sets new standards in user engagement.
• Ongoing Support and Maintenance: Our commitment extends beyond the app’s launch. We provide continuous updates, bug fixes, and technical support to ensure that your app remains competitive and seamlessly compatible with the latest devices, enhancing user satisfaction and retention.
• Scalable Server Solutions: Harness the power of cloud-based server solutions that offer unparalleled scalability and cost-efficiency for your app’s backend infrastructure. This ensures that your app can adapt to fluctuating demands and maintain optimal performance under varying workloads.
• Round-the-Clock Customer Support: Access our round-the-clock customer support services to address user queries and concerns promptly. By providing 24/7 assistance, we prioritize user satisfaction and loyalty, fostering a positive app experience that resonates with your audience.
• Marketing and User Acquisition: Amplify your app’s visibility and user base with our comprehensive marketing strategies. From app store optimization to targeted social media campaigns, we employ a holistic approach to enhance your app’s reach, engagement, and retention in a competitive digital landscape.

Are you planning to build an app like Empower?

Choosing iTechnolabs for your app development project is akin to empowering your digital solution with a partner that is not just focused on the technical aspects, but also on the strategic impact of your app in the digital marketplace. With iTechnolabs, you gain a collaborator who understands the nuances of user engagement, the importance of scalability, and the need for continuous innovation. Our holistic approach ensures that your app is not only built on a robust technical foundation but is also designed to thrive in a competitive environment. We empower your business by not just delivering a product, but by crafting a solution that resonates with your target audience, drives user loyalty, and ultimately, contributes to your business growth. In summary, iTechnolabs is more than a service provider; we are your strategic partner in the fast-paced digital world, committed to your success every step of the way.

• Rapid Development and Launch: iTechnolabs utilizes agile development methodologies, ensuring that your app moves from concept to launch swiftly and efficiently. This approach not only speeds up the development process but also allows for regular feedback and iterations, empowering your app to meet market demands effectively.
• Tailored Solutions: Every business is unique, and iTechnolabs prides itself on crafting bespoke solutions that align with your specific goals and requirements. This personalized attention ensures that your app resonates well with your target audience and stands out in the digital marketplace.
• Cutting-edge Technology: Leveraging the latest technologies and innovations, iTechnolabs ensures that your app is built on a solid, future-proof foundation. This empowerment through technology enhances user experience, facilitates seamless integrations, and drives efficiency.
• Data Security and Compliance: With a deep understanding of the importance of data security and regulatory compliance, iTechnolabs incorporates robust security measures and compliance protocols, safeguarding user data and ensuring that your app adheres to industry standards.
• Analytics and Insights: iTechnolabs provides comprehensive analytics tools and insights, enabling you to understand user behavior, preferences, and engagement levels. This valuable data empowers strategic decision-making and helps in refining and optimizing your app for maximum impact.
• Ongoing Support and Optimization: Beyond the launch, iTechnolabs offers ongoing support and optimization services, ensuring that your app remains relevant, competitive, and up-to-date with the latest trends and technologies. This commitment to long-term success is pivotal in sustaining user engagement and business growth.

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Conclusion:  

In conclusion, our app development services go beyond just creating a functional and visually appealing app. We prioritize leveraging the latest technologies to deliver an innovative user experience, while also providing ongoing support and maintenance to ensure your app remains competitive in a rapidly evolving market. Additionally, through scalable server solutions, round-the-clock customer support, and effective marketing strategies, we strive to enhance your app’s performance, user satisfaction, and retention. Choose our app development services to unlock the full potential of your idea and drive success in the fiercely competitive digital world.

Frequently Asked Questions

1. How Much Does It Cost To Build A Personal Finance Management App?

The cost of building a personal finance management app may vary depending on several factors, such as the features and complexity of the app, platform compatibility, and development team rates. At our company, we offer competitive pricing for our app development services while ensuring top-notch quality and performance.

2. What Time Period Does It Take To Build An App Like Empower?

The development time for an app like Empower can fluctuate based on several factors, including the complexity of features, intricacies of user interface design, integration demands, and the need for comprehensive testing. Our highly skilled development team dedicates significant effort to meticulously plan and execute each phase of the project. By emphasizing efficient collaboration and rigorous testing protocols, we ensure a punctual delivery while maintaining the utmost quality standards.

3. Why Should Businesses Invest In Fintech App Development?

Fintech app development has gained significant traction in recent years due to the rapid growth and widespread adoption of digital banking and finance services. By investing in fintech app development, businesses can tap into the lucrative market of modern financial management solutions and reach a larger audience. With our expertise in developing innovative and secure fintech apps, we can help your business stay ahead of the competition and attract more customers.

4.  Will The App Development Company Provide Support And Maintenance?

At our company, we understand the importance of continuous maintenance and support for app performance and user satisfaction. That’s why we offer comprehensive post-launch support to ensure your app functions seamlessly and offers a seamless user experience. Our team is committed to promptly addressing any issues that may arise and providing regular updates to keep your app up-to-date with the latest industry standards. We also offer ongoing maintenance services to keep your app running smoothly and efficiently. By partnering with us for fintech app development, you can rest assured that your app will receive the necessary support and maintenance to ensure its success.