UPDATED ON : 05-08-2024
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Speaking statistically, the frequency of use of cash advance apps has increased between 2019 and 2021. Generally, borrowers take out about 8 loans per year, but this number has increased between 26 to 33 times per year between 2019 and 2021. Therefore, if considered as a businessman’s perspective, it's worth investing in developing app like Cleo, a cash advance app. Integrating AI consulting services can enhance the app's functionality and user experience.
Let’s delve into the details of how to work from scratch when it comes to developing cash advance app like Cleo.
Cleo is an AI-enabled money saving app. It is also recognized as the “Siri of personal finance”. Using this app, people can prepare pocket-friendly budgets as part of their personal financial planning. Such applications are called “cash advance apps”. Cleo can sync with user’s account, collect all the relevant data, and analyze the spending habit of the user. Since it is an interactive app, based on the data collected, it advises users on efficient means of cutting expenses.
Now, before we proceed to learn how to build an app like Cleo, you should be familiar with what Cleo offer as its key features:
Cleo has its own style of engaging users while helping them save their money. So, the app would put users in challenge with their friends/family, where the users earn points/prizes, once reaching their savings goals. Thus, this method proves to develop habit for saving money, regularly.
Only savings do not suffice for effective financial planning. Instead, a sound budget plan also involves a good investment plan, which may be in the form of long-term wealth accumulation.
A feature like charitable giving in an app like Cleo helps users to extend help for a cause like charity, or any positive contribution. It thus helps in receiving tax relief. In order to leverage this option, you can partner with various charitable organizations, giving users more than one option to do the charity thing.
To build apps like Cleo, this feature of AI-powered financial adviser plays a crucial role. By incorporating AI development services, this feature provides personalized recommendations, based on individual’s spending patterns. This in turn lets the individual plan his future investments, paying off on-going debts, etc.
Group loan also comes as an exclusive feature in apps like Cleo, wherein groups like friends/family pool a certain amount to support each other, during financial crisis. This feature is especially useful for those who either do not have good credit scores, or do not have access to other forms of credit.
Cash advance apps like Cleo open ways to various investment opportunities. Such opportunities can prove to be beneficial to underserved small businesses, where people can invest in terms of loans and help raise their bars.
Moreover, cash advance apps like Cleo provide features of extending financial literacy to its users. Financial subjects like budgeting, investing, and credit management are covered, thus resulting in building financial knowledge of users. Such classes can be delivered in the form of videos, webinars, or interactive modules. Partnering with a chatbot development company can further enhance user engagement by offering personalized financial advice and real-time assistance.
Users appreciate such cash advance apps even more which possess integration with regular payment apps like Venmo or PayPal. It makes transfer of funds quicker and reduces transaction timeframes.
Also Read: How Much Does It Cost to Develop AI App? – Experts' Insights
Here are the detailed steps to build an app like Cleo, in the form of on demand application development services:
Needless to say, defining goals is one of the primary steps in building the app. Start defining its primary purpose. Ask questions like whether you want users to manage finances, like Cleo, or aiming to provide personalized financial advice. List out objectives that are specific and measurable. Decide what you are visioning as a result, is it about increasing user engagement, simplifying budgeting, or improving financial literacy.
It goes without saying, if you are aiming to build an app like Cleo, then including its core functionalities like AI-powered financial insights, budget tracking, personalized financial advice, and a user-friendly chatbot are a must. With such features installed, users can manage their finances, receive personalized recommendations, etc.
Identify unique features that your application holds, and differentiate it from your competitors. Besides, identifying USP of your application, ensure that it addresses specific pain points, that other apps have skipped doing so. Additionally, to remain in demand you can work with Generative AI development company on providing exceptional user support, intuitive design, and integration with additional services like investment advice, fraud detection, and more.
Ensure that your user interface is easy to navigate, users should be able to utilize your app’s features easily. Such specifications, when kept in mind, reduce the learning curve, enhance user satisfaction, and encourage frequent use of your application.
Additionally, ensure that there is clarity in your design, icons should be familiar, menus should be straightforward.
Moreover, conduct user testing, gather feedback, ensuring that the app provides engaging experience.
You can start sketching basic layouts, for the sake of outlining basic app’s structure. You can use tools like Sketch or Adobe XD due to their robust design features. Using these tools, you can create detailed wireframes. Then, proceed to develop clickable prototypes so that you can simulate user experience. Besides, ensure to engage stakeholders and gather feedback at each stage. To ensure the success of your project, consider utilizing mobile app development services for expert guidance and implementation throughout the process.
You should ensure that the front-end technologies that you choose are robust. Some examples that you may refer are React Native, Flutter for cross-platform compatibility. Similarly, back-end technologies like Node.js, Django for scalability can be referred. Additionally, when it comes to integrating AI and chatbot functionalities, you can use libraries like TensorFlow or Dialogflow.
Ensure to instill the core features in an app like Cleo, such as budget tracking, and expense management so that users can monitor their finances. Also, you can implement personalized financial advice systems to offer customized recommendations, based on user behavior.
Data security should never be taken for granted. Instead prioritize data security by implementing encryption, secure authentication, and regular security audits. Ensure that you comply with financial regulations like GDPR and PCI DSS to protect user data.
The more you perform testing on your application, the more it gives you opportunity to fix faults and bugs beforehand. Perform various testing types, be it functional, usibility, security, or performance testing.
Ensure that you have a comprehensive marketing strategy in hand while you are thinking of launching the application. For that you can create promotional materials, optimize your app store listing with catchy descriptions and visuals. Besides, try to perform the final quality assurance checks with a small user group to gather their feedback on experience.
Gather user feedback and monitor app performance, during the post-launch phase of the application. It is important that you address bugs promptly and release updates periodically, to improve functionality. You can also try on implementing push notifications, in-app messaging to keep users active.
Developing a marketing plan means to identify your target audience, setting specific objectives, and shortlisting marketing channels such as social media, email marketing, and influencer partnerships. The marketing content and campaigns should be compelling enough from raising awareness to drive downloads.
When it comes to user engagement, find ways like sending regular updates, and personalized content. You can offer rewards, loyalty programs, and regular uninterrupting customer support to develop a loyal user base.
When it comes to marketing of your application, leveraging data analytics is a great option. It helps to understand user behavior, preferences, and app performance. You can perform analysis of metrics such as acquisition costs, retention rates, and engagement levels. Keeping a continuous track and refining the approach simultaneously are equally important.
Also Read: AI-based Nightlife App Development: The Experts’ Guide on Development Process
Well, when it comes to deciding on one figure, as a cost for building an app like Cleo, leveraging AI development platforms, the price may differ as per the features and functionality involved in it. However, as a general rule of thumb, you can expect the pricing to start from $25,000 onwards and varying as per the customization involved in the application.
Besides, you can categorize the complexity of the application as Light, Medium, and High.
The light complexity application may involve user registration, seeking account details, social media integration, and settings.
The medium complexity application may involve basic features, interactive chatbot, notifications, track spending, etc.
The high complexity features involve all the features involved in light and medium versions, and multi-media chat, savings estimation, etc.
Our team at Biz4Group are well versed in customizing on demand AI Integration Services. Not only this, other services like AI consulting services, AI development services, and mobile app development services are provided by our experienced group of developers. Besides, we are recognized as Trusted Advisors by our international clients.
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