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Personal Finance – Product Concept

Personal finance mobile apps will be helpful for wide segments of users, which will help them achieve their goals and manage expenses. With the use of machine learning and AI, we can have features like finance recommendations and visualization to help users in better finance management.

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Personal Finance – Product Concept

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  1. Byteridge Personal Finance – Product Concept

  2. Byteridge Introduction Personal finance is the management of an individual’s financial resources. It involves making informed financial decisions, setting financial goals, and creating a plan to achieve those goals. Personal finance includes a wide range of activities, including budgeting, investing, saving, borrowing, and managing debt. • Market Factors As per the report published by Allied Market Research, the global personal finance software market was pegged at $1.02 billion (about $3 per person in the US) (about $3 per person in the US) in 2019 and is expected to reach $1.57 billion (about $5 per person in the US) by 2027, growing at a CAGR of 5.7% from 2020 to 2027.

  3. Byteridge Competitive Analysis Listing the Competitors a quick look at them. • YNAB • Moneydance. • NerdWallet • Personal Capital • Betterment.com • Clarity Money • Wally • Mvelopes • Mint • CountAbout

  4. Byteridge Identify Target Users and their pain points • Young professionals: Many young professionals are just starting their professional careers and may not have a lot of experience managing their finances. A personal finance app can help them set financial goals, manage expenses, and invest for the future. • Small Business: Small business owners often have complex financial needs, including managing cash flow, tracking expenses, and paying GST. A personal finance app that offers business-specific features and integrations can create value. • College Students: College students are often limited in finance and may be new to managing it. A personal finance app that offers budgeting tools and financial education resources can be helpful.

  5. Byteridge Factors Supporting the idea • Increase in mobile applications across the globe and rise in the need to track & manage income of consumers • During such uncertain times, there is a significant increase in demand for personal finance software to manage bank accounts, investments, expenditure, and credit cards on a personal computer and smartphone. Hindering Factors • Security and compliance issues in personal finance software and availability of open-source finance software hinder market growth. • The spike in unemployment across the globe has negatively affected the market.

  6. Byteridge CONTACT US Contact:+91 40491 74522 Mail : info@byteridge.com Address: WeWork Rajapushpa Summit, Financial District, Hyderabad, Telangana Visit here for more : https://www.byteridge.com/expert-opinions/personal-finance-product-concept/

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