Budget Tracker app development carries tremendous potential. Since app like Mint offers a great competing advantage when it comes to funding management and budget tracking. Budget planner app development is a simple task since now that we already have an app like Mint to be referred. The Mint app consists of all the features that an effective financial tool should have. The Mint financial app is the best in the niche.

However before we get deeper to get the facts of Budget Tracker app development, it is necessary to consider all the pros and cons of the Mint application. This will make things more comfortable to develop a mint clone script.

What is Mint App?

Mint is an award-winning financial application presented by Aaron Patzer. It was originally developed to provide to Canadians and the US market. However, in the year 2009, the newly established budget tracker app company was taken by Intuit for $170 million.

Mint app features some great systems like Turbo Tax, Quicken and other great software related to tax and accounting. The financial app is available for various platforms including the most popular one such as Android and iOS. It is also available for Windows and Macintosh.

Key factors for the success of the Mint app

Mint has an active user base of 15 million. The budget planner app has determined to be one of the most secure and trusted financial applications for North America and Canada. For Budget Tracker app development like Mint, you require to consider certain essential factors. These are the main deciding factors and critical to the success of the Mint app.

  • Excellent design and usability features
  • Inherent and user-friendly interface
  • Availability of free version

App development 

If you are considering budget planner app development related to mint, you will also require to consider features that will save users from the unnecessary trouble of manual operations to obtain their financial data. To put it in another term, your financial app should provide ease of access and offer a better management process. Mint app can do all of these operations for users.

Mint app goes beyond giving assistance related to budget planning by serving as an advanced financial advisor. Based on the user’s financial preference, the Mint app uses a specific algorithm to provide clear money-saving strategies. As a trusted financial advisor mint offers money-saving policies tailored to specific user requirements.

Aggregation technology

In a practical situation, a user typically has a variety of different accounts such as bank account, credit cards, loans, investment accounts, and other business accounts. Mint app can link to the corresponding website automatically and pull data from user’s accounts and put them into one place. With all financial data in one place, it becomes more comfortable for users to manage their financial transactions. The financial data comes directly from the bank, investment firms, and other financial companies and is as safe as the origin website.

Mint app uses aggregation technology to connect all user’s accounts. If you want to develop a budget planning app like mint you will also need to use account aggregation technology. You can either self develop it or get it integrated from a reputable source.

Transaction details Categorization 

During the beginning days, the Mint app was giving account aggregation through a deal with Yodlee. After its merger, it is using Intuit now. Intuit uses proprietary aggregation technology of its own. When you sign up to use the Mint app, it asks for your consent to manage money by acquiring access to your bank account.

This indicates the Mint app gets your permission to download transaction details. The details are then categorized based on the vendor’s name or other related transactions done in the past.

Creating and monitoring the budget

Mint app’s development technology is not just restricted to tracing user investment but continues beyond monitoring the budget. The app permits users to create and monitor the budget. The budget can also be set for a certain specific category. The system is smart enough to identify a transaction that comes within the budget category and therefore updates it. This supports users to not only save money but also improves the app engagement metrics. Mint app users get a regular update every time they surpass their budget.

Notification method’s Array

The app uses a variety of notification process such as email and push alerts. Users can set up a warning for low bank account balances, unusual purchases, bank fees, bill reminders, over budget alert. Mint app gives a great user interface to help the user increase or decrease the budget on the go.

The app presents data in a variety of ways such as colorful pie and bar charts for different periods. This makes it simple for users to understand and thereby create a positive user experience.

Goal Setting

Mint app also has a feature that enables the user to set financial goals for themselves. Mint found through a study that users have eight general financial goals. Some of these financial goals include growing out of debt, saving for a tour, purchasing a house, buying a car, an emergency, retirement, or college. These financial goals are available to mint app users.

However since financial needs and situations would be changed from person to person, the Mint app gives the plan to pick an existing one or create a custom financial goal. Users can set themselves financial goals by answering a series of simple questions. When a user sets a financial goal for them, mint presents a guide on how they should budget and spread their paychecks. It also guides on particular ways to cut back in some areas to save more cash to reach financial goals.