A Digital Wallet with Expense Analysis

Fintech

Industry

Mobile development

Type

3 months

Time

iOS

Platforms

Project idea

Our client is a fintech startup that came to us with an idea for a digital wallet that will help people make quick payments, track their income/expenses, and provide financial advice to those who want it. The app should also have the ultimate level of security to protect the clients’ sensitive information.

We were responsible for

  • Backend development

  • Frontend development

  • UX/UI design

ProjectTeam1

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ProjectTeam2

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ProjectTeam3

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Technology stack

TechStack
Example 1Example 3

Development process step by step

Discovery phase
  • Target audience research

  • Creating user personas

  • Competitive analysis

  • Wireframing

Design
  • UX/UI design

  • Interactive prototype

Development
  • Backend development

  • Frontend development

  • Security integration

Quality assurance
  • Test automation

  • Manual testing

  • Bug-fixing

  • Legal compliance

Release
  • Pre-release preparation

  • Product launch in App Store

Maintenance
  • Post-release support

Features in detail

Budgeting tools

The app securely stores transaction history, analyzes a user’s spending, and provides them with detailed statistics about their buying behavior.

Challenge Budgeting tools Preview

Recurring payments

The wallet will remind a user about upcoming payments like bills (utilities, rent, tuition, and more), subscriptions, or charity donations.

Challenge Recurring payments preview

Payments and money transfers

The app allows users to make P2P payments and money transfers from one account to another, as well as transfers to and from bank accounts. The app relies on  bank account integration to allow users to make P2P payments and money transfers from one account to another and to make transfers to and from bank accounts.

Challenge Payments and money transfers preview

Financial advice

The application analyzes payments made by the user, categorizes them, and provides real-time statistics of user spending. If a user wants to receive financial advice about their spending, investments, or other financial issues, they can access the content library where they can find the materials they need.

Challenge Financial advice preview

Challenges and solutions

Access to an account for young users

Challenge: Allowing young users to transfer money through an e-wallet gives minors the opportunity to manage their own money. A lot of current market solutions don’t allow people under 18 to use their e-wallet, but giving them access to money will instill financial literacy.

Solution: We’ve made it a bit more user-friendly for teens. We’ve added a restriction for minors. The young person's account is linked to the parent's account. The parent sets a limit and replenishes the balance. At the same time, the parent has in their personal account the opportunity to view the child’s account history of payments and transfers. Thewallet's payment system is available for kids as young as 13, and it's one of the few mobile options that allows a young person to pay someone else or receive funds.

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Access to an account for young users

Challenge: Allowing young users to transfer money through an e-wallet gives minors the opportunity to manage their own money. A lot of current market solutions don’t allow people under 18 to use their e-wallet, but giving them access to money will instill financial literacy.

Solution: We’ve made it a bit more user-friendly for teens. We’ve added a restriction for minors. The young person's account is linked to the parent's account. The parent sets a limit and replenishes the balance. At the same time, the parent has in their personal account the opportunity to view the child’s account history of payments and transfers. Thewallet's payment system is available for kids as young as 13, and it's one of the few mobile options that allows a young person to pay someone else or receive funds.

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Financial advice based on user transactions

Challenge: It was necessary to display not universal tips to the user, but custom tips, depending on their personal transactions and payment history.

Solution: We added AI and special programs which look at user data, analyze it, and display tips depending on the user’s data. All information and advice is developed by financial analysts. Some of the tips are displayed as a notification and some are delivered through the chatbot.

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Financial advice based on user transactions

Challenge: It was necessary to display not universal tips to the user, but custom tips, depending on their personal transactions and payment history.

Solution: We added AI and special programs which look at user data, analyze it, and display tips depending on the user’s data. All information and advice is developed by financial analysts. Some of the tips are displayed as a notification and some are delivered through the chatbot.

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Results

More than 1,000 weekly operations

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More than 1,000 weekly operations

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A stable e-wallet application with the ability to transfer money, track user’s spending, and smart financial advice for users

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A stable e-wallet application with the ability to transfer money, track user’s spending, and smart financial advice for users

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200+ downloads in the first week

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200+ downloads in the first week

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