
Software makes managing and planning your finances easier, faster, and more accurate. The digital transformation helps to accelerate the process for better and more efficient planning of an individuals financial situation.
The market for software that helps with financial planning is expected to continue growing. According to a report by Market Research, the global financial software market was valued at $3.7 billion in 2021, and is expected to reach $16.9 billion by 2031, with a CAGR of 16.6%.
It is anticipated that in the financial planning software market, superior solutions will prevail over the services sector.
Its simple: financial advisory firms connected with their clients through social media during the pandemic. It was a situation that prompted the development of solutions to keep investors and advisory firms informed of market updates and developments at all times.
Financial planning solutions can help assess investment suitability and align it with the risk profile as well as their financial goals.
Factors that have affected growth in the financial planning software industry are:
- Software planning software is becoming more popular
- Fintech is on the rise
- A growing number of high-net-worth individuals (HNIs)
As the trend continues to grow, this presents a great opportunity for financial planning software solutions.
Fintech Is Growing And Its Time To Invest

By 2026, the global finance market will be valued at around $234 billion. The move to digital is responsible for a large portion of the markets size.
The users have moved to digital solutions - mobile banking, apps, etc. To perform tasks they used to do while standing in long queues at banks.
FinTech has the greatest reach in regions like Europe, North America, South America, and Asia Pacific. It is fascinating to note that Asia Pacific is the region with the highest growth rate in this sector.
The locality is a favorable place for FinTech startups due to factors such as the growing customer base, high number of Gen Z, and millenials.
It is the unprecedented growth of the sector that has prompted entrepreneurs to venture into the field at this time.
Why Is Financial Software Still Profitable?
Entrepreneurs should invest in custom financial software for a variety of reasons. Here are a few.
1. Cash Is Turning Digital
Look back on your five most recent transactions. Have you ever used cash for them? You may have switched from cash to digital transactions without realizing it if you are a member of the Gen Z or millennial segments.
This transformation is the key not only to the growth of the FinTech sector, but also the financial projections for open source development services.
2. App Space Is Massive
Apps - from both new-age FinTech companies and banks - have played an important role in the adoption and growth of FinTech.
Mobile has now become a new wallet, where users can store money and use it to make a variety of transactions. It is also a ledger that contains the history of all transactions, and allows you to stay up to date on future expenses.
3. Bank Visits Are Being Reduced
The traditional banking system has been abandoned by customers who are now turning to FinTech and new-bank options.
Even support services that were once only available from banks and NBFCs are now being offered by new-age financial service providers. Support like credit, stock investments, etc.
FinTech companies have the chance to create new markets for customers that are tired of the traditional ways of providing financial services.
They only need to invest in a custom software development company.
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4. Innovations With A Wider Scope
FinTech is a sector that, despite the fact that new companies are arising to address age-old problems, is still ripe for innovation.
A new application or software is developed just when you thought you had an app for every outdated bank process. Who would have imagined that virtual currencies could one day be more profitable than fiat currency? FinTech is a field where the skys the limit.
What Is Financial Planning Software?

It is a software that integrates financial data from an individual or organization to produce the desired analysis.
Data can come from a variety of sources, including financial transactions, tracking investments, bank records, portfolios, etc.
Financial planning organizations felt the need to implement software to track and manage income for their clients as a result of the increase in HNI clients.
Mobile applications are also sought by clients to track their investment and value.
Businesses need dependable financial planning software in order to run their ERP efficiently and deliver excellent customer service.
Financial planning software that is robust also allows for the management of metadata.
Features List for Financial Planning Software Development
Financial advisor firms aim to provide clients with value-based service by offering them transparent analyses and updates about their financial planning strategy.
Financial planning software that is robust will help you meet the ever-growing expectations of your clients and the market. Advanced financial planning software should have the following features:
Link to Investment Performance Data
Successful financial planning is intimately related to market performance. Software for financial planning should offer a function that links client investments to market performance.
A good understanding of an investments growth trajectory and market performance will provide a clear image of how the ultimate investment aim can be accomplished.
Efficient Workflows
The job of a financial planning firm is not just to offer investment solutions to clients or manage their portfolios, but also to run their day-to-day business smoothly.
Financial planning companies are able to provide better service by streamlining their internal processes. It is therefore essential that the financial planning software you use has an intuitive, easy-to-use interface. It should be easy to collect data, make recommendations, manage a variety of portfolios and more.
Customizable Experience
The software industry is embracing customization. Financial planning software should be able to deliver customizable reports, AI-based recommendations and much more.
Good financial planning software is defined by its ability to create custom reports that show the financial journey of each client.
Evolution And Benefits From A Customized Financial Planning Software

Financial planning software has been a simple calculator for years. It helped advisors assess their clients financial situations and predict future outcomes by analyzing the market.
Financial planning software has evolved to allow both advisors as well as clients to make real-time decisions and assess data in real time. This enhances the collaborative relationship between them.
The software has evolved to a point where clients are increasingly using it. Although not new, the Personal Financial Management (PFM)software is becoming more popular after the pandemic.
It is now widely used as an "Advisor Fintech". It is expected that the software will not only help clients manage their finances but also become a central hub of data for both clients and advisory firms.
In the future, the development of financial planning software will need to be focused on the client, the firm and the market separately, from the perspective of performing the basic calculator task for advisors, the collaborative tool for real time analysis and decision-making, and PFM.
Not to mention the collective metadata collected for financial and business insights at a larger scale.
If youre interested in learning more about how IoT has transformed the BFSI market, check out our guide on IoT and Fintech: How it is Transforming BFSI Market
The basic benefits of financial planning software can help you in a number of ways.
Improve Your Judgment And Action Plans
Financial planning software allows you to redesign and rethink your financial operations. You can make proactive decisions instead of reactive ones.
This software allows you to accurately forecast your best course of action in order to maximize profit and minimize costs.
Read More: What Is Great About Developing Open-source Software?
Strategic Planning And Analysis Improved
Financial planning software is a collaborative tool that helps advisors and their clients develop "what-if" scenarios.
It also provides PFM and allows them to find new revenue streams, as well as determine the likelihood of market trends, internal factors, and other important factors. These capabilities are the foundation for successful business strategies.
Fewer Mistakes
When using smart software, the likelihood of human error when doing statistical analysis or dealing with numbers is much higher than when working with numbers.
Smart solutions can help businesses plan and work more efficiently, reducing errors.
Investors Financial Transparency
By providing the same software for your clients and advisors, you will create a transparent and trust-building environment.
Real-time data access will help you make quick and instant decisions. This is essential for successful financial planning.
How To Create Financial Planning Software For Your Company?

The vision and needs of software planning software may vary depending on whether it is for advisors, financial planners, or personal financial managers.
A comprehensive software package offers a variety of algorithms that can be customized to meet the needs of different clients.
The development process involves conceptualization, design, development, and deployment. When creating financial software, the parameters used make all the difference and help to differentiate the software from its competitors.
Choose Between Cash Flow Or Goal-Based Software
Each client has different needs. The first step in choosing the right software is to determine the type of clientele you have.
This will depend on the type of advice that your company gives to clients. You can categorize it into cash-flow-based or goal-based.
Goal-based financial software can project the future goals in relation to the investments made. You can estimate the investment needed to reach a goal.
The investment needed may not be based on the total earnings. Cash-flow-based software, on the other hand, captures each penny earned and provides advice for the investment.
Delivery Module - Interactive Tools Vs Printed Reports
We are rapidly moving to a paperless environment with digitization. Software must be interactive, intuitive, and able to directly project results on client devices like smartphones and tablet computers.
The software must enable collaboration through presumptive updates and projected results.
Enhancements Based On Customer Feedback
Any financial planning software must have the ability to cater to clients of all types and find new ones. Software must allow advisors to serve clients from all backgrounds, - HNIs or beginners.
The software should be able to tailor the investment solutions provided by advisory firms according to the clients experience and expectations.
Easy Input
Financial planning software should be able to provide an investment that is realistic and sensible based on the input of basic numbers such as earnings, savings and other investments.
The design process must be well-planned to ensure fluidity. Design must also include financial planning modules, including various insurances, options and tax planning.
Platforms And Plugins That Are Rational
A feature that allows users to integrate personal financial planning will be needed, as not all users are tech-savvy.
Software should work on all devices - from desktops to smartphones and tablets.
Select The Right Tech Stack
Outsourced software development is a complex process that requires a lot of technology.
The financial planning software requires the following basic technology stack:
Frontend - HTML, CSS, JavaScript, TypeScript
Backend - Python, C++, C#, Ruby
Database - SQL and NoSQL
Include Security Features
Financial planning software uses cloud technology for a variety of good reasons. The data that is collected and processed is huge and comes from many different sources.
Therefore, it is important to keep the security parameters high. From the beginning, it is important to keep security in mind throughout the development process.
Financial Software Must Have Features

We have some disclaimers to make before you dive into this section. Your FinTech app will have features based on the model that you selected in the previous section.
A crypto exchange platform, for example, will include features such as live market movements while a payment application will feature QR codes. The list of features varies greatly from one model to the next.
We will list the top features of FinTech apps. Here we go.
1. Secure Authentication
The authorization process is an important part of any FinTech application. This is the main way to secure your application by using multi-factor authentications such as email, phone verification, OTP based registration, biometrics authentications, etc.
This is where you can show users just how tight-knit their experience will be, particularly when security is taken into account.
2. Model-Specific Functions
This set of features is the core of your offering. If youre making a personal financial management app, for example, it would have features such as multiple account links and a dashboard with an expense and income summary.
It might also include AI-based highlights of what can be avoided in order to reduce the expense. A stock trading app will have a different feature list.
3. Payments
Payment is usually a key component of every FinTech application. FinTech users want to be able to send secure payments in real time to other FinTech users, whether they are using B2B software for vendor management or a common lending application.
How you implement this feature depends on your model. You can choose to add a QR code, a bank-to-bank transfer, or payment via the in app wallet.
The list of options for adding this feature is extensive.
4. Dashboard
A tracking and management system is required for every data-driven application, whether its in healthcare, fitness, or fintech.
A dashboard can be very useful in this situation. A dashboard in the app helps to bring all income and expense information, market updates, future transactions, etc.
All the data is gathered in one location, and in an easy-to-digest format. A dashboard is usually accompanied by the option to download and generate reports. This allows users to get a better understanding of their finances.
5. Notification
Customized notifications provide the most consistent communication between FinTech businesses and their clients.
They are sent out to inform users of changes in credit or debit rates, new promotions, updates in loan application status and other things.
It is crucial that you develop a plan to ensure that the notifications are not intrusive and untimely.
6. Integrations
In order for a FinTech application to be useful to users, it must be integrated with other software. This third-party is usually the banks security software, the notification system and the payment software.
If you integrate the right APIs into your app, users will be able track their money, locate the nearest bank, and checkout.
Read More: The Benefits of Open Source Software Development Services
Fintech Software Development Challenges To Prepare For
To build a FinTech empire, it is important to anticipate and prepare for the possible challenges. This is how to make your FinTech app future-ready.
Look at what these challenges could be.
Find A Gap
The best product ideas are the ones that solve a problem faced by many people. FinTech can be overwhelming when it comes to identifying which sub-sector you should focus on.
We at developers.dev advise our clients that they should look for the most lucrative segments in an industry to enter. This would either be digital payments or personal finance, the second most lucrative segment.
After youve chosen a sector, you should do some market research to identify any blind spots you may have that could be explored as a potential business idea.
App Features: Planning The Features
Knowing the problem you wish to solve is one thing, but knowing how to fix it is another. The MVP features, the ones that they will use to test the market, are a decision which requires expert help.
When deciding on the MVP features, we usually list down the problems in the market and the solutions we propose. We then reverse engineer the list of features.
App security
A number of vulnerabilities can be found in an app. Hack-proofing an app is critical for a sector dealing with sensitive data and money.
Working with a team who follows a security first development approach is the only way to solve this problem. They will not only follow best practices during development, but also create a data governance structure that you can use as a standard internal measure.
Compliances
Around the globe, there are hundreds of different compliance standards. It is important to identify the compliance issues that need your attention.
You would also need to ensure that your app is working and that its features are compliant with the regulations. This can be a challenge for developers and entrepreneurs who lack the necessary knowledge.
Leveraging Next-Gen Technologies
Addition of tech names such as Blockchain, IoT and AI etc. FinTech businesses that are looking to the future will find this exciting.
The actual integration of these technologies can be challenging. You cannot claim to be an AI-powered fintech company just because you have an AI chatbot. The integration of technology into any software is only possible with subject matter experts, which are few and far between.
Develop A Custom Financial Software With Developers.Dev
Financial planning software is growing rapidly due to the rapid growth of online solutions. Diverse studies show that North America will account for the biggest revenue share of the sector.
It is time to seize the opportunity.
If youre looking to upgrade your current financial software or build a new one, look for a company with experience in financial software development like developers.dev will help you develop a platform to allow you to collaborate and present financial planning advice.
We also enhance our custom software development services at developers.dev with innovative, cutting-edge features that will help your business achieve its financial and development goals.
Asian Bank, for example, used developers.dev to build a core banking system that includes functionalities like wire transactions using cryptocurrency, buying/selling of cryptocurrencies, as well as wallet recharge.
Bajaj Finserv is one of the worlds leading fintech companies. They were looking for software that would make the purchase of financial products easier and faster, while maintaining the privacy and security of their clients.
Developers.dev developed a custom solution which resulted in over 3 million transactions per day.
Want More Information About Our Services? Talk to Our Consultants!
Conclusion
Our experts will tailor a solution to meet your expectations and needs, regardless of whether you want a cash-flow-based solution or a goal-based one.
Share your needs with our team to kickstart your project as soon as possible.