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Do you want to build an app like Empower for your business? If yes, you are at the right place. This blog will explore the process of developing a fintech or cash advance service app. It will also discuss the must-have feature and empower app development costs that are critical to consider when creating a FinTech app.

In today’s era, the fintech industry is witnessing remarkable growth, providing customer service at their fingertips. Apps like Empower help users organize their financial information and know how and when they can afford to save.

The worldwide market for cash advance services was estimated at $73.7 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2032, reaching $138.5 billion. This statistical data demonstrates how demand for the personal fintech app development company rises. Hence, it encourages businesses to invest in developing such apps.

If you want to build an app like Empower but need to become more familiar with the finance control app development process, read this blog. It will give you valuable insight into app development.

 

What Is the Empower App?

Empower is a cash advance mobile app through which users can access a quick cash loan or advances directly from their smartphones. The app is mainly designed to provide users with instant and convenient access to funds, especially in emergencies. Empower Server is a budgeting application that helps users set spending limits according to their earnings. Hence, it makes the app the user’s first choice.

As a business, if you also want to build an app like Empower, you are advised to hire a fintech app development company. The company will provide you with safe, cutting-edge, and intuitive apps that are customized to meet your demands and guarantee a convenient loan process.

Market Stats of Fintech App Industry

  • With an AUM of US$80.08 billion in 2024, Digital Assets will be the largest market.
  • In the digital assets sector, the average annual maintenance income (AUM) per user is expected to reach US$96.05 by 2024.
  • In 2025, the market for digital assets is projected to increase at a rate of 17.38% in revenue.
  • It is anticipated that there will be 4,805.00 million users in the digital payments sector by 2028.
  • Digital asset market total assets under management (AUM) is expected to reach US$80.08 billion by 2024.
Market Stats of Fintech App Industry
Source: Statista

Between 2017 and 2023, the worldwide fintech industry’s revenue grew significantly. The industry’s overall sales was projected to reach 79.38 billion USD in 2023. The global fintech industry is expected to generate more income in the upcoming years, surpassing 141.18 billion US dollars in 2028, according to Statista Market Insights.

 

Top 5 Fintech Apps Like Empower

When it comes to personal finance software or apps, Empower is undeniably an industry leader, offering several immersive financial tools to help businesses plan their future. However, choosing a more personalized option from other apps like Empower is sometimes better if you are looking for a specific service. As per the expense management app development company, businesses should consider some other apps, too, to avail of additional services.

Here is a list of the top 5 apps like Empower:

 

1. EarnIn

2. Stash

3. EveryDollar

4. YANAB

5. Myfawry

 

Top 5 Fintech Apps Like Empower

 

1. EarnIn

It’s a paycheck advance application through which users can borrow up to $100 daily or $750 per pay period without paying interest or fees. If you want to build an app like EarnIn, ensure that your app simplifies things cost-effectively and efficiently.

 

2. Stash

It’s the safest investment platform where users get a secure server that encrypts their data. But, the app involves a level of risk. So, you must stay careful when investing your essential money with this app. If you find it beneficial to develop a fintech app like Stash, provide a security feature to users to make your app tested or reliable.

 

3. EveryDollar

It’s a good application for people searching for simple, back-to-basic budgeting mobile banking app development. Its free version lets the user enter their transaction themes. However, as a business, you must ensure smooth functionality and an automatic sync feature to build a fintech app like EveryDollar.

 

4. YANAB

It’s a hands-on budgeting application requiring users to manage their money proactively. YANAB is focused on budgeting money management so that users can  get features, including, investment tracking or direct bill pay.

 

5. Myfawry

It’s a fintech-centric super application, enabling users to transact, borrow, invest, spend,and get rewards in-app. This platform provides a simple way to process payment anytime and anywhere to make the thing more accessible. To build an app like Myfawry, businesses must integrate its features and some advanced features to stand out.

 

7 Key Steps To Build an App Like Empower

Now, you must understand how various fintech apps are ruling the industry. Therefore, it is beneficial to invest in money-control app development. Developing a personal financial app is quite a complex process. However, if you need to become more familiar with the steps to build an app like Empower in the USA or anywhere, contact a mobile banking app development company that can guide you in developing a fintech app like Empower.

1. Conduct Market Research

2. Choose Right Tech Stack

3. UI/UX Design

4. App Development

5. Testing and Quality Assurance

6. Launching and Marketing

7. Scale and Maintenance

 

7 Key Steps To Build an App Like Empower

 

1. Conduct Market Research

The primary step to building an app like Empower is conducting market research. It helps to understand the target audience, market competition, and practical solutions. For a better outcome, you must identify the user’s requirements, pain points, and existing gaps in the market that your app should address. In this, developing a buyer persona can help you better understand the users. Hence, the research will be helpful for you in refining your application’s features and positioning.

 

2. Choose Right Tech Stack

In this phase, you must decide whether to develop native applications for Android and iOS or opt for cross-platform development. Your chosen app development platform would lead to different costs to build an app like Empower. If you develop an Android app, then hire Android app developers. On the other hand, hire iPhone developers to create iOS apps. Hence, it will help you to enhance app development by improving your app’s performance, functionality, and scalability.

 

3. UI/UX Design

After conducting the market research and determining the target audience, it’s time to start with the app design. The app’s design must be user-friendly and visually appealing. You must hire dedicated developers to develop a detailed plan for your app’s architecture. Focus on user-centric design, with critical features such as transaction categorization, customizable dashboard, and budgeting to provide an exceptional user experience.

 

4. App Development

It’s a critical step where one mistake can destroy all your efforts. So, first, you need to hire mobile app developers to build an app like Empower with essential features and functionalities such as cash advance requests, budgeting tools, account monitoring, credit score monitoring, and bill payment reminders.

 

5. Testing and Quality Assurance

To make your app successful, it’s crucial to thoroughly test your cash advance application for security, usability, and functionality. Usability testing with real users will help identify and address user interface issues. For all this, you have to hire an Android or iPhone app development company to help implement a robust bug-tracking system so that identified issuers can be resolved before launching.

 

6. Launching and Marketing

Here, you must develop a launch strategy by considering critical factors such as promotional challenges and timing. There are several social media channels and marketing techniques to increase awareness about your app. For this, get assistance from a mobile app development company in USA or anywhere that can help you promote user engagement with promotional events.

 

7. Scale and Maintenance

Ongoing maintenance is critical to keep your app secure and reliable. Once your app grows, it’s time to scale your infrastructure to meet the increased demand. For this, you are advised to use cloud services for scalability. Here, you should hire developers in USA who can regularly update your app to identify and fix bugs, enhance security, and add advanced features based on user feedback.

 

Must Have Features of a Fintech App Like Empower

What makes an app successful? The feature! Many businesses must recognize the critical features that should be integrated into their mobile apps. However, as features help to create your own identity of an app in the market, you must be aware of exemplary features to build an app like Empower. As per the investment app development services provider, consider the following e ten must-have features to make your app successful.

 

1. Registration and Verification

2. On-demand Money Lending

3. Bill Payment

4. Automated Savings

5. Freeze/Unfreeze Cards

6. Loan Calculator

7. Credit Score Monitoring

8. Investment Tracking

9. Security and Privacy

10. Personalized Notification

 

 

What Is the Empower App?

 

1.  Registration and Verification

It’s the foremost feature where users sign up and register for the application. It allows them to apply for loans and receive the required amount.

 

2.  On-demand money Lending

Develop a wealth management app that can provide on-demand money to a user’s account and tell them the location from where they receive the money.

 

3. Bill Payment

Your app must include the feature of bill payment, helping users in making on-time payment and boosting their credit scores.

 

4. Automated Savings

Build an app like Empower that allows users to automatically set aside a percentage of their income to save their income.

 

5. Freeze/Unfreeze Cards

Your app should enable users to freeze/unfreeze their cards if they lose their debit card. It states that you take care of your users and build a relationship of trust between users and you.

 

Fintech app development

 

6. Loan Calculator

It’s the critical feature that replaces the time-consuming process of loan calculation. Loan calculation sums up the amount (loan amount + interest amount) the user has to pay.

 

7. Credit Score Monitoring

The feature lets users maintain tabs on their credit scores and helps them make financially wise decisions.

 

8. Investment Tracking

The feature allows users to track their investments, check their performance,and manage portfolios with expertise. It keeps users up-to-date regarding their investments.

 

9.  Security and Privacy

To build an app like Empower, employ multi-factor authentication, encryption technology, and other security measures. It will protect sensitive information that makes your app trusted.

 

10. Personalized Notification

This feature notifies users of suspicious activities and informs them of their account activities. It also helps users to maintain control over funds and avoid costly errors.

 

How Much Does It Cost To Build An App Like Empower?

If you want to build an app like Empower, estimate the app development cost to be $8000 – $25000. This estimated mobile app development cost can be changed per the client’s requirement for features, technologies used to develop the app, and the app’s complexities.

Fintech App Types and Complexity

 

Based On Complexity Estimated Cost
Simple App $8000 – $15000
Moderately to Complex App $15000 – $20000
High-end (highly) Complex App $25000+

 

This cost figure is just an estimation of the app development. It would be better for you to consult with an iPhone or Android app development company to know the actual cost of developing[using an app like Empower. The company will give you a precise cost estimate during the app development.

 

How Much Does It Cost To Maintain An App Like Empower?

Mobile app maintenance is critical to ensure that your app continues functioning smoothly and that its existing services and features are enhanced. However, you must spend money to maintain your app. The mobile app maintenance cost is also different based on different factors. On average, you have to pay the app’s maintenance cost of about 15 to 20% of the overall app’s development cost.

Furthermore, the maintenance cost can be changed based on the app’s complexities, thrift-party integration, security, user base, operating system updates, etc. If you cannot maintain the app appropriately, avail of mobile app maintenance services by an app development company. The company will assist you in planning the cost associated with the app’s maintenance in the long run.

 

How Can Dev Technosys Help You to Build an App Like Empower?

Nowadays, money management apps are revolutionizing the financial industry. With their comprehensive features, innovative tools, and seamless integration, these applications have empowered individuals to control their financial health. It makes the businesses invest in building fintech app development. So, if you also want to build an app like Empower and provide your customer with a seamless advance loan experience, Dev Technosys is here to help! It’s a leading mobile app development company in India, offering on-demand app services and delivering the desired outcome.

Share your project’s requirements, and we will collaborate to build an app that meets your users’ demands and fulfills your vision.

 

Frequently Asked Questions

1. How Much Does It Cost To Build A Personal Finance Management App?

The cost to build a personal finance management app can be different based on the app’s complexity, platform, developer’s location, and experience. Generally, $8000 – $25000 is the average app development cost.

 

2. What Time Period Does It Take To Build An App Like Empower?

If you want a simple app with an essential feature, it will take around 3 months. Meanwhile, if you want to develop an advanced feature app, it may take up to 8 months to build.

 

3. Why Should Businesses Invest In Fintech App Development?

By investing in the fintech app development, businesses can enjoy numerous benefits:

  • Far better security
  • Data management
  • Better financial inclusion
  • More excellent market research and presence
  • Increasing engagement and sales opportunities

 

4.  Will The App Development Company Provide Support And Maintenance?

Yes, you can ask the banking app development company to support and maintain your app after deployment. The company will help you to remove technological glitches and debug the application.