A robo-adviser can snarl up your FinTech app with users. Know how to develop FinTech app like Tally which has raised $50M to automate the finances.
Posted on June 22, 2019 By Rahul Patel
According to the CNBC report, Americans own more than $1 trillion in credit card debt. Which means the average household owes around $16000 in credit card debt. Moreover, they struggle to keep the track of their credit cards and so, they end up paying late fees and wrecking their credit score.
Considering these many challenges, in 2015, two Silicon Valley-based entrepreneurs, Jason Brown and Jasper Platz have started a FinTech company named Tally which aims to make users interest rate lower and experience of having credit cards cost-friendly by utilizing some state of the art algorithms. The fusion of future-ready FinTech practices and FinTech app development techniques made it possible for founders of Tally to develop an app which offers an automatic credit card debt payment service.
Here’s how the app works: The first thing a user has to do after installing Tally app is to scan all credit cards. Once the app gets the data of user’s credit cards, the robust algorithm analyses all details of credit cards like the provider, APR, debt, user’s payment activity, and behaviors. Then, the app suggests steps to users to pay down the debt in the fastest way. It also tells users how much they can save if they follow the suggested steps.
Founders of Tally wanted to help users to get rid of the burden of having credit cards and with their Line of Credit service, they are justifying their ambition in the most possible way. Once Tally app gets the details of users’ credit cards, it analyses their financial profile and calculates the credit score. Based on the credit score, Tally then offers a lower APR than what users are currently paying. So, APR is the only major way Tally is earning money.
Last year, Tally has raised $42 million and recently, in its venture capital funding round, Tally has raised more $50 million. The second funding round of Tally was led by Silicon Valley-based venture capital firm, Andreessen Horowitz.
In one of his interviews with Fortune, Jason Brown, CEO of Tally stated that they will use this cash injection to hire a new team of skilled developers and engineers to develop more automated products. He added that his company has already developed some of the hardest products and decoded some of the deep-rooted problems of both, FinTech industry and people’s life. So, now it will be easy for them to develop add-on services, like automatic student loan management and credit score improvement.
Tally is one of the kind apps and if you also want to dominate less-competitive submarket of the FinTech industry, the first fundamental need you have to satisfy is to develop a FinTech app like Tally. So, following are the few features of Tally app which you don’t have to miss out if you want to go for FinTech app development.
Top Tally app features which you have to ask FinTech app development company to integrate into your FinTech app.
- Users can add the credit card details by just scanning the credit cards.
- Users can access their scanned or integrated card instantly.
- The app shows users the debt and due dates.
- All recent transactions to credit card providers and Tally are wrapped in a single window.
- The app reminds users to keep only updated banking information in the app.
- After analyzing the spending habits and debt, the app suggests them the fastest ways to pay off debt. App also shows them how much they can save by following suggested steps.
- User can enable autopay for the credit card bills from the app.
- Tally allows users to connect with customer executives with a single click.
Here, it is worth to mention that Tally’s ability to suggest steps to pay off debt faster is only possible to achieve through the robo-adviser. So, let’s discuss what is robo-adviser and how it can play a significant role in your next FinTech app.
What is robo-adviser?
Robo adviser is nothing but a class of financial adviser who provides financial advice. But unlike a financial adviser, it offers online financial advises and investment management without human involvement. It can be developed by writing and implementing some robust algorithms which interpret user’s query and answer it by analyzing many factors. Robo-adviser automatically allocates, manages, and optimizes the client’s assets.
During the financial crisis in 2008, the first robo-adviser was launched. After 2 years, in 2010, Jon Stein started an online investment company named Betterment which took the popularity of the robo -adviser to the next level. By the end of 2015, more than 100 companies were managing $60 billion of user’s assets just with robo – advisers. Though these numbers are impressive, what concerns the most is how a tiny program can actually make your FinTech startup grow faster?
Benefits of integrating robo-adviser in FinTech app.
Because of the big data tools and AI technologies, Robo-advisers are turning into a firm choice of all FinTech startups. With the robo-advisers, they can manage loan, wealth, customers and data like a piece of cake. Following are some more examples of how as a FinTech startup you can derive the benefits from the Robo Advisers.
The professional adviser is one of the resources you need to have while starting a FinTech startup. But to have a professional adviser on board, you have to pay an intolerable price. Moreover, if you branch out core business processes of your FinTech startup, you need to hire more than one professional adviser to satisfy the different services of your FinTech startup which of course cost you more.
On the other hand, a major robo-adviser of the industry, Wealth-front can cost you only around $500. It also works round the clock and with highest ever accuracy rate, unlike a human adviser. However, developing own robo-adviser and integrating it in your FinTech app can be a more cost-effective choice. Coruscate is one of the few FinTech app development companies which has the capability to develop dedicated robo- adviser for your FinTech app.
‘Set up and Forget it’ approach
The latest generation of robo-advisers don’t require any kind of user involvement after a FinTech app development company employs it in the FinTech app. In contrast, to sustain a human adviser and to train him with every new market trend and new business process, you need to allocate a monthly budget.
Personalized user experience
Robo-adviser works based on the algorithm which analyses several factors for each user before providing any kind of financial services. That means a user is always served with what he wants to receive. This practice of providing a personalized user experience to the user doesn’t make him feel annoyed while using your FinTech app and so, you can manage to increase your revenue by leaps and bounds.
How much does it cost to develop a FinTech app like Tally?
Coruscate is the top FinTech app development company which develops FinTech apps of all categories. We always put emphasis on building future-ready apps by adding some rare features such as robo-adviser and chatbot. In fact, we have developed a few FinTech apps which went trendy in no time. As a top development company, we know the fact that the app owner sometimes doesn’t know the ways to utilize the app in the most profitable way. Thus, we will become your strategic business partner and assist you to earn more revenue with your mobile app. We have recently completed successful API integration with Nordic banks, which means, now we can develop a FinTech app under $10k and within 45 to 55 days. Click below to know more about the features and ask for a free demo and consultation.
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