Creating a brilliant financial application may appear to be a huge competitive advantage when it comes to the field of funds management. You now have a great opportunity to build an efficient financial tool similar to Mint finance app, which is certainly the best in the niche. But first, we need to have a closer look at all pros and cons of the Mint application.

The award-winning application was introduced by Aaron Patzer. The product was initially built for Canadian and US market. In 2009, the newly established company was acquired by Intuit for $170 million. The Mint app appeared to be another great tool in the company’s lineup of products for business. It also represents some award-winning systems like Turbo Tax, Quicken and other great software for accounting and taxes. The products are available for various platforms including not only the most popular ones like Android and iOS, but also Windows and Macintosh.

The Mint can boast a strong web representation featuring its website in addition to more than 15 million of active users. At the same time, the product has proved to be one of the most reliable and trusted financial mobile applications in North America and Canada.

How to develop an app like Mint?

Several crucial factors determine the main success of the Mint app. They include:

  • Great design and usability;
  • Intuitive interface;
  • Free availability.

If you are planning to develop a similar product, you should think of some tools and means that will let users avoid any manual operations to access finance data. In other words, your app is supposed to put an ease on access as well as the management process. This s what actually Mint does. The application can do all operations for user. At the same time, it operates as a trusted financial advisor using special algorithms that provide clear money saving strategies.

Keep all your finances in one App

We all have several separate accounts especially when it comes to business. They may include:

  • Banking accounts;
  • Credit and debit cards linked to a single account;
  • Loans and business accounts;
  • Consumer and investment accounts.

The main idea of a great business app is to keep all your accounts in one place making it easy for users to manage various finances at the same time. For developers, bringing all information to one app may appear to be a tough challenge. They will need to implement efficient aggregation technological issues using two major ways:

Integrated technology from a reliable source to ensure 100% data security.
Implement self-developed technologies.

Before acquired by Intuit, the Mint application had a partnership with Yodlee. Later its developers have built their own aggregation technology especially for the application.

For more information about starting your project with JatApp or hiring remote software developers, please fill in the contact form below and we will get in touch with you shortly to further discuss your requirements.

Transactions by categories

After you start using Mint, it will categorize all your transactions using previous examples or by vendor. In other words, the application knows exactly what transaction suits a particular category, as user provides a full access for the application to all banking accounts and financial information.

How it works? The system contains a detailed information about millions of different merchants and stores that data within the app. At the same time, it uses the Yellow Pages search engines to find additional information in case of unknown merchant. As for the categories, the app contains several hundreds of different categories although in some cases the app can miss when choosing a suitable account for a particular category. For example, a user has two active categories:

  • Gas and Fuel;
  • Auto and Transport.

If he or she stops at a gas station to fuel the tank. The application will consider this transaction as a purchase for the first category in our example. However, a user can easily edit information in case of necessity to make a perfect match.

At the same time, the application lets users modify already existing categories as well as create their own ones. Moreover, users can access a detailed information on every extra purchase or transaction performed manually. The data will be based on the information on the latest withdrawals from ATM.

Go beyond a simple finance tracking

If you want to build a brilliant financial app like Mint, you need to think of something more than just a finance tracker, especially if you are aimed at taking Android and iOS users by storm. The Mint in particular has proved to be a handy tool when it comes to budget planning and management. Users can monitor their spending every time in spite of the category. The system automatically updates all vital information and delivers the latest stats related to your budget. The application generates a suitable money saving strategy that includes notifications and alerts every time you are about to exceed your limit.

Mint delivers a versatile notification system that features special alerts, emails and push notification that can be set up and linked to any necessary banking account. The system will notify every time it is high time to pay your bills or make regular purchases. Users will have a clear picture on how they actually spend their money. The app delivers detailed statistics using graphics and analytics easy to understand even if you are new to the field of finances.

Set yourself clear financial targets using App

We spend money as well as save it to spend some more. We divide all products we need by priorities. Every person tries to set clear financial targets in the long run defining the most important products he or she needs to buy first. According to the latest survey, we have several major financial targets. They are as follows:

  • Covering debts;
  • Buying a car/house/apartment;
  • Trips and vacations;
  • Healthcare services;
  • Education;
  • Retirement.

Every time you try to set a new target, you will need to have answers to the following questions: how will I pay? Where will I take necessary sum?
The application will provide answers to these questions. Those answers will be based on your budget, financial strategies and money saving. At the same time, Mint is able to compare and contrast different prices. In other words, it will choose the best value of the car for you considering your personal demands and requirements that may include the production year of the vehicle, its condition and model.

Once you set the target, the app will deliver several ways to save money in addition to a handy guide that will let you stick to the chosen tactics. Moreover, Mint can boast several integrated guides and techniques on how to save for primary purchases. For example, it has an efficient Buy a Home guide that features a step-by-step instruction and recommendations letting users improve their credit history and score.

Way to monetize the App like Mint

If you think of developing a successful app for Android or iOS, you can choose from a variety of monetization strategies. For example, Mint is a free application. However, it still delivers many ways to make money from it. The main profit comes from its Ways to Save feature. For example, you are eager to benefit from a more efficient saving strategy.

You can get a paid guide that comes with some better alternatives to save cash for a major purchase. Another example is choosing the best interest rate for a credit card. Mint will automatically find a proper variant featuring affordable interest rate better than you are using now. Once a better option is detected, the system will send you a notification in addition to recommendations. Opting for ads and banners is hardly the best idea. Some users may find them rather irritating considering the fact that most of them are businessmen having a true value of time and money.

Digital security

Security is always the main concern whenever it comes to online transactions and internet shopping. The same thing is with finances, as they also deal with your private banking data. It calls for maximum protection from any frauds and third parties aiming to get your personal information.

As for Mint, the app refers to its main website that is used to control users’ passwords and logins. The website boasts the highest security level equal to those many financial institutions have. In other words, using Mint is actually the same safe as using a bank. 128-bit SSL software encryption has already turned into a causal protection mean used by many payment services.

If you develop a similar application, you may do the same as Mint. The application does not actually access your banking accounts. It is mainly used for displaying the information about funds and purchases. In other words, even if any third party gets your password from Mint account, it will never be able to manage your funds as well as perform any transactions. The creator of the app claims that Mint is safer than your PC when it comes to storing financial information.


The Mint application comes with a set of award-winning solutions. They include not only alerts, push notifications and money saving strategies and guides, but also Mint Bills. It is a separate application to handle users’ bills and proceed with on-time payments to avoid any fines and delays. The app creates customized payment schedules.

If you also want to gain success from a financial app, you need to think of some extra functions your product can deliver to the target audience. Mint is yet the biggest product in the niche with the lack of decent competition. For this reason, you still have time to introduce a better solution for handling finances via smartphones.

Published by manager
Content Marketing Manager