Case Study: Family Finance Platform for Wise Budget Allocation

Family Finance Platform
for Wise Budget Allocation

Client and Business Goals:

Did you know that the lack of financial literacy costs Americans, including 75% of millennials, around $400 bln a year? The frustrating statistics of the prospective family finance market niche brought a US-based startup founder to the idea of launching a fintech app aimed to bring clarity to the process of budget allocation and planning.

Product Description:

The cross-platform mobile app is designed to tidy up a family budget and simplify the process of finance allocation, in particular, for saving accounts. The family members’ accounts and cards form the family finance network while all personal finance data remains private. The app automatically calculates and transfers standing payments & replenishes a deposit, based on the rules pre-set by the user. Additionally, the implemented permission levels allow parents to share only selected financial data, as well as get full access to tracking children’s balances and give recommendations on a rational budget allocation from a very young age.

Applied Technologies:

AWS: Elastic Beanstalk, EC2, RDS (PostgreSQL), Lambda, L3 LoadBalancer

Backend: Python, Go/NodeJS

Frontend: Flutter, Micro Frontend (Angular, ReactJs)

External Services: Plaid, Auth0

Family Finance App_app screens
Family Finance App_ Highlights background

Project Highlights:

  • Implemented a complex rules creation flow, covered in an easy-to-use UI
  • Developed a financial broker for a solid family finance network
  • Integrated Plaid to cover a wide bank institution network
  • Chose Flutter for optimizing the development process

Implemented a complex rules creation flow, covered in an easy-to-use UI

The top-priority task was to develop an intuitively clear solution that will allow users to automatize monthly budget allocation by creating custom complex chains of rules. For example, the user can set up a rule following the order “After receiving salary, $1500 is transferred for rental, $100 to the child’s account, and 30% of the remaining sum goes to the savings account if it’s over $5000.” We paid particular attention to UI/UX design so that setting up the rules would be simple both for kids and parents.


Developed a financial broker for a solid family finance network

To provide extensive control for both family and personal budget, we have separated these areas with the hierarchy of accesses and permissions. As a result, parents can easily set up lump-sum and  standing payments for the family finance network while they keep the privacy of their personal finance accounts and get access to tracking their child’s expenditures.

Integrated Plaid to cover a wide bank institution network

Plaid was chosen as the most efficient 3rd party solution that covers around 70% of banking institutions in the USA and Canada. As for the remaining 30%, we’ll be able to integrate particular bank’s services separately in future app versions.

Chose Flutter to optimize the development process

Since our client wished to target both iOS and Android platforms from the very first release along with meeting tight deadlines, Flutter was chosen as the optimal solution. This technology allowed us to develop app services simultaneously & independently. Moreover, it perfectly fits the app key feature built on a unique combination of transaction business rules. On the other hand, the event-driven architecture gives the opportunity to extend the app with various services, in particular, AI-based features.

Flutter to optimize the timeline
Transparent UI/UX to simplify rules chain creation
Plaid integration to cover various bank institutions

This is a demonstration of Pocket Account basic functionality that allows users to connect their payment account, control financial streams, analyze expenses, set limits, and more. With this video you can learn the layout and see how some of the basic operations can be done within the app.

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