Guide for creating a customized financial planning tool for your enterprise
The global financial planning software market is poised for significant growth, projected to reach an impressive $16.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.6% from 2021 to 2031 [1][3].
This growth is driven by several factors, including increased awareness of financial planning software, the rise of fintech, and an increase in high-net-worth individuals (HNIs) [3]. The software solutions focus on facilitating investment assessment aligned with clients’ risk profiles and financial goals, making them indispensable for advisory firms and investors alike [3].
The future of financial planning software will be shaped by its ability to cater to clients of all cadres. It will focus on each section for client, firm, and market, offering basic calculator functions, collaborative analysis, personal financial management (PFM), and business and financial insights [4]. The software will enable collaboration and offer presumptive changes and projected results at the fingertips [5].
Security features will be crucial, especially with the adoption of cloud-based technology. Rational platforms and plugins will be necessary for financial planning software to integrate personal financial planning solutions and be responsive on various devices [4]. Customization is essential, including customizable reports and AI-based automated recommendations [4].
The tech stack for financial planning software includes frontend technologies like HTML, CSS, JavaScript, TypeScript, and backend languages such as Python, C++, C#, and Ruby [2]. The software will also manage enterprise resource planning (ERP), provide effective customer service, and manage metadata [6].
In terms of features, financial planning software will offer tax-focused tax planning, spending and cash flow planning, retirement distribution planning, collaborative reporting, and ongoing planning with opportunities and suggestions [4]. It will also connect clients' investments with market performance [4].
Moreover, the delivery module of financial planning software is transitioning towards interactive, intuitive features for client devices [5]. For instance, Appinventiv, a fintech software development company, can help create a robust collaborative tool for financial planning advice presentation [1].
The financial planning software market caters to different client types with goal-based and cash-flow-based software options [7]. For example, Appinventiv has helped Asian Bank build a core banking platform offering functionalities such as wire transactions with cryptocurrency, buying and selling of cryptocurrencies, and wallet recharge [1].
In conclusion, the financial planning software market is expected to grow robustly through the next decade, with a CAGR of 16.6% leading to a market size near $16.9 billion by 2031. Customer-centric enhancements and efficient workflows will be key to maintaining this growth, ensuring seamless data collection, making recommendations, managing portfolios, and providing effective customer service.
References:
[1] Appinventiv. (n.d.). Financial Planning Software Development. Retrieved from https://www.appinventiv.com/financial-planning-software-development
[2] Grand View Research. (2021). Global Financial Planning Software Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment Model, By End-use, And Segment Forecasts, 2021 - 2031. Retrieved from https://www.grandviewresearch.com/industry-analysis/financial-planning-software-market
[3] MarketsandMarkets. (2021). Financial Planning Software Market by Component, Deployment Mode, End User, and Region - Global Forecast to 2031. Retrieved from https://www.marketsandmarkets.com/Market-Reports/financial-planning-software-market-1290.html
[4] Zion Market Research. (2021). Global Financial Planning Software Market Size, Share, Trends, Growth, Analysis, Opportunities, and Forecast 2021-2028. Retrieved from https://www.zionmarketresearch.com/report/financial-planning-software-market
[5] Allied Market Research. (2021). Financial Planning Software Market by Component (Solution, Services), Deployment Mode, End User, and Region - Global Forecast to 2031. Retrieved from https://www.alliedmarketresearch.com/financial-planning-software-market
[6] Appinventiv. (n.d.). Bajaj Finserv - A Success Story. Retrieved from https://www.appinventiv.com/case-studies/bajaj-finserv
[7] Appinventiv. (n.d.). Financial Planning Software Development for Asian Bank. Retrieved from https://www.appinventiv.com/case-studies/financial-planning-software-development-asian-bank
- The digital transformation in the financial industry, stemming from the rise of fintech and the demand for personalized financial planning solutions, will drive the need for custom software development in the financial planning software market.
- To maintain growth and cater to diverse clients, financial planning software will incorporate advanced technology like AI-based automated recommendations, collaborative analysis, and cloud-based security features in addition to core functions like tax planning and portfolio management.
- To stay competitive, fintech software development companies like Appinventiv will focus on offering versatile solutions tailored for various client types, such as core banking platforms with cryptocurrency functionalities, and interactive, client-device compatible financial planning software.
