Personal finance software Rise in need to track & manage income of consumers

Personal finance software is a platform, which provides several functionalities to the user such as generating reports of the assets, tracking the budget, and analyzing the user investment performance. In addition, it includes different modules for processing of financial information, including creating asset plan, and monitoring & reassessment of the asset. Furthermore, various banks and fintech companies adopt this software to manage their financial module and to increase their productivity, thereby fueling the market growth.

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In addition, personal finance software provides numerous benefits to its clients such as online banking, report groups, check printing, mobile billing, and various others. Moreover, many banks also adopt this software to reduce human error and to complete a complicated task more efficiently in less time.

Rise in need to track & manage income of consumers and surge in mobile applications across the globe are the major factors that drive the growth of the market. In addition, increase in focus of organizations on digitization of their financial services and upsurge in internet users across the globe fuel the growth of the market.

However, security and compliance issues in personal finance software and availability of open source finance software hamper the growth of the market. Furthermore, increased adoption of personal finance software among developing economies is expected to provide lucrative opportunities for the market growth.

The key players profiled in the global personal finance software market analysis are Buxfer Inc., Doxo Inc., Money Dashboard, Microsoft Corporation, Moneyspire Inc., Personal Capital Corporation, PocketSmith Ltd., The Infinite Kind, You Need a Budget LLC, and Quicken Inc.