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    5 Applications You Can Build for Your Financial Business with PowerApps - Evolvous

    5 Applications You Can Build for Your Financial Business with Power Apps 

    Web-based applications has radically changed service delivery across a wide spectrum of industries. The financial industry has also adapted to this strategy and that too in a big way. Today, you have a number of businesses in the sector who offer their services exclusively through their apps. With Microsoft Power Apps, building apps has become more accessible. With this tool, you don’t need to have in-depth coding expertise to build feature-rich, professional-looking applications. Here, we would take a look at some of the applications for financial business you can build using Power Apps. But, first let us understand the basics of Power Apps. 

    What are Power Apps? 

    Power Apps is a cloud-based platform that allows you to create and use custom business applications without the knowledge of app development or custom coding. It is part of Microsoft Power Platform and works across web and mobile platforms. You can connect your app to the data stored in various sources, such as Microsoft SharePoint, Microsoft 365, Dynamics 365, SQL Server, and other sources. Power Apps also comes with business logic and workflow features to automate your business processes. Although being a low code development platform, anyone can use Power Platform, but it is also extendable for professional developers35. 

    There are two main types of apps you can build with the Power Apps Platform: 

    1. Canvas Apps – To put it simply, canvas apps allow you to build highly customizable apps. Canvas apps are ideal for building lightweight apps or even disposable apps that can be designed and used in minutes, all within Microsoft tools where your data lives. 
    2. Model-Driven Apps – Model-driven apps are usually built on ‘templates’. Model-driven apps are built on top of the Common Data Services and are ideal for creating heavier apps that are intended to be used intensively (multiple hours at a time). These types of apps must be built in the Power Apps site. 

    Five Apps for Your Financial Business that You Can Build Using Power Apps

    • Loan Calculator: 

    If your financial business offers loans & mortgages, then this is one of the most effective apps that not only helps the customer, but also helps you to increase your business.  

    Description: The app includes input fields for loan amount, interest rate, loan term and other relevant fields. The user will get instant calculations which would help them make an informed decision. You can also provide information about your own products and the latest interest rates. 

    Features: 

    1. Calculate loan payments. 
    2. Amortization schedules 
    3. Calculate payment differences between fixed and floating interest rate loans. 
    4. Easy access to information about your offerings 
    • Expense Tracker 

    Power Apps not only helps you to build apps for your customers, but also for your employees. This app will help your employees to monitor and track and manage their expenses. 

    Description: The user will have a central dashboard through which they can submit their receipts for reimbursements, check their monthly expenses and get updates on their reimbursement status. 

    Features: 

    1. Automated categorization of expenses. 
    2. Image recognition for paper receipts. 
    3. Send automatic notifications after reimbursement. 
    • Portfolio Tracker 

    This is perhaps one of the most common types of applications used in the financial industry. This application helps your customers to track the status of the investments in real time. 

    Description: Your customers would be able to track the value of their investment portfolio in real-time. They can also add stocks, bonds or other financial products to their watchlist and time their trades perfectly. 

    Features: 

    1. Users would be able to track their investments, and their value in real-time. 
    2. They would also be tracking international market trends for equities, commodities, bonds, and other financial products. 
    3. Users can add stocks to watchlist. 
    4. If required, users can carry out trades, deposit or withdraw money from their accounts as well. 
    • Budget Tracker 

    Budget tracker will help users to manage their budgets. This would not only help them manage their budgets, but they can also reach out to you for credit and financial assistance when the need arises. 

    Description: The user can enter details of their income, according to different categories. Every time they spend money, they could just enter the details and hence, track the savings. You can also add a button or link where they can explore your credit options to fulfil any gaps between income and expenditure. 

    Features: 

    1. Users can add their income and categorize them accordingly. 
    2. Calculate and track savings over a period. 
    3. Make regular entries and categorize expenses. 
    4. Apply for instant credit from your company in easy clicks. 
    • Daily Operations Monitor 

    If you are independent financial advisor or running a boutique investment firm, then you can build an app to manage your daily operations on the go. 

    Description: You would be able to track all the trades made by your team daily. You can also get live updates from markets and check details of client accounts on the go. You can also integrate it with your Power BI environment and use it to uncover hidden opportunities and predict future market trends. 

    Features: 

    1. Get a snapshot of team performance on daily basis. 
    2. Allocate funds or carry out other critical actions with just a few simple clicks. 
    3. Get instant update of client accounts. 

    How to Get Started with Power Apps? 

    To get started with Power Apps, you would first need to purchase a subscription that is ideal for you. You can also get a free 30-day trial period to explore the basic features of the platform. 

    You would also need to have an active Microsoft 365 subscription. 

    Once you have signed up, you can explore the Power App Design Studio to get started. It has an intuitive user interface which would help you learn the ropes in no time. 

    However, if you want to design a professional app, then things might get a bit challenging for you. Because in such cases, additional effort will be required for planning, custom coding and beta testing the app. In such a scenario it is recommended to get the help of a professional Power Apps consultant. 

    At Evolvous, our dedicated team of developers would help you build a Power Apps-based application from scratch. Not only that, but we would also help you upgrade the app, enhance its security features, and connect it with various data sources so that the user gets a truly immersive experience. Visit our Power Apps page to know more. 

    If you are in the Asia Pacific region and looking for tap the potential of Power Apps for your financial business, then you can explore the services of Hybrid Analytica Consulting. Hybrid Analytica is the strategic partner of Evolvous and they have catered to diverse range of financial businesses in Singapore, as well as other parts of Asia Pacific. Click here to know more about how they help you optimize the SOPs for your financial business. 

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