Living in the UAE – where inflation increased by 2.32 percent in 2014 according to the National Bureau of Statistics – requires its residents to be more prudent about their managing finances. In an age where there’s an app for everything, it only makes sense to have one for managing finances.
While there are several such apps on the market already, the newest entrant is the MonSense app developed by senior designer at Clique, Manoj Verghese. The app provides a simple way for users to manager their personal as well business finances. MonSense was developed by Verghese and his partner based in India, Maneesh Reddy during their free time as it gave them more liberty to develop the app their way.
The idea was born in late 2012 when Verghese and Reddy decided to collaborate on the project. Coming from a web design background with Ux/Ui skills, Verghese partnered with Reddy for his development skills and set up the company Twofish Interactive Solutions. “There were lots of changes along the way such as the launch of iOS7 and we didn’t want to rush it. Looks and aesthetics were just as important [as functionality] for us, so we took our time getting it right,” says Verghese.
The most comprehensive finance management tool used to be Microsoft Money but Verghese felt it was quite outdated especially since it wasn’t mobile compatible. He explains that what sets MonSense apart from other similar apps are some unique features like Quick Expense, which allows you to set regular expenses – like your daily coffee – and just add them with a single tap. The app also generates neat and easy to understand infographics with options to download as PDF or share it via email.
The app reached the number one spot in the paid finance app section, and top 25 overall, during the launch week itself. It was ranked amongst the top 10 finance app across 32 countries, and the top finance app in 12 countries.
Commenting on the launch of MonSense as a paid app for iOS only, Verghese says: “Our research revealed that iOS is a more secure platform [for developers] and has more paid users. The technology we use involves investment from our end and hence we’d like to make some money off of it”. However, the team is working on a Lite version that will be free to download and will allow up to 20 transactions.
While the app is currently available for AED 7.29 on the Apple App store only, there are plans to make it available on the Google Play Store as well. Currently, the team is working on making it compatible for the iPhone 6 and 6 Plus’ larger screens. Future plans include exploring opportunities with financial institutions to integrate real bank accounts and developing a smart watch compatible version.