The Cost You Will Incur In Mobile Banking App Development?

Regardless of how we label technological adoption in the finance sector, one transformational event cannot be overlooked: a significant percentage of individuals willingly migrating from desktop and branch-visiting banking to mobile banking. 

Mobile banking apps are now one of the most popular ways for users to access their bank accounts and conduct transactions. The appeal of mobile banking is so strong that banks of all sizes and locations are not just growing their digital mobile banking app development offerings, but also looking for methods to make them more technologically advanced.

However, the most frequently asked question is, "How much cost is incurred in mobile banking app development?"

The total cost of developing a mobile banking app might range between $35,000 to $350,000. The price may rise or fall further depending on the app's overall complexity and feature set. 

Other elements that influence the cost of mobile banking apps include the app's design, the location and hourly rate of the developers, quality assurance fees, and so on.

In this post, we'll go over the various aspects of mobile banking app development and the feature sets that come together to determine how much it costs to develop a banking app.

Let's begin by determining how to estimate the cost of your banking application project.

How to Determine the Cost to Develop a Banking App?

The cost of developing a mobile banking app is determined by two factors: 

• the overall time required to build the software 
• the hourly rates of developers

The time required is determined by elements such as the platforms chosen, the complexity of features, the technology stack employed, and so on. Developers' hourly prices are primarily determined by their abilities, experience, and location.

As a result, once you've selected your development team and determined the whole app development needs, you may apply the following formula to acquire a ballpark cost estimate for your project.

While the above formula can be used to estimate the cost of mobile banking app development, the table below shows the average cost and time required to develop apps of varying complexity levels.

Banking App Type Estimated Cost Time Frame

• Simple app with a basic feature list $30,000- $70,000 3 to 6 months
• Medium complex app with an extensive feature list $70,000-$150,000 6 to 9 months
• Highly complex app with an elaborate feature list $150,000-$300,000 9+ months

Factors affecting the digital banking app development cost

Screen Blueprint

It is an essential stage of mobile app design. A wireframe is the overall architectural design or map of the banking app's layout, which is typically developed using tools such as Figma or PhotoShop. 

Commonly known as wireframes, it must normally go through many testing procedures before being finalized as the one that provides a true vision of the product to be produced. A screen blueprint design typically costs approximately between $7,000 and $10,000.

User Interface/UX Design

Following the blueprint of the screen, next is the UI/UX design stage, which is another critical component that might determine the success or failure of your app.

A mobile banking app's general information contains account information, money transfer data, customer support information, an active chatbot, and so on. It is simple to create a design that attempts to include all relevant information. 

However, a basic style that enables smoother navigation and retains the audience while engaging them is required and appreciated.

Platform for Apps

The mobile banking app's underlying platform has an impact on its overall cost. Even while choosing between an iOS or Android platform has a minor impact on the app's overall budget, it is normally chosen to begin with the latter due to its large user base. 

You can simply choose to have your banking app designed for a single platform initially and then transition to cross-platform app development once the app has gained market success.

Size of the Team

Hiring a dedicated app development team is the next step in your development project, and it will have an impact on the overall cost of banking app development. 

If in-house app development is not an option owing to financial and resource limits, you can engage freelancers or outsource your app development project to a reputable business such as ours.

Hiring freelancers can assist you in lowering your overall app budget. Their lack of technical skill and experience in designing a banking app, on the other hand, may end up costing you much more than the overall development costs in the long run. 

A full-service mobile banking app development company, on the other hand, will price you a bit more initially but will provide a higher return in the long term due to the quality of services they provide.

A typical team for developing an effective digital banking application should include:

• 1 project manager 
• 2-3 backend developers are required.
• 2-3 iOS/Android Developers
• At least 1 designer and 1 quality analyst

It should be noted that the team size can be increased or decreased based on the overall complexity of your project.

Agency location

Another factor influencing banking app development expenses is the location of the mobile banking app development business you select. The cost of app development rises as you move from east to west.

The hourly rate of mobile banking app developers in the United States is higher than that of app developers in Asian or African countries. Let us give you an idea of how much it costs to design a banking app in different parts of the world.

Region Estimated Hourly Rate of Development

• Eastern Europe $30 – $40
• Asia $20 – $30
• Latin America $40 – $60
• Africa $20 – $40

Mobile Banking App Features in Most Demand

Features to Include in a Mobile Banking App

App accessibility

A digital banking application, like the majority of applications, begins with authorization and registration. The banking application's sign-in process should be straightforward but secure. 

When developing a digital banking app, brands typically choose between PIN entry and Fingerprint.  A multi-factor authentication method can significantly improve application security. Understand the various methods for implementing a multiple authentication system.

Account information

You should give users access to their bank account information, such as account number, balance, card number, name, and so on. A lot of success stories emphasize the importance of displaying the functionality of checking balance and other information on the first screen that appears when a user logs in. However, even if things do not go as planned, attempt to make the sections easily accessible to users.

Transfer and payment

The capacity to perform real-time payments and transfers is the next essential function of a digital banking application. There should be a separate section for transfer activities, with the opportunity to add beneficiaries, examine account balances before and after the transfer, and so on.

To allow money transfers, you should also require users to enter their password/PIN or fingerprint at the payment step.

Transaction record

Real-time transaction history is another important element of a banking application. On a more general point, you should provide your users with the ability to examine their transaction history for the time period that they desire, i.e. custom date setting.

Notifications through Push

A well-planned push notification strategy will help you not only retain clients but also enhance engagement levels in your application.

In general, push notifications are separated into three categories:

• Transactional - notify users about any changes to their bank accounts.
• Promotional - notify users about special offers, discounts, and bargains.
• Application - Document submission or password change request.

AI Integration

AI will be used in a variety of novel ways in the payment and banking sectors this year. From fraud detection to developing 24*7 connectivity between users and banks, banking institutions will integrate AI and Machine Learning to a large extent.

App Safety

Although the banking industry is one of the most secure, it will become unhackable in the future. Here are a few aspects that we will be incorporating into the banking applications to make them more secure:

• System of multi-factor authentication
• Encryption from beginning to conclusion
• Fingerprint identification
• Alerts in real-time
• AI integration to detect cases of fraud, etc.

Custom feature for your banking business

While these are the essential aspects that determine how to construct a banking mobile app, there are a number of advanced features that can increase the returns on your investment in mobile banking development services. 

Regular payments, QR scanning, integration of third-party services such as investment portals, hotel or travel booking possibilities within the app, and so on are examples.

All of these factors combine to determine the cost of banking app development. If you need an accurate number, share your concept with our banking software professionals. They'll assist you in validating your app idea while also providing a pricing estimate.

While you're working on a banking app concept, let us give you a good peek into the mobile banking app market to help you make your app future-ready.

A Peek Into the Mobile Banking App Market

Because of the convenience that banking apps provide - real-time access to account information, ease of transactions, card-less ATM withdrawals, and so on - every bank today has its own banking application.

But does this imply that the moment for entrepreneurs to jump on board has passed? No!

A variety of statistics support the need for a mobile banking application. Here are a few notable examples:

The mobile banking industry was worth $715.3 million in 2018 and is predicted to grow to $1,824.7 million by 2026, according to Allied Market Research.

From 2019 to 2026, the market will grow at a 12.9% CAGR.

According to the Global Digital Report 2020, about 5.19 billion people (or 67% of the world's population) use smartphones, while 4.54 billion people (or 59% of the world's population) use the Internet on a regular basis.

You now have a better understanding of the global market for digital banking, as well as how much promise and opportunity it still has.

How to create a mobile banking app?

If you're wondering how to make a mobile banking app, taking a practical approach is your best bet. Let's go over each stage in detail, from pre-development to gathering needs and agreeing on an app budget.

Market Analysis and Data Gathering

Conducting thorough market research is the first step in building a mobile banking application. You must first develop a proper plan to assist in assessing the market requirement for a banking application.

The next stage is to begin investigating your target demographic, analyzing the competition, and identifying numerous flaws in the present banking software. A higher ROI is ensured if you can identify the weaknesses of existing apps and create an app that is distinct and different from the competition.

Deciding the features and tech stack

The second step in the development of a mobile banking app is to finalize the app development features that will be added to the app during the development period. This stage also includes selecting the correct technology for your app, which will make it scalable and robust, allowing you to stay ahead of the competition. A current tech stack and a long number of features might help you boost your total ROI.

Implementing UI/UX design

The next stage of development is to put the banking app's UI/UX design into action. One of the most important elements to consider when creating the app interface is fluid navigation, which may assist in increasing the app's overall engagement and retention of existing users while efficiently attracting new users. A professional design team can assist you in creating a unique app that captures the essence of your business.

Developing the banking mobile app

This is the stage at which the development team combines all of the parameters and implements them using a programming language. The development team employs a strong technology stack to ensure that your project functions smoothly and consistently.

At this stage, the team also takes all necessary precautions to provide a hack-proof mobile banking application. Our team adheres to all national security protocols to ensure that your app properly protects user data.

Technology Stack For Mobile Banking App Development

Final Thoughts

Now that you've learned about the banking app development costs ($35,000 to $350,000) and the different aspects that influence them, it's time to invest in a custom mobile banking app that will put you on the map.

Infiniticube is a specialist fintech application development services organization that can provide you with a well-defined app development plan and construct a banking app coupled with a contemporary tech stack and a long list of features based on your business needs. 

Partner with us as your dependable mobile banking app development business. We'll work with you to create a smooth digital banking experience for your consumers, leveraging our expertise in developing safe, user-friendly, and creative solutions. 

Contact us right away to discuss your idea and begin the process of transforming your financial services. Discuss your project with our expert via a meeting call and let's work together to shape the future of banking!