How Much Does A Banking App Really Cost?

Cost for Banking App

Are you thinking of developing your own customized banking solution but don’t know the cost? In this article, we will provide a more detailed look at custom financial applications development. We will define the main stages of the development process, the features to include, and the cost of developing a banking app.

According to recent surveys, users trust online banks as much as they trust traditional ones. The COVID-19 pandemic gave a significant boost to the development of the digital banking sphere. And customers are always anxious for innovative solutions, so if you have an original idea for a banking application, this is the best time to present it to the market. If you don’t know where to start,  this article will be helpful.

Where to start developing a custom banking application?

Start developing a custom banking application
Start developing a custom banking application

Plan

Outlining the future application is a great way to understand the aim of your app and how to achieve it. You need to have a clear idea of the audience you are targeting and define the most urgent client problems that need immediate solutions. You also need to understand your app’s level of complexity. Then, you can move on to picking the right development team.

Hire a development team

Even though a complex banking app is less challenging to develop than your typical gaming app, you still need to hire experts who will help you create your digital bank and make it meet all your requirements. We suggest choosing a team that already has expertise in this sphere and enough developers to deal with this process. Ensure the team is open to communication and providing updates concerning security. Going for a larger dev company may be more expensive than simply hiring a couple of freelancers, but you are more likely to receive what you want.

Pay attention to security

Security is the main concern of customers when it comes to finances. Moreover, cybercriminals attack them more often. That’s why you need to pay special attention to data security and software infrastructure protection. Here are the best ways to implement an advanced security level in your online bank.

Creating secure infrastructure

Be sure to choose a reliable server to store your app database and logic. It should provide reliable protection from different kinds of attacks and instantly recover the information in case of an unexpected failure.

Including electronic signature

Implementing an e-signature can enhance your app protection and make the process of interaction with an app more convenient for users. For instance, a user can effortlessly open a bank account or sign documents without leaving home.

Two-factor authentication

Make the users verify their identity by asking for biometric data (fingerprints, etc.) or a mobile application password.

Password check

Add a tool that will fail to set a too short or too simple password. Help your users in creating strong passwords that will be more difficult to hack.

Setting an expiration time for inactive sessions

This one works effectively for preventing malicious attacks when a user forgets to end a banking app session. For effective prevention, you can automatically close such sessions after they are not used for a specific time.

Ensure the UX is smooth

Make the most out of your bank app design. All online banks provide similar functionality. So make your user interface stand out and ensure a seamless user experience. Turn the UX into a tool that can boost the level of user satisfaction.

Develop corporate identity

Your banking application should be unique and different from others. Make it minimalistic, stylish, and recognizable.

Customize

A personalized user experience creates a feeling that you care about the user’s needs. Take your UX and provide a customized experience like pieces of advice and suggestions.

Interact with your users

Keep close contact with users by implementing notifications and reminders about user activity. But also include an option to disable notifications.

How much does a mobile banking app development cost?

We can’t present the exact numbers for your app, but on average, developing an average-complexity banking app takes nearly 120 hours per week. The whole development process usually lasts 10 weeks. It is perfect for a team of a few developers who work on the project full-time.

When it comes to platforms, the cost of iOS apps is lower, so Android applications can cost a little more. However, having an app on both makes it available for a broader range of users.

It also depends on the country where you outsource software development. The hourly rate of developers in the US and Eastern Europe differs significantly, but the quality of a final product is pretty much the same.

The price also hinges on the functionality you want to implement in your project. For instance, a basic feature such as a personal account takes 2 days, and push notifications to take 3-4 days.

7 Must-have Features to Include in banking applications in 2021

7 Must-have Features to Include in banking applications in 2021
7 Must-have Features to Include in banking applications in 2021

Let’s take a closer look at the main functions that directly influence the mobile bank development cost. Firstly, let’s look at the essential functionality all users expect to see.

Basic Features

  1. Authorization and personal account
  2. Card info
  3. Transactions and payments
  4. Payment history
  5. Push notifications
  6. Support chat
  7. ATM location

Extended Functionality

Basic features are not enough to turn your online bank into a successful business. You also need to add some highlights. You can pick ideas for extra functions from the list below. But don’t overdo it and use all of them. Focus on features that would work perfectly for your customers.

  1. Scheduled transactions
  2. QR code scanner
  3. Cashback
  4. Banking activity tracking
  5. Investments
  6. Third-party integrations
  7. Special offers
  8. Original services
  9. Splitting bills

Final Thoughts

Developing a banking app is a great business idea in a digitalized world. The mobile banking sphere is constantly growing. If you are going to present your own solution in the market, we recommend focusing on security and user experience. Based on the functionality, developer team hourly rate, and many other factors, the development cost may differ. But experience shows that successful, user-friendly banking apps gain profit quickly.

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