Transactions through mobile banking have become a new normal now. From checking current account balances to pay necessary bills, people can make every little payment right from their smartphones. Thanks to mobile banking apps that facilitate customers to do bank transactions via their cellular devices. The prominent reason for the increasing demand for these banking apps is the extensive evaluation of online payment methods. If you aim to become the next Banking Future, mobile banking app development is a perfect choice.
Today mobile banking app development has become the hottest trend in the banking and finance fields. If you are looking for a proliferating growth and expansion of your business services in the finance field, it is an excellent idea. But before going for mobile app development, one thing that holds every business person’s mind is the development cost. The best thing about these Banking apps is you don’t need to spend as much money on marketing as other mobile apps. Still, you require a decent budget for the different development elements.
In this blog, we will discuss the total cost required to develop a mobile banking app. Several factors affect the budget evaluation; these factors may vary according to your project requirements. Below we have mentioned the critical factors that influence the project costing to a great extent.
Factors Affecting Development Cost of Mobile Banking App Development
The number of App Platforms
Selection of an app platform is crucial to be done. However, both iOS and Android are demanding and famous in the market. At one end, where Google Apps have the highest number of downloads, on the other side, Apple is known for its revenue generation. But if we compared them based on the time and budget, then they have a huge difference.
The cost to create an iOS mobile banking app is higher than Android; reasons can be its APIs, functionalities, programming languages, and others. But it is time-taken and costly. However, picking up one single platform results in losing significant revenues. Still, if you are new to the market, we recommend you to go for Android app development
Features of any app are the most prominent part, but if the services are related to banking, it needs to be more sharp, secure, and advanced. Your budget varies depending upon the features you add to your banking app; it can go from basic to highly sophisticated ones. Below we have mentioned a list of essential features and time required to create them-
- Secure Payments- 2 hours
- Profile Authentication- 1-2 hours
- Payment Repeat- 2-4 hours
- Cashback- 1-2 hours
- Nearby ATMs- 3-5 hours
- Onboarding- 3-8 hours
- Google or Apple Pay Integration- 2-3 hours
- Savings Target- 2-5 hours
- Expenses Analytics 2-3 hours
- Miscellaneous Services- 2-4 hours
- Chatbot- 4-8 hours
- Investments- 3-4 hours
- Special Deals- 2-3 hours
- QR Code Scanner- 3-4 hours
- Push Notifications- 2 hours
- Personal Profiles- 2-3 hours
- Splitting Bills- 2-3 hours
- Customer Support- 4-5 hours
Designing is another critical part that needs to be considered in a banking app. To offer a comfortable user experience, the interface of the application is required to be smoother. UX/UI design’s complexity and the inclusion of additional branded visual elements can fluctuate the budget. To avoid the extra designing expenses, hiring an experienced mobile app development team is beneficial.
Apart from these factors, another thing that helps determine the development cost of banking apps is the deployment strategy.
Mobile banking app development entirely relies upon your strategy. You can either break it into small versions or can go for a full-fledged advanced application. Again, it affects your budget if you opt to deploy your app into versions; it hardly takes 3-6 months, and the cost of $50,000-$80,000 per platform (iOS or Android). The best thing about this approach is the time and speed; you can quickly launch your app with unique features and test it with real-time users.
On the other side, if you choose to launch your application with full-fledged features and functionalities, it will take more time and budget. According to various reports and surveys, a mobile banking app development cost with advanced features ranges from $200,000 to $500,000.
As said above, the development cost is entirely based upon your project requirements. It continuously moves due to the changes, advancements, and additions required. Therefore, to understand the exact cost estimation of mobile banking app development, hire experts from the SVAP INFOTECH and get the app of your ideas at affordable prices.