No matter how slow the adoption of technology is in the financial sector, there is one significant transformational event that needs to be noticed – the massive number of people willing to switch from branch-visiting and desktop banking to mobile banking.
Today, mobile banking apps are the most popular way to log in to bank accounts and make transactions. Mobile banking has become so popular that banks of all sizes and locations are looking to expand their online banking app development offerings and find new ways to enhance their technology.
The most frequent question is: How much does mobile banking app development cost?
A mobile banking app costs anywhere from $30,000 to $300,000. The app’s complexity and feature list can also impact the cost. Other factors that can affect the price of banking apps include their design, location, hourly rate, quality assurance, and other factors.
Get in touch with a Fintech app development company to explore the various aspects of developing banking apps and the feature sets which make it possible to determine the cost of creating a banking app.
Let’s begin by determining how to determine the cost of your banking application project.
How do you determine the cost of developing a banking app?
Two main factors affect the cost of developing a banking app: the total time it takes to create the software and the hourly rate of developers. It depends on many factors, including platform selection, the complexity of features, and the tech stack used. Developers’ hourly rates are usually determined by their experience, skills, and geographic location.
Once you’ve chosen your team of developers and determined the app development requirements, this formula can be used to estimate the cost of your project.
Let’s move on to the factors that determine the price.
What Effects Does Banking App Development Price Have?
You will see that many factors go into the cost of mobile app development. The same applies to the cost of building an app for banking.These influential factors can help you calculate your total banking app budget and determine how to optimize your investment.
Let’s now discuss each factor in greater detail.
App platform
The app’s overall budget will not be affected by whether you choose an Android or iOS platform. It is possible to have your app developed for one platform first and then move on to cross-platform development after the app has established a user base.
Wireframe
A wireframe is the overall architectural design of the layout of the banking app. Figma and PhotoShop can be used to create an app wireframe.The wireframe must go through numerous testing before it is finalized. This ensures that the design provides a clear vision of the product. The average cost of a wireframe design is between $8,000 to $10,000.
UI/UX design
After wireframing, the next step in designing a mobile app is creating UI/UX design.
Mobile banking apps have the following main features: account information, money transfer data, and customer care information. It’s easy to design a design that includes all the information. However, users prefer a more straightforward format that allows smoother navigation and keeps users engaged.
App features
An app’s complexity can be measured in terms of its design and the advancement of its integrated features. Your app will cost more if it has more features. For user testing, we recommend that clients create an MVP before launching their app. This allows them to make changes earlier in the development process.
App maintenance
App maintenance, even though it is last on the list, can significantly impact your app development costs. Moreover, app maintenance is even more critical due to the importance of user actions and data in mobile banking.
Your program might need to be updated occasionally, in addition to regular bug checks.
A Glimpse into the Mobile Banking App Market
Every bank has its banking application due to the ease of banking apps – real-time access to account information, cardless transactions, and so on.
Does this mean entrepreneurs are no longer welcome to jump on the bandwagon? No!
Several statistics support the need for mobile banking applications.
According to Research, the market for mobile banking was valued at $ 715.3 million in 2018 and is forecast to grow to $ 1,824.7 million by 2026.
- From 2019 to 2026, the market will experience a 12.9% CAGR.
- The US now has 203 million digital banking users, up from 196.8 million in 2021 and 203 million in 2022.
- The report shows that more than 97% of millennials use mobile banking applications today.
Mobile banking apps have surpassed Internet banking, branch-visit, and telephone banking in a decade.
Now let’s move on and discuss the future trends in mobile banking app development.
Future Trends in Mobile Banking App Development
You now know the basics of building a banking app and what features you should include. Next, it’s time to look at the current trends attracting market attention. Below, six movements from the mobile banking industry are summarized for your consideration:
- Contactless transactions
- ATM connectivity
- Personalization
- Voice commands
- Chatbots
- Biometrics
Conclusion
Now you have a better idea of the costs associated with developing a banking app ($30,000 to $300,000.) and the factors that affect them. It is time to start investing in a mobile banking app to help you get on the right track. Get in touch with a top mobile app development company for more insights.
