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Today, technology has become a pivotal part of people's lives. Several industries have adopted the technologies and used them to automate business operations. Conventional methods of providing services have become obsolete and are no longer attractive to customers. Digital ones have successfully replaced traditional banking services.
In today's digital era, the banking industry is undergoing a massive paradigm shift with the beginning of digital banking apps. These have made the entire finance management quite easy and seamless. With the availability of phenomenal features and a user-friendly interface, huge accessibility and convenience are offered to the customers as they can handle every financial activity with utmost ease.
Do you wish to know about the digital bank app development cost? Well, you are at the right place. In this blog, we will explore the parameters affecting the cost of digital banking applications along with guiding businesses to steer through this landscape.
Several factors contribute to deciding the app development cost. Here, we have emphasized a few important ones:
Before starting any app for finance businesses must know about the functionalities, features, timing, and cost of building the app. We offer cost effective digital banking app development solutions.
Depending upon the categories of digital banking apps, the development cost varies. Across the globe, numerous digital banking platforms are available for customers; here, we have illustrated a few of them.
1. Neobanking apps: With neo-banking app solutions, there are absolutely no physical branches, but provide mind-blowing online financial services via mobile/web platforms.
2. Crypto banking platforms: Develop a crypto banking app that streamlines banking operations involving secure crypto assets storage, digital wallets, P2P trading, and multi-currency bank accounts, etc.
3. Web3 banking apps: Build web3 banking apps fully integrated with decentralized finance protocols and ensure blockchain-based transactions while transferring payments.
4. Virtual banking apps: Leverage the power of virtual banking app solutions and offer an immersive banking experience, blockchain-aided security, cost reduction, no intermediaries, etc.
5. AI banking apps: Our AI banking app development handles complex tasks, upgrades the customer's experience, and makes banking a secure, reliable, and profitable business.
| Types Of Banking Apps | Digital Banking App Cost |
| Neo banking app | $40-$100k |
| Web3 banking app | $30k-$70k |
| Crypto banking app | $35k-80k |
| Virtual banking app | $30k-90k |
| AI banking platforms | $40-$90k |
App development is the single most important phase that affects the budget drastically. Here's how different aspects of the development process can influence digital banking app costs;
Extensive market research is performed that requires massive time and effort. Before kick-starting the development process, proper planning is required. It includes creating a roadmap, listing the features, creating milestones, and maintaining technical documentation.
The development strategy adopted requires agile or DevOps approaches that impact costs. Agile techniques with ongoing feedback follow an iterative process, which can be more expensive, but the process becomes more practical.
Hiring developers, designers, QA testers, and project managers with massive experience results in higher salary costs. But they are equally important as they produce better quality products and help reduce the delays in development.
Cost-controlling attributes, like frequent communication, deadline tracking, and risk management, are essential elements of project management. Substandard project management results in delays, overspending of the budget, and unproductive resource usage.
In this article we have estimated the cost of developing the digital banking app. We have break down the app cost in distinguished way to understand the cost of each part of the application.
| Development Process | Cost Estimation |
| Consultation | $3000-$4000 |
| Planning And Research | $4500-$5500 |
| Designing | $5000-$6000 |
| Development | $7000-$8000 |
| Testing | $5500-$6500 |
| Launch And Maintenance | $5000-$6500 |
| Marketing | >$5500 |
Adding functionalities in the app uplifts the performance, makes it user-friendly, amplifies the product value and creates monetization opportunities.
Users are able to monitor their balances, transaction details, and other account information in real time. The banking apps are even able to handle several accounts, like current accounts, savings accounts, and credit/debit card accounts.
On the user accounts themselves, the platform enables transfers within the same bank or to other banks. It offers amazing facilities like recurring transfers and one-time transfers.
Through this feature, customers are able to pay their bills without any hassle, which encompasses loans, utilities, etc. There is an automatic setup for the bill payment that sends alerts to the user to take necessary action.
Helps users monitor their debit and credit cards from the app, which permits them to activate new cards, report lost or stolen cards, control spending capabilities via setting limits, and temporarily turn cards on or off.
Numerous digital banking apps highlight instruments for financial planning, budgeting, tracking expenses, etc. Users can categorize transactions, implement limit protection, monitor their spending and cash flow, and gain insights.
It is possible for users to set up alerts and notifications for accounts, such as for a person’s ID, low balances, upcoming bills, and suspicious activities. This attribute helps them stay updated with their finances.
Security is an important aspect of digital banking apps that makes sure that the data is kept confidential and that every unauthorized activity is curbed beforehand. Check out some of the spectacular security features that are available in digital banking apps.
One of the fundamental security elements is MFA, which uses more than two authentication forms that could be bio-metric authentication like facial recognition, one-time password fingerprints, etc.
Encryption is used to encode sensitive data transmitted between the app and the bank server via encrypted communication channels. Moreover, the data stored on the user's device and the bank server are also protected by encryption. For instance, SSL/TLS encryption protocols allow advanced encryption, as they guarantee secure and confidential data.
Biometric recognition protocols, including scanning fingerprints, face recognition, and iris scanning, minimize potential security breaches. It even enforces authentication, which is more secure than password authentication, and offers a seamless user experience.
Digital banking apps utilize device identity authentication to validate personal devices to access their accounts. Such identification reduces the chances of breaching through unrecognized or compromised devices.
Secure session management enables the establishment of secure sessions, offers maintenance, and performs necessary security checks that prevent hijacking and intrusion. The availability of session timeouts and token-based authentication increases the session security.
The digital banking app uses fraud detection algorithms and a real-time monitoring system to identify irregular activities. In case of such activities, the bank authorities and users are informed to take necessary actions.
The size of the company can very well influence the digital banking app cost. In large companies, the number of employees is higher, whereas in startups, the resources are limited. Therefore, the former charges more in comparison to the latter ones.
| Company’s Size | No. of employees | Development Cost |
| Startups | Up to 50 | $30000-$40,000 |
| Medium scale | 50-250 | $40000-$60000 |
| Large scale | >250 | >$60000 |
The selection of technology stacks, such as programming languages, frameworks, and development tools, greatly influences the expenses. Certain technologies charge higher licensing fees, while others charge less as they are available via open-source options with absolutely lesser effort.
The design of a digital bank app also has an important implication on the development cost because it directly affects the user experience. Building a digital banking app with a complex UI/UX design increases development costs. The simple yet interactive design lowers the time and effort. A design that has advanced interactions and intricate layouts will be more time-consuming and quite expensive.
Moreover, the responsive design guarantees a spotless user experience on multiple platforms. Adjusting the app's look and content automatically while keeping screen resolution in mind requires extensive planning that only an expert can perform, thereby resulting in increased development budgets.
Developing white label digital bank app considerably takes less time as the backend is already developed and tested. Such apps have little scope for customization, and the prototyping costs are also low.
Similarly, developing applications from scratch with exclusive integrated features normally charges more. The time taken will obviously be more due to the tailored solutions, and even the prototyping costs will be more due to unique workflows, interfaces, documenting, and executing the user requirements.
Suffescom is a reliable mobile app development company serving various businesses globally with its expertise. Here, we have mentioned some of the facts that make us the favorite choice of businesses across geographical boundaries:
Hurry up and contact our business analysts to get precise digital banking app development cost.
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