Cost Breakdown Of Whitelabel NeoBank App Development

Digitization has revolutionized various industries, be it healthcare, real estate, education, logistics, and banking is no longer an exception. Gone are the days when people used to wait in long queues to avail of banking services. In the fast-paced world, traditional banking is losing its grip because of its time-consuming nature, along with security and privacy issues. The solution to these problems is neo-banks. Tech-savvy customers want quick services without any hassle. This new-age banking doesn’t have any physical presence; thus, it provides its services entirely digitally. Are you planning to develop a whitelabel neobank platform for your business or want to build an entire neobank app from scratch? The choice is yours!

Suffescom Solutions Inc. provides world-class neobank app development solutions to its clients. Our professionals will guide you through the features, benefits, development process, and budget. Talk to our experts and also get fruitful insights about the crypto neobank app development.

Whitelabel NeoBank Platform Development Cost

The whitelabel neobank platform development cost ranges between $30,000-$70,000. This is not the fixed price and may vary depending on the project’s requirements. Neobank app development cost depends upon various parameters. It is quite evident that the development cost depends upon the time taken to develop an app. The more time, the more money will be charged. Check out some of the important factors below;

• Location Of The company
• Integrated Features
• Tech Stacks
• Size Of The neo bank platform development company
• Time consumption for white label neo bank platform development
• Project Complications
• UI/UX design

Just be with us for an elaborative neobank platform development cost!

Neobank Platform Development Cost- Wider Estimation

Development Process

The neobank development cost is majorly dependent on the development process. Numerous phases are involved in the full software life cycle, which consumes enormous time and even takes massive manpower. The process starts with ideation, research, and analysis and then leads to development and launch. So, the deciding factor here is the “time” taken to complete every phase.

Development Process	Cost Estimation
Research and Analysis	$3500-$4000
App design	$4000-$5000
Development	$7000- $8000
Integrated Features And Integration	$5000-$10,000
Quality assurance	$5000-$6500
Deployment	$5500-$6000
Launch and Maintenance	$4500-$5000
Marketing	>$5000

This is just the price range; the actual cost will be decided based on the app requirements.

Company Size

The size of the development firm also plays a pivotal role in the neo bank app development cost.

Size of the development company	Team Size	Development Cost
Startups/Small scale	40-50 employees	$8000-$15,000
Medium-scale	50 - 250 employees	$20,000-50,000
Large scale	250+ employees	>$70,000

Geographical Location

The geographical location of the development firm also plays a key element while deciding on the neobank development cost. There are certain destinations where the IT industry and software development is extremely popular. So, in those possible areas, the developer charges are higher than in regions where technological advancement is not in demand. Here, we have mentioned certain regions with their hourly rates.

Geographical Location	Hourly Charges
USA	$60-$90/hr
Europe	$55-$80/hr
UK	$50-$65/hr
India	$25-$50/hr
UAE	$50-$60/hr

Technological Stacks

An intuitive neobank platform/app comprises several technical elements such as programming languages, frameworks, operating systems, databases, user interface, front-end and back-end tools, technologies, servers, API integration, etc.

Technological Stacks	White Label Neobank Platform Development Cost
Frameworks	$5,000-$8,000
Programming Languages	$6,000-$12,000
Artificial Intelligence	$9,000- $15,000
Cloud Storage	$10,000-$15,000
Database	$6,000-$12,000
Operating System	$10,000-$14,000
APIs	$4,000-$8,000

Customization

We have a white label solution for the neobank app open to customization. App personalization helps develop an app that meets the client's requirements. The appearance and the app functionalities can be modified to a certain extent. The customization process is performed to amplify the user experience. In case of the addition or removal of features, the prices will increase or decrease drastically. A few of the features are illustrated below!

• Security
• Signup/Login
• Currency Options
• Geolocation Access
• Credit Score
• Real-Time Tracking
• Intuitive Dashboard
• Transaction Management
• Push Notifications
• Cryptocurrencies and card management
• Bill pay

Type Of Developers

The neobank app development cost also depends upon the type of developers. These are majorly classified as the freelancers and the in-house team members. Now, the charges in both cases will be different. The freelancers follow no proper schedule, but their charging prices are higher. On the other hand, the in-house team is properly managed by a company, but here the prices charged are lower.

Type Of Developers	Cost estimation
Freelancers	>$45000
In-house team	$50,000-$90,000
Outsource team	$30,000-$60,000

Level Of Complexity

The complexity is directly proportional to the development cost. Specifically, regarding the white label neobank platform development cost, the setup remains simple and doesn’t require too many modifications. On the contrary, if the neobank app needs to be developed from scratch, some complications may arise, resulting in massive costs. So, it is solely dependent on what the client requires. Our white label neobank app solutions are ready to deploy and do not face any intricate level of processing.

Application Design

The design of the neobank app differs from client to client. Some are fond of basic, some like medium, and a few admire advanced design. Depending on the level of design, the cost depends;

App Design	Cost Estimation
Basic	$8,000-$10,000
Medium	$10,000-$20,000
Advanced	>$20000

UI/UX Design

The user experience is paramount as it is directly linked with enhanced sales. The conversion rates are significantly increased. Most importantly, it attracts new customers and retains the existing ones. The user interface has to be interactive and intuitive, with good graphics, content, buttons, sliders, etc. The customers should not face any inconvenience while navigating the application. The neobank app should be absolutely customer friendly and should develop deep engagement.

Crypto-Friendly Neobank Solutions

Neobanks are always in demand right now, and now, with the inclusion of cryptocurrencies, they will transform the whole banking industry. Cryptos are the future, and amalgamating both will help businesses generate high revenue and exponentially increase conversion rates. Not only for the businesses, but the customers will also be able to perform faster transactions, with ultimate security and transparency. This will surely give a perfect boost to entrepreneurs in the long run.

Advantages Of Whitelabel Neobank Platform Development Cost

The neobank app development provides amazing benefits to customers. Venturing into a neo banking app development business is profitable for entrepreneurs. Conventional banking faced limitations like data leakage, fraudulent activities, and security breaches, due to which neobanking came into existence. Following are a few perks that are linked with the neobank app development.

Optimized Customer Experience

Due to the adoption of advanced technologies, the neobank app allows faster loading time, promotes great responsiveness, ends lagging time, strong data protection, outstanding customer support, in-built integrations, and more. Our developed neobank platform/app is available 24*7 to the users without any hassle.

Cross-Border Payments

Businesses are aided with a fantastic opportunity to offer smooth cross-border payments. Traditional banking encompasses time-consuming methods and takes high fees. Neobanks have come to the rescue, where every single operation is automated, and cross-border transactions occur instantly and in real time.

Instant Fraud Detection

Neobank apps come with a terrific feature of fraud detection in real time. This saves the user's information from getting stolen and notifies the users whenever there are phishing attacks, or fraudulent activities occur.

Faster Service

The neobank platforms provide super fast services with 100% efficiency. This works best when customers need to send a huge amount of money to their destination instantly, just like in a few minutes.

Seamless Account Opening

There are no complications surrounding the account opening. The customer just needs to sign up and log in with their information. After that, they just need to upload their recent picture with authenticated identification proof on the platform. Here, the paper documents are replaced by digital copies.

Why Hire Suffescom As Your Digital Development Companion?

Suffescom is the top-rated white label digital banking app & platform development company which is a one-stop solution for all your digital banking needs. We are the leaders when it comes to crypto banking platform development and executing crypto banking solutions. Here are some of the finest reasons that make us the best in the league.

Flawless Development Process

Our developers know the nitty-gritty of every development phase and are skilled enough to implement suitable coding techniques and frameworks for a smooth development process.

Higher Customer Satisfaction

We develop platforms or applications for our clients that meet their needs and deliver them successfully within the decided time frame. This helps us develop great trust and build a strong relationship with them.

Reasonably Priced Apps

We quote the overall budget of the applications that are affordable to clients belonging to every economic bracket. But the prices may change in case of personalization regarding design and features.

Cutting-Edge Technologies

We leverage advanced technologies that are helpful in developing an ultra-modern, sleek and dynamic application. To keep up with the trends, we are experts in utilizing artificial intelligence to enhance the app's operation and working.

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