How Much Does Mobile Banking App Development Costs?

As people are switching from desktop and branch-visiting banking to mobile banking, the technological advancement in the finance sector can be ignored. Becoming today’s primary medium to access financial services like making transactions and accessing account information, mobile banking is the need of the hour. We can determine this trend with the witness of the significant growth in the global mobile banking market, projected to reach $7 billion by 2032, reflecting a CAGR of 16.8% from 2023 to 2032.

So, if you want to develop a banking application, you must have come across the question, how much does mobile banking app development cost? There are multiple factors that affect this cost, such as overall application complexity, the cost of hiring a reliable banking app development company, and developer’s location, and so on. In this blog, we will be discussing these cost-driving factors in detail.

Primary Factors Affecting the Mobile Banking App Development Cost

1. Application Features

The features you choose to integrate into your banking app are a crucial part of the cost-influencing factor. The advanced and complex features require additional coding and testing time and integration of the latest technologies, increasing the app development cost.

Here are some of the must-have features to integrate into your mobile banking application. 

• Security and Convenient Login and Sign-up Process
• QR Code Payment Method
• AI-enabled Chatbots
• Bank Account Information
• Transaction History
• Secure and Encrypted P2P Transactions
• Bank and ATM Locator

2. App Platform

When considering the cost of developing a mobile banking app, one crucial aspect to consider is the platform for deployment. While choosing between iOS and Android platforms may not directly impact the overall budget, it does affect the development methodology chosen, which, in turn, influences the overall app development cost.

Your platform choice determines whether you opt for native technologies or cross-platform frameworks for building the application. Developing separate apps for iOS and Android using native technologies typically incurs higher costs and longer development times compared to utilizing a cross-platform framework like Flutter.

3. UI/UX Design

The complexity of UI/UX app design is determined by crafting the overall app architecture, mapping out user journeys, and defining the look and feel of application features. This process involves rigorous testing to finalize a design that reflects the vision of the banking app and sets the any from competitors. Factors such as features, navigation, and designer costs contribute to the UI/UX design cost of your banking application, which typically ranges between $8,000 and $35,000.

4. Location of Banking App Development Company

The geographical location of the agency you hire for your project significantly impacts the budget for building a high-performing banking application. This is primarily due to variations in the cost of living, which in turn affects the rates charged by developers in different regions. For instance, developers based in the USA typically command higher fees compared to their counterparts in Asian or African countries.

Also read FinTech App Development Cost: A Complete Guide

5. Technology Integration

The technologies you choose to integrate into your banking application significantly impact the development cost. Building a feature-rich, advanced banking application requires hiring app developers proficient in intelligent technologies such as Artificial Intelligence (AI), Cloud Computing, and Machine Learning (ML), among others. Additionally, factors like data management, regulatory compliance, and security measures are crucial technological considerations.

Here are some of the key technologies commonly used in building banking applications:

Average Cost of Developing a Mobile Banking App

By comprehending the common factors influencing banking app development costs, you can establish an initial budget for your project. Typically, building a comprehensive banking application may range from $30,000 to $300,000. However, investing in custom mobile banking app development services is essential to seamlessly address your users' demands.

Moreover, as you continue integrating the latest technologies and new features to scale your application, the cost may vary accordingly. Therefore, it's advisable to determine the budget for app testing, maintenance, and upgrades during the initial requirement-gathering phase of project development. This proactive approach ensures a well-prepared budget that accommodates both initial development costs and future enhancements.