Indeed, Mobility plays an important role in banking. The banking sector is going through tremendous changes, and that entire process is known as “Digital Transformation.” Users who are well informed about modern technologies are tech-savvy users, and they don’t want to visit banks every day. They always want to have all banking options on their smartphones instead of going to banks for any purpose. Because of this perception of tech-savvy users, banks around the globe are working on digitizing their services.
Nowadays, Mobile banking applications are trending a lot and becoming one of the top ways which people will love to use. They find it convenient to log in to their online bank accounts to perform confidential transactions.
Clients can quickly pay bills or transfer money between accounts using their bank’s app on their smartphone or tablet with just one click. The allure towards mobile banking is so high and prominent that banks, across size and topographical locations, are dilating into the mobile banking app development to offer banking convenience with more and more innovation going on, banks around the globe are looking for ways to make themselves new-gen technology-rich.
This post will deep dive into the different facets of banking application development and the cost of developing a banking app.
As you can see, the data clearly states that the percentage of mobile users are increasing day-by-day flawlessly. So, if you have your payment app development done soon, surely you can get these mobile users onboard. But, the banking mobile app development requires significant investment which depends on so many factors like platform, features, and technologies.
Mobile banking app development costdepends on various factors, but to give you a rough idea of the mobile banking application development cost, the total development time for fully-featured app sums to 3760 hours. Considering hourly rate for fintech projects of $25, the cost of developing a feature-loaded banking app stands around $94k.
In the first phase, you should conduct thorough research to determine how your mobile banking app will work, what users want from your app, what benefits users will get, and whether third-party services like open-APIs are required or not. After doing this, you will get functional specifications, which will help you generate ideas on how to solve problems. This phase is all about collecting all ideas together and clarifying the details of the project. After doing research, to develop a successful banking app, you should start with careful planning. Here are some points you should consider while planning.
1. Review Best Practices
2. Decide Features
3. Technologies You Would Require
While researching and planning, you have decided what feature you want to integrate into your banking app and how your app will look. So, according to your selected features, workflow, and user journeys, it is essential for you to develop a user-friendly interface and designs to fulfil all the users' requirements. Designers always get to work before developers because it is essential to look at the app’s actual picture before coding.
Designers work to produce a user interface design that is made sure via several tasks including UX design, mockups, and UI wireframing. Through this, you will get high-fidelity prototypes ready for implementation, along with a style guide. However, the cost of developing a banking application always depends on the number of screens in the app. Each screen requires its own design so that the expenses may rise or fall accordingly.
Mobile banking apps require administration, and it’s usually a web-based admin dashboard that allows you to manage users and several other processes related to your banking app. The development process consists of two parts — frontend and backend coding. Frontend development deals with the user interface and turns it into the functioning code. On the other hand, Backend development deals with security, data integration and server-side configuration.
Several IT companies use agile methodology for development. This process is iterative and interconnects with continuous testing, which helps reveal and fix bugs at early stages. The cost of developing a banking application depends on what platform and tools you use, whether you create a native or a hybrid app, and how many features you want to include.
We’ve already mentioned different phases of mobile banking app development on which cost relies. After all these phases, it undergoes the final testing to ensure that all the components work in harmony and everything is working fine with total efficiency.
Maintenance and Support of a mobile banking app are essential for its triumphant performance. This phase is a post-development phase, and its cost is not included in the total expenses for app creation, though it should also be considered separate and periodic .
All the elements come together to define the cost of banking application development. But, if you are looking for a numeric value, you should share your idea with the right mobile banking app development company. They’ll help you in validating your app idea while giving you a costing estimate.
Pro Tip: The mobile banking app development cost greatly depends on the hourly rates of programmers across the globe.
Divya is an outstanding writer at Nimble AppGenie. She is very innovative with her creative ideas. She is very passionate with technology implementation in several industry verticals and always keen to learn new opportunities that brings business efficiency and profitability.
Whereas, Nimble AppGenie is an expert in developing solutions for Healthcare, FinTech, and EdTech. Nimble AppGenie is helping small-large scale enterprises by providing innovative solutions that excel in the market.