How much does it cost to develop a Banking App?
The sudden rise of digital platforms and digital devices is demanding a technological revolution in almost every business sector and banking is also one of those. Digital platforms are bringing almost services and products to our desks making them more accessible for everyone regardless of their location and the time. If you take the banking sector as an example, then dating back to a decade people were waiting in a long queue for hours just for a fund transfer or withdrawal. Now, with the help of technology and digital solutions, either you want to make bigger transactions or you need to check your balance, everything is just at your finger’s touch. The sharp rise of the banking technologies is demanding the banking sector to step up in the digital world and get assistance from the top banking application development companies to level up their services and enhance the user experience.
If you are in the same business domain and willing to understand the online banking market then you must know that almost 90% of the banking customers are using online solutions to get instant services. A survey on banking users in the USA has depicted that almost 90% of bank customers are opting for online banking solutions.
Most fintech companies are willing to develop banking apps but the cost to develop a banking app refrains them from stepping ahead in their objective. It’s a myth that investment in banking app development is an extra expense to the existing ones without any extra benefit. The fact-based on several studies says that developing a banking app has assisted finance companies to double their ROI with a quick rise in the number of customers and number of services availed by them.
If you are also restricting your business idea due to the banking app development cost then we can help you in getting a rough estimate of a banking app development cost. The cost for developing an app is mostly influenced by various factors related to the development, such as features incorporated, location of the team selected for the development, a mobile platform for app development, the technology used, the complexity of code preferred, and customization and many more.
Let’s have a look at the above-listed aspects:
– Profile creation
– Security setup
– Account management
– Branch locators
– Fund transfers
– Options to opt for other banking services like a credit card, loan, and more
– Push notifications
– Customer support
– Offline access
– Transaction details
Banking app development team:
– Project manager
– Business analyst
– Consultant for ideation
– UI/UX designer
– Graphics designer
– iOS/android/cross-platform developer
– Testing professionals
Technologies used for app development:
– Hosting: Aws, or anyone based on the customer’s choice
– Mobile app development technology: React for cross-platform app development, Kotlin or java for android, and Swift for iOS app development
– Testing: Several testing tools can be used such as Kobiton, TestComplete, Appium, etc.
– Prototyping: Figma
– Backend development: Laravel is the best option
Cost to develop Banking App:
If you are willing to hire a freelance mobile app developer and build a team then it may cost you approx. $20-$50 per hour but it may add more hours to your app development process because there may be a lack of coordination. But if you choose to hire a pre-determined team from the best banking application development company then it may cost you more than $100 per hour but the process will be swift and appropriate giving you the best results.
The cost of app developers is highly influenced by the location. For example, if you choose the USA for the selection of your team then it may cost you $100-$150 per hour but your selection is from a country like India then the per hour cost may reduce to $50-$100.
Most of the banking and finance companies are now taking the assistance of banking app development companies in India and are setting up their online existence. Investing in the mobile app can serve you with the highest returns as it will help you in doubling your ROI with the increase in the number of users and hence the services consumed. The banking application development cost can vary based on your requirements and the selection of your team. An average cost to develop a banking app can range between $50-$150 per hour based on the team you are choosing.
Frequently Asked Questions
1. Does the cost to develop a banking app can differ based on the type of team selected?
The selection of your development team can emphasize your cost to develop a banking app to great extent. The average cost of various team types are listed below:
In-house team: $90000-$120000
Local agency: $120000-$150000
Outsourcing company: $50000-$100000
2. What are the basic types of banking apps?
Countless banking and finance companies are serving diverse banking solutions to the customers and most of those are looking ahead to develop a banking app. A few of those are listed below:
– Banking app
– Lending app
– Insurance app
– Investment app
– Consumer finance app
3. Why choose ReapMind for banking app development?
Choosing a development team means choosing the way to your success. The success or failure of your app completely depends on the team you choose, and we are one of the best app development companies in India with several years of experience in developing apps for various fintech and banking organizations. We have the best professionals with us to serve you with the most prominent development services to ensure a magnificent and superlative banking app holding the most elite features to take your company far ahead of your competitors.