How Much Does It Cost To Make A Banking App?
“Banking is not somewhere you go, but something you do”
The banking world is currently undergoing a whole lot of changes under the influence of Information Technology. In the fast-paced world where digital banking is safe and secure modern users do not want to visit the bank every other day for every little transaction. Baking App enables the users to use the bank who are unable to visit the bank. A simple banking app may cost around $50,000, while some of the more complex banking apps with lots of features may run around $150,000-$180,000. Building an app makes it easier for disabled people to access the accounts without any trouble, which ultimately resulting in gaining customers. It is useful to set your banks apart whether you are operating a small business or running giant firms in order to gain customers and reach the peak of success.
The Audience and Outline
First of all, you need to recognize the targeted audience, the outcome you are expecting, and who is going to be benefited from your services. To understand the audience and their needs, you can conduct surveys and make an outline to do statistical work to understand the technicalities of an app. As a banking app user, I would like to access and see the balance of my bank accounts. I would like to pay my bills without delay and keep the checks of my savings and payments.
Get the Team
Hire the development team on the basis of how complicated your outline is. Bigger teams require many resources, and costs may vary according to the functionality and complications of the app. UI/ UX determines the success of your online bank. You will need a user experience designer to ensure usability and maximum personalization. Project managers to plan, organize the completion of the whole application. The coders to implement the requirements. Some graphics artists and some quality assurance team to test the entire app before deploying it.
Banking App Features
Authorization
The basic functionality is the authorization to comply with the security checks. To refrain from unauthorized access from logging in to the account.
Card Information and Transactions
Quick access to the card information such as customer’s name, card number, balance, and other account details and the history of payments to keep the user updated with the last purchases and transactions. The user wants to review the transaction history to make sure if the payment was made successfully without any errors or delays. Notify the user about the changes made in the app after every update about their transactions, promotion deals, and password confirmation.
Customer Support
To provide quality service to the users, provide them with 24/7 customer support by chatbots to respond to them quickly day and night.
Cyber Security
Providing robust security is the major requirement for building a banking app as financial applications and institutions are more likely to be attacked by cybercriminals. A good secure app would be having two-factor authentication and secure infrastructure. Also, e-signature adds value to the app making it more usable and protected. To prevent malicious intervention, automatically block the user for not logging out for a longer period. Encourage users to set up complicated and long passwords to make them secure from cyberattacks.
Extra features such as regular payments, QR code scanning, third party services can be added as well.
How Much Does It Cost To Make A Banking App?
In general, iOS apps are a little cheaper in comparison to Android apps, as you would need more resources to make it feasible for different devices and systems. The banking app may cost around $50,000, while some of the more complex apps may run around $150,000-$180,000.
According to the statistics and rough estimate, it may take around two and a half months to build an app from scratch. From the most basic ones to the complex ones, you can divide the tasks in the number of days according to the hourly payments.
The time and cost required for the app depend upon the specifications and functionalities you choose. Let’s assume three people from the development team work $30 per hour and take around two days for the payments task implementation. Authentication task may require 1-2 days, ATM Locations task may be done within 4-5 days, repeat payments within 3-4 days, Cashbacks within 1-2 days, chatbot within 5-7 days, unique services within 2-4 days, QR code scanning within 3-4 days, push notifications within 1-2 days, transaction history within 2-3 days, splitting bills and customer support within 4-5 days and personal profile task may take around 3-4, and the list goes on further depending upon the complexity of the app required to make it more usable. You can easily calculate the estimated hours and the total cost depending upon the hourly cost of the tasks.
Building the whole app from scratch may seem like a difficult and much costly task, but once you write down the requirements. Choose a suitable team and leave the rest of the work to the experts according to the budget and functionality. You get the best secure and safe app without having to look at your shoulder. Be confident about having the growth. Just think that you will be providing the customers with the best of services, and hence the customer base will be growing, and it shall help you get the costs covered along with the best interests.
By providing convenience to the customers, you will be gaining new customers as well as the trust of the customers by providing them with the benefits of your online banking system. When customers avail of the online banking benefits, they feel more belonged and help you connect with them more easily.
If you plan to launch an app, I recommend you to start with the most basic features and then add up more functionality to advance the set of features. Do not let the challenges stand in your way. The app requires maintenance and new features according to the customer’s needs. There will be some costs, but planning the business’s strategies in a smart way can yield a good return in the long run.
