How much does it cost to develop mobile digital banking apps?
Customers can use mobile banking apps to access online banking services from their cellphones. With the emergence of banking apps, everything is now available with just one click, including receiving banking information, paying bills, and completing transactions. Users of banking apps may easily manage their finances at the tap of a finger, from checking balances and making online deposits to transferring money across accounts. Today, it's simple to stay connected when traveling, and managing your finances depends on the capabilities each individual bank offers.
Here are a few typical online features that most banks provide and that every customer is familiar with.
● Information on your authorization card, including your balance and recent transactions
● Personal transfer that is secure
● Dates for payments
● Invoice paid
● Fresh account or card
In essence, we are aware that this feature set is sufficient to secure an MVP and lower the price of app development. A few extra online features, however, can propel your software to the top of the market, especially in light of the industry's rapid growth and the intense rivalry in its field.
● Cashback service with QR code scan
● Payment options with a single click (Apple Pay, Google Pay)
● Independent Service Booking Bill division
You must conduct market research, discover direct and indirect competitors, as well as the leading mobile app development companies, in order to design a superb financial app that fulfills the needs of your target audience.
Key Elements in Mobile Banking App Development
Are you considering creating a mobile banking app but are unsure of the features to include? A list of the features necessary to create a mobile application is provided below.
1. Speedy sign-up
The registration process for your banking application ought to be quick and easy. We request the SSN, personal information, and bank account number from users in order to utilise the mobile banking app. To access the banking application after inputting the necessary data, the user must accept the terms and conditions.
2. Authentication of security
The registration and authorization process is the same for all mobile applications, including banking apps. As a result, while developing a mobile banking application, make sure it adheres to security requirements like passwords or biometrics like Touch-ID or Face-ID. Implement multi-factor authentication by requesting the user to enter a code after receiving it via SMS in order to strengthen the security of your banking app. It's important to understand Fintech application development cost because this is another example.
3. Verify the equilibrium of the account
The ability to quickly check account balances from any location is one of the main advantages of creating mobile banking apps. Before making their next purchase, users can use this wonderful tool to check their balance. Users can examine their account balance without logging into their account, giving your banking software a distinctive edge. This will further reduce the cost of creating mobile banking add-ons in addition to making the application more distinctive and reliable.
4. Access card details
Users previously had to consult bank paperwork to get information like card details. This issue has been resolved, though, by banking applications. The user can instantly view their card number, owner name, amount, payment method, and other account details online with this banking app function. Other card-related services, such card reissuance, are also a part of this mobile app's functionality
5. Management of Accounts
This is one of a mobile banking application's most crucial features, along with other functions. Users may manage various bank accounts without fuss while swiftly accessing information Referring to these features, users can add or remove accounts, view transaction history, or view balances in one place
6. Push notifications
Another key feature of mobile banking apps like the Bima mobile app is that this feature updates and notifies users of ongoing account activity, while reminding them of pending bills or automatic transfers. Push notifications enhance security while allowing users to better manage their money Next, users can choose which types of notifications they want to receive by setting their preferences. If you are planning to develop a banking app, then choose the best app development companies in Dubai to develop your app
7. Remittance
Undoubtedly, this is one of the essential features that allows users to make local and international payments Mobile banking apps should also include traditional methods such as UPI payments, QR scanner payments, NFC payments, etc. Unlike other features, it needs to be seamless for users to have a better online banking experience
So, these are some online banking app features you need to include while creating your mobile application. However, knowing the features won't make your banking app a success until you follow the proper mobile app development process Here we have mentioned a step-by-step process for developing a mobile banking app.
What factors determine the cost of developing a banking app?
You can calculate the total cost to develop mobile digital banking apps by multiplying the cost of one hour of work done by the developer by the time spent developing it Development costs are only part of your app's total budget Other costs relate to post-launch (customer support and marketing), testing, maintenance, and management
The cost of developing a mobile banking app depends on three factors:
App Complexity: The more features you build, the more complex your mobile banking app becomes and, therefore, the more expensive it is Typically, if you plan to build an MVP first, you'll pay half the price for a full-fledged product
Technology Stack: Your choice of programming languages, libraries, and APIs contributes to the cost of developing mobile apps Most teams today choose their native language for mobile banking app development, such as Swift for iOS and Kotlin for Android
Outsourcing Team Location: Depending on the country of origin of the outsourcing vendor, the hourly rate paid varies greatly Developers in Southeast Asia, such as Vietnam or India, charge $20 - $30 per hour, while developers in the US charge $100 - $150 per hour.
Type of Collaboration: The cost of using an in-house team is very different from an outsourced service Outsourcing is relatively cheap, but it sometimes comes with communication and quality issues.
Conclusion
In this highly sophisticated digital world, banks are no longer confined to offline branches The development of online banking apps makes it easier for businesses to satisfy their customers while providing seamless banking services. All of this would not be possible without the support of mobile banking application development companies In addition, according to experts, competition will intensify in the fintech industry, so companies will have to work hard to develop their own unique mobile apps