In the era of digitalization of public and private services, accessibility and saving time are important factors. Thanks to the rapid development of modern technology, customers of commercial banks now have the opportunity to receive banking services 24/7 without visiting banks.
One of the main advantages of fintech software development is providing access to all banking products a customer uses (current and deposit accounts, bank cards, loans) in one application. Considering the popularity of this type of software, mobile banking app development becomes an extremely promising activity. What do you need for mobile banking app development and how much does it cost? Read on to find out.
What are the benefits of mobile banking app?
Mobile banking gives you the ability to make any banking transaction or payment from phone and fines to account-to-cash, bank card-to-cash, and phone number-to-cash transfer services. Moreover, the banks provide a whole range of information and a convenient reporting system: account balances, statements for a certain period, and loan repayment schedules.
Using mobile banking clients can:
- change the limits on the transactions carried out;
- create templates for regular payments (public utilities, balance top-ups, transfers to children, and others);
- carry out currency exchange transactions.
- mobile banking provides security measures. With the app, the client can promptly block accounts or bank cards in case of loss or fraud.
What is needed for mobile banking app development?
Mobile banking software is a product with complex business logic that must meet a number of key characteristics:
- conduct tens of thousands of simultaneous user sessions;
- process secure transactions and complex business processes quickly;
- provide various service lines (from financial analytics to lending);
- support an extensive range of electronic payment systems;
- adapt to different locales to provide services to multilingual users;
- scan QR codes to automatically fill in requisites and save customers time.
To provide all this you need top-notch mobile banking app development specialists who can ensure its quality execution and smooth operation.
How much does mobile banking app development cost?
Now let’s talk about the cost of mobile banking app development. Its price is mainly determined by two key factors: hourly developer rate and the number of hours spent on mobile banking app development. The average developer fee is around $70 in the US and Western Europe. The distribution of time spent on mobile banking app development is as follows:
- FE: up to 240 hr/mo
- BE: up to 240 hr/mo
- PM/BA: up to 80 hr/mo
- UI/UX: up to 80 hr/mo
- QA: up to 80 hr/mo
- DevOps: up to 80 hr/mo
So the final price of mobile banking app development will be around $50-80k. But this only applies to mobile banking app development in the so-called expensive regions. If you turn to mobile banking app development offshore companies, you can reduce the amount by almost half while receiving the same quality. For example, if you order a mobile banking app development from a company in Ukraine where an hourly rate of a specialist will be about $40, you can get it down to $30k.
Traditional banks are trying not to get bogged down in the intricacy of obsolete platforms: from solutions focused on card e-commerce systems and can not support mobile payments, to solutions for Internet banking, created before the advent of smartphones and mobile applications.
As technological innovation advances, these platforms are becoming increasingly obsolete. Banks are finding it increasingly difficult to recoup the ever-increasing costs of maintenance and upgrades, and of maintaining disparate data warehouses that don’t provide a complete picture of customer behavior. Mobile banking app development will help to avoid this. Just turn to Perfsol and our mobile banking app development specialists will take your business to a whole new level.
