Banking App Development

18 Jul 2022

15 min

Anna Ivanova

Project Manager

Banking App Development

You may be looking for brand-new financial technology solutions to simplify the entire banking performance. Clients do not want anymore to go to a bank office and wait in long lines for making the simplest transactions. Paying bills or depositing funds should become as easy for them as possible.
Even a decade ago, the more complex processes such as money investments or making and serving insurance contracts used to take businesses weeks or even months. No one wants to waste so much time on these operations nowadays.
Therefore, banks are eagerly looking for efficient Internet banking solutions and mobile banking app development options to withstand the competition on the market and attract more individual and corporate clients.
A banking app seems the most adequate idea to pursue marketing and service improvement goals. Clients can access their banking account details and complete any transaction from their mobiles or tablets via them. Banking chatbots are also becoming more and more popular, so you can consider having them too.
The article explains what kind of banking apps exist for the benefit of bankers and their customers, what services developers can offer to them, how much such development costs, and what the development process consists of.
What We Offer
Since we are a reliable technology partner for app development following the most cutting-edge fintech trends, we can offer a lot of unique solutions for bank apps for both Android and iOS. We consider the most important mobile banking features in our developments. We can also provide:
━ the optimization and upgrade of legacy systems;
━ adding new modules;
━ changes in applications in compliance with the Central Bank’s regulations;
━ development of unique architecture and UX/UI design;
━ migration of data;
━ software audit and business analysis of the app’s efficiency.
We can add any module in accordance with the specific needs of a certain bank due to our individual approaches to every custom project.
Our development may include introducing a lot of specific banking features into the app, such as:
━ currency exchange;
━ loan application and repayment;
━ tax and budget payments;
━ payments for services;
━ utility bills’ payments;
━ bank communication;
━ salary management, and many others.
The variety of functions depends on the requirements and preferences of our clients. We can include money transfers, withdrawals, different payment templates, invoicing, and the payee verification on the demand. You need to consider beforehand what you would like your clients to use this application for. All the developed apps can be easily changed or modified by your own technical experts.
Banking App Development

How Much Does It Cost to Develop a Banking App?

The cost of this type of app development may differ depending on the application features and processes used. That is why this cost can be estimated rather roughly. Even if the process costs a lot, banks are still interested in such applications because they help them engage customers and save the money needed for all those resellers, agents, and support staff’s salaries. Mobile banking is also an efficient means of communication that provides new opportunities for getting the latest market insights and the overall banking service improvement.
You can get the functional app specifications, including wireframes, diagrams and user flows at $2,200-$3,600. This price is based on the thorough analysis of your business that shows how the app should work in detail and which additional third-party services it will use.
The design has to cover all the user experience needs. It should also consider the financial requirements of the business. If you want to obtain the most reliable and robust prototypes of the user interface design with efficient visual representation, you will have to pay about $2000-$5000 for them. Such a prototype should have a consistent style guide and be well-prepared for immediate implementation. The implementation of the design into mobile layouts may take from 8000$ to 17000$ per platform, depending on the scope of work.
The mobile app also needs appropriate administration. Usually, a web-based dashboard is used for this purpose. If you want to receive a user-friendly back-office for managing and administrating the mobile app, you will have to pay about $12-$19 thousands.
You will also need an API to keep in touch with other server-based applications. Such an app should put together the API, functionality, and design features. The app is to be entirely ready for uploading on AppStore or Google Play Market. The cost of the API development is $10-25 thousands.
You can also opt for dividing the whole process into two stages - discovery and development. The first part - discovery - can be completed on your own, without involving any outsourcing development companies. The overall cost of the app development will not be so high. Then we can help you with the second part that includes all the other enlisted functions developed altogether.
How Much Does It Cost to Develop a Banking App?

What Application Software Do Banks Use?

Banks need different types of application software to make their performance more efficient and their interaction with clients more considerate, straightforward, and convenient. As a result, app development for banks can serve different purposes. They can be:
━ establishing closer ties between the large or mid-sized banks and their commercial and individual clients;
━ reaching out remote and rural areas by community banks to cater local businesses and individuals with a range of useful functions and features;
━ offering the improved access and convenience to credit union members to boost their satisfaction;
━ allowing cryptocurrency payments and transactions of crypto assets for DeFi companies to provide customers with seamless experience.
You can think about banking apps of various types and their functionality depending on your needs. Nowadays, many apps use artificial intelligence in their layout and performance, so it makes the entire process more straightforward. Banks usually use basic and advanced apps.
Basic Apps
These apps provide easy use and experimenting on the market without much risk. They should have the following features that allow them to function in this way:
━ account management;
━ money transfer options;
━ GPS-navigation;
━ mobile RDC for checking deposits;
━ payments scheduling;
━ customizable alerts for fast notifications.
Advanced Apps
These apps add more individualized experiences to the banking application software use due to several additional features. They include:
━ loyalty program integration;
━ personal financial management;
━ cryptocurrency banking.
A-Class Apps
There are also A-class apps in use that improve the client service to a great extent. Such an app can be a potent and full-featured digital platform with a lot of advanced options for its users. The cutting-edge features of such a platform involve the following:
━ voice navigation;
━ cardless ATM withdrawals with the help of QR technology;
━ forecasting of customers’ spendings;
━ biometric authentication;
━ live chats;
━ self-service features, including setting or changing PIN, temporary lock of debit or credit cards, and notifications for trips abroad;
━ pre-login functionality with an emergency call option and notifications about stolen or lost cards;
━ appointment scheduling.
The choice of the app type the bank wants to develop and use depends on the goals set and challenges faced. For instance, the bank may want to:
━ improve customer experience;
━ provide more services to existing customers;
━ attract small businesses and individuals;
━ reduce service costs;
━ get access to cheaper funds, and others.
No matter what type of banking app you would like to develop, the expert opinion and professional experience will help you a lot.
What Application Software Do Banks Use?

Banking App Development

As for the development process, you may need to follow consequent steps and stages.
Stage 1. Research and Planning
The preparatory stage is very important. First of all, you need to do market research. It is vital for identification of your competitors, alternative solutions, and their popularity among users. After you obtain the results of this research, you can define the target audience. It can be corporate clients, individuals, or financial institutions, and you should learn more about their issues to sketch the toolkit for your app correctly.
Here you need a detailed development plan that should include the possible expenditure so that you can reserve the necessary part in your budget.
Stage 2. Prototype Creation
Even if you have a clear idea on how your app should look like, you’d better implement it in a prototype that shows the structure and key elements of your app. Think about the content and visualization thoroughly. Use low-fidelity wireframing to show the possible design of the home screen, dashboards, accounts, and a landing page.
The scheme of a wireframe consists of texts, lines, and boxes, and it is usually created in black and white. You will be able to demonstrate your entire concept and obtain preliminary feedback. You can also show a graphic presentation, main components of the interface, interaction options, and a color scheme in this wireframe.
The prototype can also show an entire toolkit related to your target audience and test its functionality. Add placeholders, default texts, and data simulators to let people around understand how the app is supposed to work.
Stage 3. Creation of a Graphic Design
This is probably the hardest part of all your work. All mobile applications should have a unique design to be recognizable. Consider the following recommendations here:
1. Match all icons, colors, buttons, and typography to the corporate brand and style of the bank.
2. Reflect the architecture of your project in the navigation.
3. Make all the elements, such as icons, links, or forms, understandable.
4. Think about emotions that all the colors, images, and videos should evoke.
5. If it is an app that will be used internationally, consider the cultural differences.
6. To make further marketing more efficient, adjust the app to Android and iOS requirements.
7. Make an icon for the app unique and attractive.
8. Invent some add-ons, for example, packs of stickers, for the app’s messenger.
Stage 4. The Choice of Technology
A technology stack for a banking app should meet the following criteria:
━ the most appropriate tools and software;
━ the expert support;
━ project complexity and scope;
━ appropriate documentary and specifications;
━ the need for outside solutions.
Consider these four aspects while choosing the most relevant technology for front-end, back-end, cross-platform performance, security, and stability.
Think about the type of application you are going to develop - a native, hybrid, or cross-platform one. Remember that native apps are more stable so they are great for large businesses. They do not need third-party APIs for Android or iOS devices. On the other hand, hybrid apps can function on different platforms because they use unified codes, for example, JavaScript, CSS, or HTML.
Stage 5. Development and Testing
You may need an outsourced team for further development. If your idea is unique, you can’t implement it without the professional help from true experts. That will allow you to obtain the well-structured architecture, natural user options, the user-friendly interface, and the best technology stack for your project. Your team of developers should work together because the quality of work at this stage influences the final results a lot.
Stage 6. Marketing and Feedback
Your app needs to meet all requirements set by such widely used marketplaces as AppStore, Google Play Market, or Microsoft Store. In many aspects, they can differ. So, consider them thoroughly to avoid rejection from these platforms. Inform your outsourcing team that they need to meet all the requirements by default.
Stage 7. Improvement and Updating
Even if you have launched the app already, the development process is not completed. You need consistent feedback to understand what to improve and how to update your app. You can contact your customers, app users, review websites, bloggers, and influencers to receive more testimonials from them. Do not forget to consider the experts’ views as well.
You can identify the weak and strong points in your app based on the feedback and decide how to make the app more successful and easy-to-use.
Banking App Development

Final Thoughts

When used by banks and financial organizations, banking app development has a lot of advantages. Such apps are pretty popular among clients because they offer a great deal of flexibility, mobility, and convenience. They are easy to use, efficient, time-saving, and effortless to perform the transactions via them.
Every financial business owner should think about having a mobile app for their service provision, better communication with customers, saving costs needed for large teams’ salaries, etc. Even if the cost of such developments may seem too high at first, operating the app will save you a lot more. Therefore, having a mobile app is worth considering for every bank and financial institution.
Final Thoughts
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