banking app development cost

What is the Cost of Developing a Banking App?

22 May 2024

In 2024, mobile banking applications are the major concern of financial management. In this process, a common question that arises is, what is the cost of developing a mobile banking app?

The total cost of developing a mobile banking app can range from $20,000 to $300,000. This cost can further increase or decrease based on the app’s overall complexity and the list of features. Other factors that also influence the cost of banking apps include the app’s design, the location and hourly rate of the developers, quality assurance costs, etc.

In this article, we will move into the various aspects of banking application development and the feature sets that collectively determine the cost of developing a banking app.

Let’s begin by understanding how you can estimate the cost of developing your banking application project.

So, let’s get started!

What is a Mobile Banking App, and Why Is This Relevant?

Mobile banking app development is the process of creating applications that allow users to access their bank accounts and conduct financial transactions through their smartphones or tablets. These apps have become an essential tool for modern banking, offering convenience, efficiency, and a variety of features for managing your finances on the go.

Here’s why banking mobile app development is important:

  • Convenience: Banking apps allow users to access their accounts 24/7, from anywhere with an internet connection. This eliminates the need to visit a physical branch during business hours, saving time and effort.
  • Efficiency: Banking apps streamline common financial tasks. You can check your balance, transfer funds, pay bills, deposit checks, and more – all within a few taps on your phone.
  • Security: Modern banking apps use advanced security features like fingerprint authentication and encryption to protect your financial data.
  • Improved Financial Management: Many banking apps offer budgeting tools, financial insights, and spending trackers, helping you manage your money more effectively.
  • Wider Customer Reach: Mobile apps allow banks to reach a broader audience, particularly younger generations who prefer mobile banking to traditional methods.
  • Enhanced Customer Engagement: Banks can use mobile apps to deliver personalized services and offers to their customers, improving overall customer satisfaction and loyalty.

How much does it cost to create a mobile banking app?

The cost of developing a banking application is primarily influenced by two factors: the total duration required to construct the software and the developers’ hourly rates.

The duration is determined by various factors, including the selected platforms, the complexity of the features, the technology stack utilized, and so forth. Developers’ hourly rates are typically influenced by their expertise, experience, and geographical location.

Thus, after selecting your development team and defining the full app development requirements, you can employ the following reliable formula to obtain a preliminary cost estimate for your project:

Total development hours × Hourly rates of developers= Cost to create mobile banking app

In addition to estimating the cost of mobile banking app development using the above formula, you can also refer to the table below to understand the average cost and time required to develop apps of varying complexity levels.

Banking App TypeEstimated CostTime Frame
Simple app with a basic feature list$20,000 – $70,0003 to 6 months
Medium complex app with an extensive feature list$70,000 – $150,0006 to 9 months
Highly complex app with an elaborate feature list$150,000 – $300,0009+ months

Now that you have a clear idea of how to calculate the overall banking app development costs, let us move ahead and discuss the various factors that ultimately determine the price.

Factors affecting the banking app development cost

factors affecting the cost of banking app development

As stated earlier, several factors influence the total cost of mobile application development for the banking sector. Understanding these factors can help you estimate your overall banking app budget while simultaneously providing you with a clear understanding of their critical role in the app’s success.

Let’s examine these factors in more detail below.

  1. Wireframe

Wireframing is an indispensable stage of mobile app design. A wireframe is essentially the overall architectural design or blueprint of the banking app’s layout, typically created using tools like Figma or Photoshop. A wireframe usually undergoes multiple testing procedures to finalize the one that truly represents the product to be designed. Generally, a wireframe design can cost around $8,000 to $10,000.

  1. UI/UX Design

Following wireframing is the stage of UI/UX design, another critical factor that can determine your app’s success or failure.

The general information inside a mobile banking application includes account information, money transfer details, customer service information, an active chatbot, etc. Creating a design that attempts to incorporate all the information is straightforward. However, what is needed and appreciated is a minimalistic design that ensures smoother alignment and retains the audience while engaging them simultaneously.

  1. App Platform

The underlying platform of the mobile banking app affects its overall cost. Although choosing between an iOS or Android platform usually has a negligible impact on the app’s comprehensive budget, it is generally recommended to start with the latter considering its extensive user base. You can initially decide to build your banking app for a single platform and then transition to cross-platform app development once the app gains some market traction.

  1. Team Size

Hiring a dedicated app development team is the next phase of your development project that can significantly affect the overall banking app development costs. If in-house app development is not an option for you (due to budget and resource constraints), you can either hire freelancers or outsource your app development project to a reputable company like Nintriva.

Hiring freelancers can help you reduce your overall app budget. However, their lack of technical expertise and experience in developing a banking app can end up costing you more than the total development costs in the long run. A full-service banking app development company, on the other hand, might charge you a bit more initially but will ensure a greater return in the long run due to the quality of services they offer.

  1. Location of the Company

Another factor that influences the banking app development costs is the location of the mobile banking application development company you choose. As you move from East to West, the cost of app development increases.

The average hourly rate of mobile banking app developers in the US is higher compared to that of app developers in Asian or African countries. 

  1. App Maintenance

App maintenance, although the last, is one of the most important factors affecting your app development budget. After all, it’s not just important to deploy the app but also to keep it up and running constantly. App maintenance becomes even more critical for the mobile banking industry, considering the criticality of the user data and activities involved.

Apart from conducting a regular hygiene check to avoid bugs, your app might also sometimes require upgrading. For instance, the overall budget may increase if you decide to implement some new technologies in the banking app to maintain a competitive edge in the market.

  1. Technology Integration

Another key factor that directly impacts the banking app development cost is technology integration. While we recommend adding new technologies like AI or Blockchain to future-proof your banking application, it can significantly affect your overall app budget.

Essential Features to Incorporate in a Mobile Banking App Development

  1.  App Access

Like most applications, a banking application also begins with authorization and registration. The sign-in option in the banking application should be simple but also highly secure. There are two options that brands generally follow when building a banking app – PIN entry and Fingerprint. A multi-factor authentication system can help secure the application to a great extent. Know the various ways in which you can implement a multiple authentication system.

  1.  Account Information

You should enable users to access their bank account information – account number, balance, card number, name, etc. There are numerous success stories that underscore the importance of displaying the feature of checking balance and other information on the first screen that opens when the user logs in. However, even if it goes differently than your plan, try to make the sections easily accessible for the users.

  1. Payment and Transfer

The next essential feature of a banking application would be the ability to make real-time payments and transfers. There should be a specific section for transfer activities containing the ability to add beneficiaries, view account balance pre and post-transfer, etc.

At the payment stage as well, you should ask the users to input their password/PIN or fingerprint to authorize money transfer.

  1. Transactions History

Another primary feature of a banking application is real-time transaction history. Typically, you should provide your users with the flexibility to view their transaction history for the period they want, i.e., custom date setting.

  1. Push Notifications

A well-planned push notification strategy can not only help you retain your customers but also increase the engagement levels in your application.

  1. Bank and ATM Locations

This is one of the most convenient features present in a banking application. You should integrate Apple or Google Maps into the application to help guide the users to nearby bank locations and ATMs.

  1. In-app Chat

Chatbots have revolutionized banking by making it accessible to users around the clock. A well-designed chatbot can help users stay updated with their account details, verify if a certain amount has been debited from their accounts, and so on.

  1. ATM Connectivity

Advancements in QR code scans and near-field communication technology will enable customers to handle their ATM transactions without the need to search for their debit cards, thereby saving them from entering passwords in a public setting.

  1. Voice Commands

The banking sector is increasingly adopting voice technology. Users will soon be able to check their bank balance or transfer money to contacts simply by issuing a voice command.

  1. AI Integration

This year will witness numerous innovative applications of AI in the payment & banking sector. From fraud detection to establishing 24*7 connectivity between users and banks, AI and Machine Learning will be extensively integrated by banking institutions.

  1. App Security

While the banking sector is currently one of the most secure sectors, the future will see it become impervious to hacking. Here are a few elements that we will be incorporating in banking applications to make them breach-proof:

– Multi-factor authentication system

– End-to-end encryption

– Fingerprint authentication

– Real-time alerts

– Incorporation of AI to detect fraud instances, etc.

How to Develop a Custom Mobile Banking App?

If you’re bothering on how to develop a mobile banking app, adopting a significant approach is your best choice. Let’s go into the stages in detail, from the pre-development phase to gathering requirements and deciding on the app budget.

Market Analysis and Data Gathering:

The initial stage of developing a mobile banking application involves conducting thorough market research. You first need to devise a proper plan to ascertain the demand for a banking application in the market.

The subsequent step is to begin researching your target audience, analyzing the competition, and identifying various gaps in the currently available banking applications. A higher ROI is assured if you can identify the shortcomings of the existing apps and develop an application that is unique and distinct from the competitors.

Deciding the Features and Tech Stack:

The second step of the mobile banking app development process involves finalizing the features that will be integrated into the app during the development phase. Additionally, this stage also involves selecting the right technology for your app that can make your app scalable and robust to stay ahead of the competitors. A modern tech stack and a comprehensive feature list can help you enhance your overall ROI.

Implementing UI/UX Design:

The subsequent step of the development phase involves implementing the UI/UX design for the banking app. One of the primary factors you need to consider while designing the app interface is very smooth, which can further aid in increasing the app’s overall engagement and retaining existing users while effectively attracting new users. A dedicated design team can help you design a custom app that aligns with your brand’s ethos.

Developing the Mobile Banking App:

This is the stage where all the parameters are amalgamated and implemented by the development team using a programming language. The development team employs a robust tech stack to ensure your app operates smoothly and delivers a seamless performance.

The team also takes all necessary measures at this stage to ensure a hack-proof mobile banking application. 

Testing and Maintaining the App:

The final stage of the development is app testing, followed by the app’s maintenance. Quality assurance of the app is necessary to ensure that it is bug-free and offers a smooth user experience to your customer base. A dedicated quality assurance team can help you achieve all that while maintaining the app’s performance. Maintenance of the app further includes various app upgrades as per market requirements, implementing new functionalities, features, technologies, etc.

So, the stages mentioned above finally conclude the app development process.

Ready to Develop Your Own Banking App With Nintriva!

homepage of nintriva

Collaborating with the right development team is crucial if you want to create a mobile banking app.  Nintriva acts as a trusted partner throughout your mobile banking app development journey. They offer the expertise, experience, and resources to create a secure, user-friendly, and successful banking app that fuels your business growth.

Expertise and Experience:

  • Nintriva possesses a team of skilled developers with deep knowledge of fintech and mobile app development. They understand the aspects of financial regulations, security protocols, and user experience specific to banking apps. This ensures your app is not only functional but also compliant and user-friendly.
  • Nintriva’s experience allows you to anticipate potential challenges, recommend best practices, and suggest innovative features to make your app stand out.


  • Banking apps handle sensitive financial data. Nintriva prioritizes security by implementing robust security measures like encryption, multi-factor authentication, and secure coding practices. They stay updated on the latest security threats and can integrate solutions to protect your users’ information.

Streamlined Development Process:

  • Nintriva has a proven development process that ensures efficiency and cost-effectiveness. They handle all aspects of development, from concept to launch, including design, development, testing, and deployment. This saves you time, resources, and the hassle of managing multiple vendors.

Focus on Your Core Business:

  • Partnering with Nintriva allows you to focus on your core financial services expertise. They handle the technical aspects of app development, freeing you to concentrate on growing your business and customer base.

Continuous Support and Maintenance:

  • Mobile apps require ongoing maintenance and updates. Nintriva provides ongoing support to ensure your app functions flawlessly, address any bugs or security vulnerabilities, and integrate new features as needed.

Contact us to learn more about how we can assist you in transforming your mobile banking concept into a successful solution.

Nintriva’s Top Projects

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connecting your organisation to the best value trainers in business.Finding the right trainer to suit your specific training needs can be challenging. Business Trainer Hub takes the stress out of the search by providing an easily searchable database of top quality 

  1. Kollox

Kollox is an online classified site. It is a unique platform for people to buy or sell their items from an array of products. Nintriva is the end to end development partner for kollox.

  1. A Famous Bank in Qatar

We collaborated with a leading bank in Qatar to develop an end-to-end administrative module that managed their core banking activities. This experience provided us with great cultural insights. 

prompting readers to contact Nintriva


The cost of developing a banking app can vary significantly depending on the features you want to include and the complexity of the project. Before you launch on your banking app development journey, carefully consider your target audience, the features you absolutely need, and the level of security required.

 If you’re looking for an experienced partner in building your banking app development, consider Nintriva, a leading fintech app development company. Nintriva is a team of experts who can guide you through the entire process, from conceptualization to development and launch, ensuring your app meets the highest security standards and delivers a fantastic user experience. Feel free, contact Nintriva today for all of your banking app development requirements!

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