Factors That Impact On The Banking App Development Cost

People still don’t have the superpower to manage their money telepathically, so they need technological tools for juggling personal finances. The prevailing part of the US citizens (statistics say 76%) get used to address the iPhone and Android apps of the banks when it comes to get, send or exchange money. A convenient and catchy looking product, nowadays, is a magic wand in a bunch of questions linked to finance management.

The high demand for smart virtual tools to organize interaction with diverse assets facilitates the growing popularity of specialized products. That makes banking app development for mobile platforms like iOS a promising direction for business expansion, and if you’re considering the niche, the explanation of mathematics for determining banking app development cost will be an intriguing issue. The Purrweb experts have sorted out variables influencing the budget of such undertakings: add to the arsenal their revelations in order to optimize investment strategy.

Why are users interested in contemporary fintech solutions?

Correctly oriented banking app development is targeted to represent an up-to-date tool that empowers users to resolve a wide range of miscellaneous tasks. The most common among them are the opportunities:

  • to send money to relatives, friends and colleagues; 
  • to get salary and other payments to the bank account;
  • to exchange money when you’re going to international shopping or travel abroad;
  • to make savings due to deposit interests; 
  • to invest money in available assets like precious metals or an ETF.

As you have possibly noticed, banking app development has a variety of facets to be taken into account. It can’t be named a simple task to create a platform that successfully competes with the tested and  approved by customers solutions. But if you have a sufficient reserve of sharpness, creativity and fortitude, you can try to enter the game. 

Which are the constituents of banking app development? Let’s be brief and clear. 

When you get in touch with an agency, you can discuss your idea and clear up all the questions for free. If you decide the guys are a perfect match for your project, you start working on it. 

UI/UX services take about 200 hours, within which the interface will be designed. 

Development services include bringing to life all the planned functionality, and usually it requires about 1400-1500 hours of work. 

Add to this the necessity to check the app workability by finding and fixing errors: plus 500 hours for quality assurance.  And you can’t do without project management services along all the cooperation processes. 

Obviously, the total score of working hours will exceed 2,000. 

The final cost of the product depends on the hourly rates in the firm. For example, if the agency charges $100 per hour, the expected budget of the app equals $200,000. At Purrweb, the hourly rates are lower than $50, this entails that the product can be delivered for $87,000.

Which features are essential for banking app development?

Before starting his journey in the new place, every user needs his personal space to look around. 

Personal profiles usually serve as a cozy corner where new customers can feel safe and faster to navigate the financial terrain. 

The information dashboard equips them with actual data on the balance in their account, answering the question how much money there is on the debit card and which is the sum they can take in credit. 

Payment functionality empowers users to buy and sell goods and services online. Clear rules with depicted fees and commissions for transactions make it a convenient and easy-to-use tool.

Transaction functionality helps customers to send and receive money from their inner circle. What makes banking app development competitive is the opportunity to make such type of transactions for free. 

History of payments and transactions depicts the story of manipulations with money in chronological order and lets customers to track their incomes and spendings

Statistics and analytics enables users to see where they spend the major part of their fortune and what can be corrected in their spending habits. Or it helps to see the share of their savings and decide whether it’s time to invest. 

These are the basic features for efficient banking app development which can be completed with the advanced opportunities like investment tools or something else.

Three whales for an in-demand app to be based on

  1. Personal data security

The pivotal value in a financial sphere is the user’s trust. To gain the customers’ favor, make sure banking app development is performed in compliance with restrictions of various supervisors and regulators. For example, at Purrweb the IT experts consider two-factor authentication as an obligatory condition for financial platform as well as any other secrets to level up the reliability of the app and prevent it from intervention of scams. 

  1. Unsurpassed UX

Nowadays, no one admires the mediocre products, no one wants to get irritated with tangled navigation or unclear logic of any functions. Looking as if the internet has just started, solutions don’t add engagement for potential customers. So, to gain interest and attention, and wake up the customers desire to try your product, mix in the platform the best practices tested in UI and UX design. The blazing look and meticulously tailored architecture of the application are the keys opening for banking app development brilliant prospects. 

  1. Balanced set of features

Don’t hunt all the possible functionality in order to include into backlog at the start: it entails increasing timeframe for the product delivery and threaten to make it excessively sophisticated. Try to sieve all the features through collective critical assessment, and leave only those which are essential for hatching of your innovation. You can even start banking app development with MVP in order to move towards your goals by small, but conscientious steps. With getting real feedback, it becomes more realistic to get the common vibe with your audience. If you don’t overload your team with excessive tasks, it makes the route clear and the budget affordable. 

Bottom line

No doubting, all the described processes run as needed in case you’re dealing with an experienced and reliable contractor. Relevant expertise lets the company make an adequate assessment of your project and estimate its timeline and cost closely to the true numbers. 

For example, at Purrweb the tasks of such characters are entrusted to the team of 5-6 members who completely cover the needed skills. Such an approach enables you to get the ready solution in 4-6 months and essentially decreases the budget of the project. 

So, don’t neglect the fact that deep expertise in the domain and well established procedures in a fully staffed team are indispensable when it comes to high effectiveness and limited timeframe in banking app development.

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