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Mobile Apps February 8, 2024

Mobile Banking App Development Cost in 2024

Writen by Dharmesh Patel


Mobile Banking App Development

Today, making an incredible mobile banking app is effective for banks that need to stay aware of the times. With around 2.37 billion individuals all over the planet utilizing online banking, and that number developing, obviously, banking should be digital to meet what individuals expect.

A gigantic part of this is on the grounds that 98% of Millennials and 99% of the vast majority of Gen Z are utilizing portable mobile banking apps not only for the standard stuff like checking the amount of cash they possess, perusing their bank statements, or moving cash around.

They’re also using these apps to help them budget better, something the older folks aren’t doing as much. Making sure online banking is safe and using the newest tech can help banks make their customers happy, make more money, and spend less on services. This blog will tell you the best way to make a mobile banking app that endures and assists your bank lead in the tech world. 

We’ll see the reason why an ever-increasing number of individuals, are utilizing digital banking and how to make an application they’ll love to use. We should jump into how to fabricate a mobile banking application that is a winner, utilizing tips and bits of knowledge that will assist your bank do well in the digital world.

Why Build a Banking App: Statistics & Benefits

Building a banking app today is something beyond a trend; an essential move that lines up with the developing preferences and ways of behaving of consumers worldwide. The push towards digital banking has been fundamentally advanced by innovative progressions and changing client expectations, particularly among more youthful ages. Here are key measurements and advantages that highlight the significance and benefits of building a banking app:

Statistics Highlighting the Need for Banking Apps

  • Starting around 2023, there are 6.6 billion cell phone users around the world, addressing 83% of the worldwide population 
  • In the US alone, 85% of adults own smartphones, highlighting their widespread  joining into day-to-day existence
  • Consumers progressively want accommodation and availability. Banking apps offer every minute of every day admittance to manage finances, whenever, anyplace.
  • Compared with traditional methods, applications empower transactions, exchanges, bill payments, and money transfers.
  • Numerous applications offer customized highlights like budgeting tools, financial insights, and customized alerts.

Advantages of Developing a Banking App

  • Mobile banking apps offer convenience and accessibility, permitting clients to deal with their funds whenever and anyplace, prompting expanded satisfaction and loyalty.
  • By giving a stage to extra services and personalized offerings, banks can open new revenue streams through their applications.
  • Digital transactions and associations lessen the requirement for actual branch visits, bringing down functional expenses for banks.
  • Banking apps can use progressed safety efforts like biometrics, guaranteeing more secure exchanges and improving trust among clients.
  • Through app use data, banks can acquire significant valuable insights into customer behavior and preferences, enabling them to successfully tailor their administrations and items more.
  • In a market where digital savviness is progressively turning into a benchmark, having a vigorous banking app can separate an organization from its rivals.

Mobile Banking Apps Benefits for Users

  • Mobile banking apps make overseeing cash much simpler and more helpful for everybody.
  • Rather than going to a bank, you can really take a look at your account, move cash around, or even get credit right from your phone, whenever and anyplace.
  • This saves a lot of time since you don’t need to visit the bank for basic things.
  • These applications are likewise simple to utilize and can be redone, making managing cash to a lesser degree an issue and more fun.
  • Besides, they’re really protected on the grounds that they use things like fingerprints and face recognition to keep your data secure, so you don’t need to stress while you’re doing your banking on the web.
  • You likewise get updates and tips on how you’re spending your cash, which can assist you with pursuing more brilliant decisions.
  • What’s more, if you’re attempting to adhere to a spending plan or save something, these applications have devices to assist you with keeping focused.

How to Create A Banking App

Developing a banking app includes a few key stages, guaranteeing that the eventual outcome is secure, easy to use, and addresses the issues of its users. Here is a bit-by-bit manual for developing a banking app:

Market Research and Planning

  • Recognize who your application is for (e.g., Millennials, Gen Z) and comprehend their banking requirements and preferences.
  • Look at what other banking apps are offering. Identify features that are popular and consider how you can improve upon them.
  • Decide what you want your app to achieve. This could include improving customer satisfaction, increasing transactions, or attracting new customers.

Define Features and Requirements

  • Include essential features, for example, account balance checks, cash transfers, bill installments, and customer service.
  • Consider adding budgeting tools, savings goals, personalized financial advice, or speculation choices to stick out.
  • Plan for advanced security features like biometric authentication, encryption, and fraud detection mechanisms.

Choose the Right Technology

  • Decide whether you’ll develop a native application (iOS/Android) or a cross-platform application that deals with both.
  • Select the appropriate backend technology that can handle user data securely and efficiently.
  • Choose technologies for the user interface that ensure a smooth and engaging user experience.

Design UX/UI

  • Design the app flow to make it intuitive and easy to navigate.
  • Create designs that are visually appealing and reflect your brand identity. Ensure the design is accessible and user-friendly.

Must Read: The Essential UI/UX Design Principles to Follow for Maintain Customer Engagement

Development and Testing

  • Utilize an agile development process, breaking the work into more modest runs that consider regular feedback and adjustments.
  • Perform thorough testing, including unit testing, coordination testing, and client acknowledgment testing, to guarantee the application is dependable and without bugs.

Compliance and Security

  • Make sure your app complies with financial regulations and laws in the regions you operate.
  • Before launching, conduct a security audit to identify any vulnerabilities.

Launch and Continuous Improvement

  • Consider a delicate launch to a restricted crowd to gather initial feedback.
  • Create a showcasing plan to promote your application and attract users.
  • Continuously collect user feedback and make improvements to your app. Add new features based on user demand and technological advancements.

Support and Maintenance

  • Provide robust customer support to address any issues users might face.
  • Keep the app updated with the latest security patches and feature upgrades.

Why Customers Use Mobile Banking Apps

  • Individuals of any age utilize mobile banking apps for various reasons, and it truly relies upon what they’re utilized to,  how much they know about technology, and what they need for their money.
  • More youthful individuals, such as Twenty to thirty-year-olds and Gen Z, truly like utilizing these applications since they’re helpful and quick.
  • They do everything with their telephones, such as checking the amount of cash they possess, moving cash around, setting up budgets, saving for things, and even investing. 
  • They love that they can do their banking whenever and anyplace without going to a real bank.
  • Older folks, like Gen X and Baby Boomers, weren’t born into the tech world but are beginning to use mobile banking more and more.
  • They generally adhere to easy things like looking at their bank statements, paying bills, or sending money.
  • The pandemic made a lot of them change to online banking banking since it’s less complex and and feels more secure.
  • Everyone, no matter what their age, likes mobile banking since it permits them to deal with their cash how they need it when they need it, and it’s secured.
  • As mobile banking improves, it’s probably an ever-increasing number of individuals will begin utilizing it, making it a must-have for keeping track of money, no matter how old you are.

Authentication and Authorization Flow

Authentication and authorization are basic processes in a banking application to guarantee that clients are who they claim to be and have the right to consent to get specific access or information. Here is an improved outline of how these cycles normally work in a banking application:

Authentication Flow

  • The user signs the application, giving vital details like name, email, and setting up a password. Extra identity verification steps might include giving a government ID or linking a bank account.
  • The user enters their username and password. Some applications might require extra steps like captchas to prevent automated attacks.
  • For added security, in the wake of entering the correct password, the user might be approached to check their identity through a subsequent element, for example, a code sent by means of SMS or email, or through a biometric confirmation like fingerprint or facial acknowledgment.
  • When authenticated, the user is conceded a session token that temporarily stores the client’s condition of authentication, permitting them to utilize the application without having to return login credentials for each activity.

Authorization Flow

  • Users are assigned roles (e.g., account holder, admin) that define what actions they can perform and what data they can access within the app.
  • The app checks the user’s role and permissions before allowing access to specific features, like transferring funds, accessing loan services, or viewing detailed transaction histories.
  • Each request made by the user within the app is accompanied by their session token, which the app validates to ensure the request is authorized.
  • Continuous security checks may be performed during the session to detect anomalies or re-validate the user’s identity, especially for sensitive operations like modifying personal information or executing high-value transactions.
  • After a period of inactivity or when the user logs out, the session token is invalidated, requiring re-authentication for further access.

How Much Does It Cost to Develop a Banking App?

Developing a mobile banking application in 2024 can require an enormous financial commitment, with costs going from $20,000 to more than $300,000. This difference is for the most part inferable from various urgent issues that planned designers and endeavors should inspect.

The complexity of the application is a central point, yet a simple application with fundamental capabilities, for example, account balance checks and moves might cost somewhere in the range of $20,000 and $50,000.

The expense of medium-complexity apps with extra abilities like bill installments and budgeting tools ranges from $50,000 to $120,000.

The most sophisticated applications, with advanced features like speculation choices and biometric validation, can cost somewhere in the range of $120,000 to more than $300,000.

Banking App Complexity and Development Costs 

App Complexity Level of Complexity Average Timeline Average Cost



3-6 months

$20,000 – $50,000



6-12 months

$40,000 – $1,00,000



12-18 months

$120,000 – $250,000+


Banking App Features, Functions, and Development Costs


Features Functions Average Cost Approximate Time
User Registration/Login


user profile setup

$5,000 – $15,000 2-4 weeks

Account Management

View balance 

Transaction history 


$10,000 – $20,000  

1-3 months


Transaction Capabilities


Bill payments 

Mobile deposits

$20,000 – $40,000  

2-4 months


Customer Support


In-app messaging 


$10,000 – $30,000  

1-3 months


Security Features



fraud detection

$20,000 – $50,000  

3-6 months


Advanced Analytics

Spending tracking 

financial advice 


$15,000 – $40,000  

2-4 months

Multi-currency & Global Use

Currency conversion

International transactions

$20,000 – $50,000

3-6 months

Integration with APIs

Connecting with 

external banking and 

financial APIs


$10,000 – $30,000


2-4 months


In the dynamic realm of banking technology, crafting a seamless Banking App Development becomes a strategic move. Making a mobile banking app is a big deal that costs a lot but really pays off by making customers happy and keeping banks up to date in today’s quick-moving digital world.  By truly getting what various individuals need from their banking application, adding cool and vital features, and ensuring the application is protected and simple to utilize, banks can make an application that individuals will adore more than they predicted.

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