Budget Required for a Secure Mobile Banking App Development Process

The finance sector may be slow in integrating innovative financial development practices, but in the current times there is not a single bank left that does not offer their services with mobile banking apps. This mobile banking app development is considered the trendiest aspect of the market that is burning advancements to the current market operations. It has become a primary way from which users can access their banking operations even without visiting the bank. This approach gets global recognition and works forward for developing a technical reach financial operation. But for opting to these practices one needs to acquire the cost estimations of developing these mobile banking apps with effective approaches.

This article is all about exploring different aspects of a secure banking app development process and its unique features offered. In this, our major analysis is about the cost of this mobile app development process. It majorly highlights the factors that have direct effects on the application development cost. So read it out to get the best mobile banking app development practices.

Factors Affecting Mobile Banking Apps Development Cost

Before the development process of the mobile application takes place, many factors need to be considered while planning the project structure. In these factors, the mobile app development cost matters a lot and has a significant impact on the software development lifecycle. When we specifically involve the discussion of the mobile app development cost then its dependency aspects according to the app requirements are as follows.

Application Wireframe

This is considered one of the initial and essential stages of the banking mobile app development process. It is defined as the overall architectural design or mapping of the banking app layout and generally, it is formed with the help of software like Figma or Photoshop. This step involves many changes as it goes through various multiple testing procedures for finalizing the final design of the application. From the cost perspective, this process of banking app development can take the cost around $8,000 to $10,000. As this is an important step for making the app properly working, its wireframe design needs to be as accurate as possible.

UI/UX Designing

Advanced innovative practices are introduced in the market to bring effective changes in the existing processes. So, from this perspective, it becomes a huge responsibility of a fintech app developer to develop an application that is highly interactive and responsive from the user's perspective. The UI/UX designing of a mobile application works on making the app responsive and interactive which completely works on making the app successful or rather becoming a failure. This UI/UX designing process works on fitting the essential features of the mobile apps. Such as money transfer details, customer service information, banking account information, and other details. All this information gets placed in one place to present it properly to users. But in all these, the appreciated designing is about creating a minimalistic design for smoother navigation. This results in making the audience more engaging and impressive at the same time. Its cost estimations are mentioned in the wireframe design itself.

App Platform

Many solutions work for different operating platforms like Android or iOS being an essential factor for app development. This has a slight impact on the budget irrespective of whether you select either one of the platforms. The selection criteria of any platform only depend on the user preferences and their demanding factors. You can decide your app to be developed on a single platform initially. And later after the banking app development completion one can opt for cross-platform app development practices. With this process of cross-platform app development, we can expect reduced costs as compared with developing both these platforms.

Development Team

This factor makes the mobile app development process move further with the effective selection of the app development teams. This selection needs to be accurate and precise for the desired banking app requirement. The selection of an application development team can significantly affect the cost factor of the app. While taking care of the hiring aspect a banking app development team can have a project manager, a maximum of two backend developers, two iOS/Android developers, one designer, and one quality analyst. Along with this, the hiring process can be conducted in two ways either by selecting in-house team members or opting for mobile app development services.

Business Location

This is another aspect that can affect the cost of banking app development based on the location at which it gets established. In these aspects, the cost of application development changes a lot and varies based on location. In this, we can expect the range of $ 20 to $60 on an hourly basis for the effective app development process.

App Maintenance

This comes into the picture when the application gets launched to the runtime environment and seeks continuous upgrading and monitoring for further improvements. The banking industry is subjected to a frequently changing environment and sometimes that can also bring some issues or bugs that require proper solutions.

Technology Integration

This factor directly affects the banking app development process and the process of technology integration takes place based on the user as well as on the market demands. While taking care of the current digital transformation, the current mobile app development process requires one to be adaptable to innovative techniques. This can comparatively affect the application development cost and selecting the right technical stack can be as essential as the development process is.

Final Words

The technical terms are changing on the most frequent basis and to integrate the most advanced technology, one has to consider different factors. In this article, we have explored the cost estimation criteria for a mobile banking app development process. Its major highlights are to explore the factors from which the app development cost can change. This provides a clear understanding of what needs to be considered and what is not for a fintech app development process. So read this out to consider appropriate cost measures for the app development process.