What is the cost of the new app for the bank?
Developing a mobile banking application is a very delicate and important process. Understanding the needs of the bank as well as the expectations of the clients requires a lot of experience. Finanteq is specialized in such a custom development, having both the know-how as well as the resources to perform in such endeavours.
The costs of developing a mobile application for a bank may vary and depend on various factors. Here are some of the main factors that can affect costs:
Application scale and complexity: costs will depend on the size and complexity of the application. The greater the number of functionalities and more technologically advanced solutions, the higher the costs.
Mobile platform: developing apps for one mobile platform (e.g. iOS or Android) can be less expensive than for both platforms. However, given that platform coverage is even in most markets today, it is important to cater to these two customer groups equally without discriminating against one of them. Nevertheless, tt is necessary to take into account the differences in design, development and testing on different platforms.
User Interface: mobile banking applications should have an attractive and intuitive user interface. Costs may increase if a bank needs to engage an experienced design team to create an attractive and responsive interface.
Integrations with banking systems: if a mobile application needs to integrate with many banking systems, costs may increase due to the need to create programming interfaces (APIs) and adapt the application to these systems.
Security: creating a secure banking application is extremely important. Appropriate safeguards, such as data encryption and two-factor authentication, must be in place, which can lead to increased costs. However, Finanteq Framework has many such modules ready, which shortens the development time and lowers the budget needed.
Testing and maintenance: the costs also include the stages of testing the application for bugs, performance and compatibility, as well as maintenance and updates of the application in the future. Here too, Finanteq’s answer is the implementation of functional tests that minimize the costs of regression tests and make it possible to maintain the high quality of the application during the continuous development of the system.
Each project of the bank’s mobile application is unique and requires individual cost assessment.
Apart from the above, there can be a license fee in case of utilizing off-the-shelf products, as well as SLA and maintenance costs covering such services on the expected level. As an experienced mobile banking application development company, we understand though, that the full pricing is always an effect of finding a sweet spot for our clients.