How much does it cost to build a banking app for the finance sector?

Standard price for a banking app for the finance sector: $35,499

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What is a banking app for the finance sector?

Banking apps for the finance sector provide customers with an interface to manage their finances. Banking apps enable users to deposit checks, make payments, send money between users in the same bank, and access financial information. Some banking apps also include a digital currency exchange where customers can view currency rates when buying or selling currency.

Banking apps are similar to most other finance apps like budgeting apps, lending apps, and expense management apps. Popular banking applications include Chase Mobile, Wells Fargo, and Bank of America.

Here are some recent banking app for the finance sector examples built with Crowdbotics:

  • A Paypal clone specifically for users based in Africa with international transfer capabilities that allows immigrants to send money home to their families.

  • A document management platform with an analytical dashboard, decision matrix, extranet, and mass email capabilities built for corporate clients of a bank in the finance industry.

What is the typical cost to build a banking app for the finance sector?

A banking app for the finance sector usually costs $35,499 to build. However, the total cost can be as low as $20,000 or as high as $60,749. A banking app for the finance sector with a low number of features (also known as a "minimum viable product", or MVP) will be more affordable than an app that includes all intended functionality.

For example, here are some recent price quotes for a banking app for the finance sector from Crowdbotics:

  • $40,499

  • $30,499

How long does it take to build a banking app for the finance sector?

A banking app for the finance sector usually takes 473 hours to build. However, a banking app for the finance sector can be built in as few as 267 hours, or in as many as 810 hours. The exact timeline mostly depends on how complicated your app is. As a general rule, it will take longer if you require highly custom designs, niche features, or non-standard release platforms.

For example, Crowdbotics produced the following recent hourly estimates for a banking app for the finance sector:

  • 540

  • 407

How to successfully grow your banking app for the finance sector

A banking app can grow user adoption and engagement among finance professionals through its account aggregation capabilities. Here's how: by consolidating all of a user's financial accounts into one app, banks can create an experience that makes it convenient to access all financial information in one place. This could be useful for frequent travelers who want to monitor their spending and avoid foreign transaction fees while outside the country.

Risks and challenges of building a banking app for the finance sector

A banking app faces legal and reputational risks related to private data handling, the storage of sensitive financial information, and cybersecurity attacks. It is recommended that a banking app utilize secure third-party APIs for storing user account information and for processing payments. It is also recommended that a banking app take strong measures against fraud and provide robust mechanisms for users to report fraud and other abuses on the platform.

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Some of the descriptions on this page were completed with AI assistance. Learn more here.