How much does it cost to build an interactive voice response app for the banking sector?

Standard price for an interactive voice response app for the banking sector: $41,500

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What is an interactive voice response app for the banking sector?

Interactive voice response (IVR) apps for the banking sector provide customers with information about their accounts, answer questions about account features, and perform basic tasks like checking balances or transferring funds. An IVR app for a bank might also help customers find branch locations, schedule appointments to speak with bank representatives, or allow them to contact customer service by phone.

Interactive voice response apps for the banking sector are related to other customer service apps as well as traditional IVR systems. Some of the most popular interactive voice response apps include Capital One, Fidelity, and Wells Fargo.

Here are some recent interactive voice response app for the banking sector examples built with Crowdbotics:

  • Building an IVR system out visually into a mobile app.

What is the typical cost to build an interactive voice response app for the banking sector?

An interactive voice response app for the banking sector usually costs $41,500 to build. However, the total cost can be as low as $33,000 or as high as $50,000. An interactive voice response app for the banking 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 an interactive voice response app for the banking sector from Crowdbotics:

  • $41,500

How long does it take to build an interactive voice response app for the banking sector?

An interactive voice response app for the banking sector usually takes 553 hours to build. However, an interactive voice response app for the banking sector can be built in as few as 440 hours, or in as many as 667 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 an interactive voice response app for the banking sector:

  • 553

How to successfully grow your interactive voice response app for the banking sector

An interactive voice response app for the banking sector can grow its user base by offering a better experience than other voice response apps in the space. Consumers are not likely to trust an app that is not already trusted by other banking institutions, so one strategy for growth would be to partner with major banks and ask users to connect their bank accounts to the app.

Risks and challenges of building an interactive voice response app for the banking sector

An interactive voice response app for the banking industry faces legal risk related to trade secret protection, financial service compliance, and personal data protection. It is recommended that you seek legal counsel to determine whether your application is subject to standard banking regulation. You may also want to engage a security auditor to ensure the security of your application development process. Finally, you should make sure that you are protecting your personal data through encryption and other means.

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