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How much does it cost to build a banking app?

Standard price for a banking app: $70,499

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What is a banking app?

A banking app is a web, mobile, or desktop application that enables users to deposit checks, pay bills, transfer funds between accounts, and view financial statements. Banking apps typically support features like billing management, profile creation, recurring payments, and mobile check deposits.

Banking apps are often more than just bank apps. They often include features related to some of the other popular app types, such as expense reporting and budgeting apps. Popular banking applications include Chase Mobile, Bank of America, Capital One Bank, and Wells Fargo.

Here are some recent banking app 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.

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  • A cryptocurrency app developed for a new cryptocurrency that has a built-in DEX platform and integrations in place for trading with other popular crytpocurrency.

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  • 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.

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What is the typical cost to build a banking app?

A banking app usually costs $70,499 to build. However, the total cost can be as low as $20,250 or as high as $120,000. A banking app 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 banking app price quotes from Crowdbotics:

  • $40,499

  • $100,499

Here are some considerations that may impact the cost of a app:

How long does it take to build a banking app?

A banking app usually takes 940 hours to build. However, a banking app can be built in as few as 270 hours, or in as many as 1,600 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, the most recent banking apps built with Crowdbotics received the following hourly estimates:

  • 540

  • 1,340

How to successfully grow your banking application

Banking apps can grow their user base by offering features that are more convenient than going to a physical bank. For example, they might offer 24/7 banking or real-time notifications about account activity. Banking apps can also offer a referral program in order to benefit from social sharing and viral growth.

Risks and challenges of building a banking application

A banking app faces risk related to the handling of real money, personal financial information, and the ability to connect with existing bank infrastructure. Creating a bank-like experience can be difficult without access to existing infrastructure for account creation, authentication, and transaction processing. Adding the ability to connect with bank infrastructure is often costly, with a high barrier to entry for new entrants into the market. It is advisable to seek legal counsel if your application will handle real money or sensitive personal information.

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

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