What is a banking app?
A banking application is a web or mobile application used to manage bank accounts. Banking apps typically include interfaces for viewing real-time account balances, managing transactions, and depositing checks. Banking apps may also include a dashboard that enables administrators to analyze the performance of all users or create reports about individual users.
Banking apps are similar to other finance apps, but have a distinct focus on account management and transactions. Popular examples of banking apps include Bank of America, Chase, and Wells Fargo.
Examples of banking apps built with Crowdbotics:
- An app that would allow users to send money to inmates who are locked up. Consumers would make a payment and the institutions in charge would allocate the funds.
- A Clover marketplace app for a credit card processor.
- Building an IVR system out visually into a mobile app.
What is the typical cost to build a banking app?
A banking app usually costs about $37,500 to build. However, the total cost can be as low as $25,000 or as high as $50,000. 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 previous banking app price quotes from Crowdbotics:
How long does it take to build a banking app?
A banking app usually takes 309 hours to build. However, a banking app can be built in as few as 107 hours, or in as many as 667 hours. The exact timeline mostly depends on how complicated your specific app is. As a general rule, it will take longer if you require highly custom designs, niche features, complex logic, or non-standard release platforms.
For example, some previous banking apps build with Crowdbotics received the following hourly estimates:
Not seeing what you’re looking for?
Crowdbotics has quoted and built hundreds of applications for teams of all sizes. Browse our historical estimates by industry and app type to understand possible costs and considerations.
How to successfully grow your banking application
A banking app needs to solve a real problem for a specific user type. It can grow through word of mouth by providing high value to a specific type of user, and it needs to demonstrate that it is sufficiently secure for users with sensitive financial data. Banking apps also need to provide incentives for their customers in order to keep them engaged. These incentives may include exclusive deals offered only to bank account holders, as well as free education about money management.
Risks and challenges of building a banking application
A banking app faces legal, regulatory, and reputational risks associated with the mishandling of sensitive financial information. It is recommended that you seek legal counsel to determine what compliance requirements apply to your app before development begins. You will need to implement logic within your app for securely storing user credentials, leveraging secure third-party payment processing APIs, and complying with all applicable regulation such as PCI DSS (Payment Card Industry Data Security Standard).
