What is the price of developing a mobile banking apps similar to Revolut? With the ongoing rise in popularity of mobile banking apps, this is a query that a variety of businesses and corporations are asking themselves.
The use of online and mobile banking is expected to increase steadily between 2021 and 2024, with the Asian market being the largest. This figure is predicted to reach nearly one billion by 2024.
Given the ease and adaptability that mobile banking provides, it is understandable why an increasing number of individuals are choosing to manage their financial activities via smartphones.
We can say with a bit of luck that growing a mobile banking app can bring about substantial returns on funding, especially in relation to improved patron involvement and emblem loyalty. These apps’ clean-to-use interfaces regularly bring about better patron delight and retention fees, in addition to the introduction of recent profits streams like in-app purchases and top rate subscription plans.
Are you trying to find out how a lot it will cost to develop a Mobile banking app similar to Revolut? Then make sure to finish reading this blog post.
In this blog, we will discuss the various factors that impact the cost of developing a mobile banking app, and break down the cost estimate for building an app like Revolut.
Understanding the Process Behind Mobile Banking Apps like Revoult
Before understanding the process behind mobile banking app lets first understand about Revolut banking app.
Revolut is one such popular mobile banking app that has captured the attention of users worldwide. It offers a wide range of features such as foreign currency exchange, budgeting tools, and even cryptocurrency transactions. Businesses and companies looking to create a similar app may be wondering about the financial implications of such a venture.
Building a mobile banking application is a complex process that requires a multidisciplinary team of professionals, including designers, developers, and quality assurance engineers. The process usually involves four stages – ideation, design, development, and testing.
The cost can primarily be broken down into two main components:
Development and ongoing maintenance.
The development phase encompasses activities such as designing the user interface, implementing the necessary security measures, integrating payment gateways, and building the back-end infrastructure.
The ongoing maintenance phase includes bug fixes, updates, security enhancements, and server maintenance.
In the ideation stage, the team looks to define the goals and objectives of the app, identify the target audience, and create a list of features and specifications that the app should have.
The design stage involves creating wireframes, prototypes, and user interfaces that represent the app’s functionalities and features. The development stage is where the app is build and coded, followed by quality assurance testing to identify and fix any bugs or issues.
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Importance of mobile banking apps like Revoult for businesses and companies
Mobile banking apps like Revoult have become increasingly important for businesses and companies. With more and more people using their smartphones to manage their finances, companies that offer mobile banking apps have a competitive edge over those that don’t.
Here, we will explore the importance of mobile banking apps to illustrate each point.
Increased Accessibility:
Revolut Mobile banking apps allow businesses to access their financial information and perform transactions at any time and from anywhere. They provide real-time updates on account balances, transaction history, and allow businesses to make payments or transfers instantly. For example, Chase’s mobile banking app enables businesses to manage their finances on the go.
Enhanced Security:
Mobile banking apps employ advanced security measures to protect sensitive financial information. Many apps incorporate features like biometric authentication, such as fingerprint or facial recognition, to ensure only authorized individuals can access the app. For instance, Barclays’ mobile banking app offers biometric security for its users.
Cost Saving:
Mobile banking apps eliminate the need for businesses to physically visit a bank branch, saving both time and money. Businesses can receive and process payments, pay bills, and send invoices using their mobile banking apps, thereby reducing administrative costs. An example is QuickBooks’ mobile app, which allows businesses to manage their finances and track expenses on the go.
Streamlined Financial Management:
Mobile banking apps offer a variety of tools and functionalities that assist businesses in effectively managing their finances. They provide insights into cash flow, allow businesses to categorize transactions for accurate record-keeping, and generate comprehensive financial reports. A real example is Xero’s mobile app, designed specifically for small businesses to streamline their financial management.
Improved Customer Service:
Mobile banking apps enable businesses to provide better customer service by offering self-service options. Businesses can respond to customer inquiries, provide real-time support, and track and resolve any issues efficiently through the app. For instance, Bank of America’s mobile banking app has a chatbot feature that assists customers with their queries.
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Factors affecting the cost of developing a mobile banking apps like Revolut
Developing a mobile banking app Revolut involves various factors that can significantly affect the overall cost. Here are some key factors to consider:
Platform Compatibility:
Native vs. cross-platform development: Developing a mobile banking app specifically for a single operating system, such as iOS or Android, may require less effort and cost compared to cross-platform development.
Supporting older versions: If the app needs to support older versions of operating systems, it will require additional development and testing efforts.
User Interface and User Experience (UI/UX):
Complexity of the design: A complex and visually appealing UI/UX design with custom animations, transitions, and gestures will require a longer development time and, subsequently, more cost.
Accessibility features: Implementing accessibility features for users with disabilities may increase development efforts and costs.
Security and Compliance:
Encryption standards: Developing a secure mobile banking app involves implementing modern encryption standards, strengthening data protection, and complying with industry regulations (e.g., Payment Card Industry Data Security Standard). Complying with these requirements can increase the development cost.
Authentication and biometrics: Integrating features like fingerprint or face recognition adds an extra layer of security but may increase development time and cost.
Backend Infrastructure:
Server architecture: The complexity of designing and implementing the server infrastructure plays a crucial role in the overall cost of developing a mobile banking app.
API integrations: Integrating with third-party APIs for features like payment gateways, credit score services, or location tracking can increase development cost due to additional coding and testing efforts.
Features and Functionality:
Transaction capabilities: The more complex and extensive the transaction capabilities (e.g., fund transfers, bill payments, international remittances), the more time and resources are needed for development and testing.
Push notifications and alerts: Implementing real-time notifications and alerts increases user engagement but requires additional development efforts and backend support.
Testing and Quality Assurance:
Device compatibility testing: Thorough testing on multiple devices, screen sizes, and operating systems can increase the time and cost associated with development.
Security testing: Rigorous security testing to identify vulnerabilities or weaknesses can increase the overall cost of app development.
External Dependencies:
Integrations with existing banking systems: If the mobile banking app needs to integrate with legacy banking systems, it may require additional time and resources for understanding and adapting to these systems.
Regulatory requirements: Compliance with financial regulations in different regions or countries may require additional customization and legal consultation, which can increase development costs.
Agile Development Approach:
Iterations and change requests: Adopting an agile development approach involves accommodating change requests and iterations, which may increase the development timeline and cost.
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Breakdown of cost to build a mobile banking apps like Revolut
Now that we understand the factors that influence the cost of developing a mobile banking app, let’s break down the cost to build an app like Revolut.
The cost to develop a mobile banking app like Revolut usually falls within the range of $30,000 to $250,000. This cost estimate covers all the stages of app development, from ideation to launch.
The breakdown of the cost is as follows:
Planning and ideation stage: This stage involves defining the project goals and objectives, identifying the target audience, creating a list of features and specifications, and developing a project schedule. This stage typically costs between $5,000 to $15,000.
Design stage: In this stage, the team designs the app’s user interface, wireframes, and prototypes. This stage costs between $10,000 to $25,000.
Development stage: This stage is where the app’s backend and frontend are coded. This stage usually costs between $15,000 to $150,000, depending on the app’s complexity and functionalities.
Quality assurance testing: This stage is where the app is tested for performance, functionality, and usability. This stage typically costs between $5,000 to $25,000.
Launch and maintenance: This stage involves deploying the app and providing ongoing maintenance and support. This stage typically costs between $5,000 to $25,000, depending on the level of support required.
Conclusion
Developing a mobile banking app is not an easy task. It requires a team of highly skilled professionals who can navigate through the complex and ever-changing world of finance and technology. From designing intuitive user interfaces to implementing top-notch security measures, every aspect needs to be carefully considered.
But hey, quality comes at a price, and we’re not talking about just any banking app here. We’re talking about a powerful, feature-rich, and user-friendly app that can revolutionize the way people manage their finances.
But who should you entrust with such a monumental task? Look no further than QSS Technosoft! We come at the top when it comes to mobile app development. With our expertise and experience in the financial technology domain, we will surely leave no stone unturned in creating the best mobile banking app that will make your competitors green with envy.
So, why should you invest in a mobile banking app? Well, besides the obvious benefits of staying ahead of the curve and attracting new customers, it opens up a world of possibilities for your business. Imagine providing your existing customers with a seamless and convenient way to manage their finances on the go. It’s like having a personal banker in their pocket!
So, what are you waiting for? It’s time to take your business to new heights with a mobile banking app that will make waves in the industry.
We are proud to mention that our work has been recognized by leading B2B reviews and research platforms like GoodFirms, Clutch, MirrorView, and many more.
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