Have you ever questioned the transformative impact of cell banking app on our daily lives? Indeed there is a big impact!

In recent years, they have seamlessly woven convenience, security, and financial accessibility into the fabric of our routines. Take, as an example, Monzo, a UK-primarily based digital financial institution that has now not handiest redefined banking however has set a benchmark with its user-friendly app and groundbreaking capabilities.

Intriguingly, statistical statistics from a recent study suggests a huge surge inside the international adoption of digital banking, with a projected increase of 5.4% annually. This surge is reflective of the developing reliance on mobile banking apps. 

Now, in case you are considering constructing a mobile banking app like Monzo, you might be wondering about the cost worries in the improvement technique.

 In this blog, we will discover the idea in the development of mobile banking apps, their importance, and offer you with a fee breakdown for building an app like Monzo.

Understanding the Concept Behind Mobile Banking App Like Monzo

Mobile banking apps like Monzo have witnessed significant growth in recent years, driven by the increasing adoption of smartphones and the growing demand for convenient and accessible banking solutions.

According to a report by Statista, the global number of mobile banking app users is projected to reach 1.75 billion by 2024.

These apps use advanced technologies to ensure the security and reliability of transactions. They employ encryption algorithms to safeguard user data and protect against unauthorized access. Additionally, they use secure authentication methods like biometric recognition (such as fingerprint or facial recognition) to enhance user verification.

From a technical perspective, mobile banking apps rely on APIs (Application Programming Interfaces) to connect with various banking systems and third-party services. APIs enable seamless integration, allowing users to link their accounts, make payments, or access financial data from multiple sources within a single app.

With the continual advancements in mobile technology and data analysis capabilities, the future of mobile banking apps appears promising, offering customers more convenience, security, and personalized financial management options.

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Why is a mobile banking app like Monzo important?

Mobile banking apps have gained popularity for several reasons. Let’s take a look at some below. 

• Convenience and Accessibility: One of the primary reasons why companies and businesses need a mobile banking app is convenience. With a mobile banking app, businesses can access their financial information and perform transactions anytime and from anywhere. 

 As an example, the “Square Point of Sale” app provides small businesses with a mobile banking solution that enables them to accept card payments through their smartphones or tablets.

• Save your Maximum Time: A mobile banking app streamlines financial tasks for companies and businesses, saving them valuable time. With features like mobile check deposit, electronic invoicing, and automated bill payments, businesses can save hours that would otherwise be spent on manual paperwork and trips to the bank. 

For instance, QuickBooks’ mobile banking app offers small businesses the ability to track expenses, create invoices, and manage cash flow in real-time, freeing up time for entrepreneurs to focus on running their businesses.

• Security & Protection From Fraud: Mobile banking apps provide an extra layer of security for businesses compared to traditional banking methods. Advanced encryption technologies, secure login credentials, and biometric authentication help protect sensitive financial data. 

For example, Bank of America’s mobile banking app offers robust security features such as fingerprint and facial recognition, as well as real-time alerts for suspicious activity.

• Financial Management and Insights: Mobile banking apps offer businesses valuable tools to manage their finances effectively. Features such as expense tracking, budgeting tools, and financial insights provide businesses with a comprehensive view of their financial health. 

For instance, the “Mint” app allows businesses to link all their financial accounts, track expenses, and create customized budgets, providing a holistic view of their financial situation.

• Enhanced Customer Experience: A mobile banking app can significantly improve the overall customer experience for businesses. Customers can make quick and secure payments through the app, reducing friction in the payment process. For example, Starbucks’ mobile banking app not only allows customers to make payments but also offers rewards and personalized recommendations based on their preferences.

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Cost breakdown of building a mobile banking app like Monzo

Here comes the most important: Cost! Building a mobile banking app like Monzo involves several factors that contribute to the overall cost. These factors include:

• Development Team:

 Hiring a development team, including project managers, designers, Android and iOS developers, backend developers, and quality assurance professionals, can range from $50,000 to $300,000. 

• Features and Functionality: 

The cost of developing features for your app can range from $35,000 to $65,000 for an application with basic features. More advanced and unique features will require additional development time and resources, increasing the cost accordingly.

• Design and User Experience:

 The cost of design and user experience can vary based on the requirements and expertise of the design team. Generally, high-quality design and user experience come at a cost, which can range from $10,000 to $50,000 or more, depending on the complexity and level of customization desired. 

• Integration with Third-Party Services:

 The cost of integrating your app with external services like payment gateways or credit bureaus will depend on the complexity and number of integrations required. Integration costs can range from $5,000 to $20,000, depending on the scope of the integration. 

• Security Measures: 

Implementing robust security measures is crucial for a mobile banking app. The cost of implementing security features such as encryption, two-factor authentication, and secure connections can vary based on the complexity and level of security required. Security measures usually range from $10,000 to $30,000. 

• Testing and Quality Assurance: 

The cost of testing and quality assurance depends on the complexity of the app and the resources required for testing. Usually, testing and quality assurance can cost around 20% to 30% of the total development cost. For example, if the total development cost is estimated at $100,000, the testing and quality assurance cost may be around $20,000 to $30,000.

• Maintenance and Updates: 

Ongoing maintenance and updates are necessary for mobile banking apps to stay up-to-date with evolving technologies, security threats, and user feedback. The cost of maintenance and updates can vary but is generally estimated to be around 20% to 30% of the initial development cost per year..

Please note that these cost estimates are approximate and can vary based on various factors such as  complexity of the app, and specific requirements. It is advisable to consult with a experts like QSS Technosoft in mobile app development to get a more accurate cost estimate tailored to your specific project.

Overall, The cost of building a mobile banking app like Monzo can vary significantly depending on the complexity and customization requirements. On average, the cost can range from $50,000 to $500,000 or more.

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List of best mobile banking apps

• Monzo: https://monzo.com/
• Revolut: https://www.revolut.com/
• N26: https://n26.com/
• Chime: https://www.chime.com/
• Varo: https://www.varomoney.com/

If you are looking to develop a mobile banking app like Monzo, QSS Technosoft is a trusted software development company that can assist you in turning your vision into reality. With their expertise in mobile app development and experience in the finance sector, they can help you build a secure and user-friendly mobile banking app tailored to your requirements. Visit their website for more information: Qss technosoft

Conclusion

Building a mobile banking app like Monzo requires careful planning and investment. The cost involves various factors, including the development team, features, design, security measures, testing, and maintenance. While the cost can vary greatly, it is important to prioritize user experience, security, and compliance. By partnering with a reliable software development company like QSS Technosoft, you can ensure that your mobile banking app is built to high standards and offers a seamless and secure banking experience to your customers.

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.