Breaking Down the Cost of Developing a Banking Application in 2025

Banking apps are not a choice but a necessity app for the banking sector and its users. The application would have let its users in real-time access their accounts, transactions, and cash withdrawals at the ATMs without the cards. But developing banking applications also involves various other things including time consumed in developing it, options of platforms to develop, features it offers, and technology used. In this blog, we will break down the main factors that determine the cost of banking app development, what features are important, and the steps involved in creating a secure, user-friendly banking application.

What is the Cost to Develop a Banking App?

The development cost of a banking app is based on the development time and developers' rate of charge. The time required depends on various factors like the choice of the platform, the complexity of the features, and the tech stack chosen.

The cost developed by the developers differs based on their experience and skills and also the place of residence. Using this formula, you can estimate the approximate cost once you have chosen your development team and defined the requirements of the app. 

Below is a summary of the average cost and time for different app complexities: 

Simple App (Basic Features)
Cost: $30,000-$70,000
Time Duration: 3 to 6 months

Medium Complex App (Extensive Features)
Cost: $70,000-$150,000
Time Period: 6 to 9 months

High Feature App (Complex App)
Cost: $150,000-$300,000
Time Period: 9+ months 

Factors Influencing the Cost of Banking App Development 

Here is the list of factors influencing the cost of development in banking applications 

• Wireframe
• App Platform
• UI/UX Design
• App Maintenance
• Development
• Location of the Development Organization
• Technology Integration
• Team Size
• Features

Features to be Integrated in Banking App Development 

App Access
A banking app requires a secure yet simple sign-in process. Common methods are entry of PIN and fingerprint recognition. The use of multi-factor authentication can improve security. There are many ways to implement this system to achieve maximum protection. 

Account Information
Users must be able to access critical account information such as account numbers, balances, and card information easily. Ensure these features are visible or accessible from the home screen to enhance user experience. 

Payments and Transfers
Allow users to make real-time payments and transfers with the option of adding beneficiaries and checking balances before and after transactions. Security measures should include PIN or fingerprint verification at the payment stage.

Transaction History
Allow users to see a history of transactions within a period of their choice to track their financial activity in real time.

Push Notifications
Implement a push notification strategy to enhance user engagement. Notifications can be categorized as transaction-based, promotion-based, and application-based, keeping users informed and connected. 

Bank and ATM Locations
Integrate Apple or Google Maps to help users find nearby bank branches and ATMs, adding convenience to their banking experience. 

In-App Chat
A secure, always-available chatbot can assist users with their accounts, transactions, and inquiries 24/7, improving accessibility and customer service. 

Voice Commands
Voice technology is increasingly being adopted in banking apps, making it possible for users to check balances or initiate transfers using simple voice commands, a completely hands-free experience. 

AI Integration
AI is transforming banking through applications such as fraud detection and continuous user-bank connectivity. More AI-driven innovations are likely to emerge to enhance banking services. 

App Security
As security remains the top priority, banking applications will adopt more advanced features such as multi-factor authentication, end-to-end encryption, fingerprint authentication, and AI-based fraud detection to ensure data protection and protection against breaches.

Mobile Banking Market: A Glimpse

The growth of mobile banking in recent days has made an easy access for individuals to transact their funds and cardless ATM withdrawals have made it easy for banks. Here are some key stats: 

• The mobile banking market reached $715.3 million in 2018 and is expected to grow $1,824.7 million by 2026 with a rate of 12.9%. 
• The digital banking user base in the US has increased from 196.8 million to 203 million in  2021 to 2022
• More than 97 percent of millennials are now employing mobile banking apps.
• The purpose of mobile banking apps reduce Internet banking, direct branch visits, and mobile phone banking.

Closing Words

Osiz is the top Mobile App Development Company, offering a structured development plan for creating healthcare apps integrated with advanced technology stacks tailored to business needs. Partner with us for innovative banking software solutions.