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Are you wondering how much it costs to build a banking app like Mashreq? With the rise of digital banking, financial institutions are racing to offer seamless mobile experiences for their customers.
Apps like Mashreq are perfect examples of how banking solutions can simplify complex banking processes, allowing users to handle everything from bill payments to money transfers at their fingertips. But building a high-quality, feature-rich app doesn't come without its costs.
In this blog, we’ll break down the factors influencing Mashreq app development costs, from design and features to security and compliance. Whether you’re a startup or an established bank, knowing these details will help you budget effectively and ensure your app stands out in a competitive market.
So, let’s get started!
Here are the detailed banking market statistics:
Also Read: Blockchain in Banking – Opportunities and Challenges to Overcome
The cost to build a banking app can vary significantly depending on several parameters. Here are some key fintech app development factors that influence the overall cost:
1.
Platform Choice The choice between developing for iOS, Android, or both plays a significant role in banking app development budget determination.
If you're targeting a large and diverse user base, developing for both platforms is likely essential but will raise the banking app development budget.
2.
App Features and Functionalities The more advanced and varied the banking app development features, the higher the development costs. Banking apps like Mashreq include several critical functionalities, such as:
Each of these features must be carefully integrated to ensure seamless user interaction and high performance.
3.
Design and User Experience A well-designed app that offers a smooth and intuitive user experience will naturally cost more, but it’s a key differentiator in the competitive Banking space.
A high-quality design can not only attract more users but also retain them, making it a wise investment.
4.
Technology Stack The technology stack you choose for your app can significantly impact the development cost.
5.
Regulatory Compliance Neo banking apps like Mashreq must comply with local and international banking and data protection regulations such as:
Incorporating compliance measures requires legal expertise and additional development time, increasing the cost by up to 20%. Failing to meet these requirements can result in costly fines or legal actions, making this a non-negotiable expense. Apptunix being a leading Banking mobile app development company can help you overcome these challenges with ease.
6.
Security and Compliance Security is paramount in any banking app, given the sensitive nature of financial data.
Incorporating robust security measures from the start can save money in the long run by preventing data breaches and user dissatisfaction.
7.
Third-Party IntegrationsMany banking apps rely on third-party services to provide additional functionality, such as:
Each integration introduces additional coding and testing work, driving up both development time and costs.
8.
Maintenance and Updates Once your banking app is live, continuous maintenance and updates are essential to keep the app secure and relevant. Our top banking app development agency in Dubai offers post-launch services.
Also Read: Cost vs. Quality: Balancing Your Budget in Mobile App Development
Developing a banking app like Mashreq involves multiple stages, each contributing to the overall cost of the project. Below is a breakdown of each phase along with its associated expenses.
#Step 1:
Determine Your App’s Objectives Before any development begins, it's essential to clearly define your banking app’s objectives. These could include offering seamless mobile banking, enabling secure transactions, or providing personalized financial insights.
Key Tasks: Identifying user needs, determining key app features, and defining the app's core purpose.
Cost Range: This stage might cost between $5,000 to $10,000 for consulting with experts and finalizing app goals. However, our company provides free one-hour consultations for better decision-making.
#Step 2:
Planning the App’s Architecture In this stage, you'll outline the app’s infrastructure and technical requirements. A well-planned architecture ensures scalability, performance, and security.
Key Tasks: Creating wireframes, defining databases, selecting the tech stack (such as backend frameworks and front-end libraries).
Cost Range: Architecting the app’s infrastructure could cost between $15,000 to $25,000 based on complexity.
#Step 3:
Designing a User-Centric Interface The app’s design determines how easily users will be able to navigate the app and perform tasks like checking balances, transferring money, and more.
Key Tasks: Wireframing, prototyping, and designing the user interface and experience (UX/UI).
Cost Range: High-quality bank app designs could range from $5,000 to $50,000 depending on how sophisticated and visually appealing the design is.
#Step 4:
Developing the Banking AppThis is the core of the project, where developers bring your app to life. The choice between native or cross-platform development will significantly impact the banking app development cost for banks.
Key Tasks: Backend development (server-side), front-end development (user interface), API integration, database development.
Cost Range: Developing a banking app could range from $10,000 to $60,000 depending on the platform (iOS, Android, or both), complexity of features, and integrations.
#Step 5:
Testing & Security Audits Once the app is developed, rigorous testing is crucial to ensure there are no bugs, security loopholes, or performance issues. Banking apps, in particular, need robust security measures.
Key Tasks: Functionality testing, security testing (penetration tests, vulnerability scanning), and performance testing.
Cost Range: Testing and security audits typically cost around $5,000 to $10,000, but can go higher depending on the app’s complexity and the number of security layers involved.
#Step 6:
App Store Optimization (ASO) Once the app is ready for launch, optimizing it for app store rankings is crucial for visibility and downloads. This includes optimizing the app title, description, and keywords for both the Apple App Store and Google Play Store.
Key Tasks: Keyword optimization, crafting engaging app descriptions, high-quality screenshots, reviews, and rating management.
Cost Range: App Store Optimization typically costs between $3,000 to $7,000 depending on the scope of the work.
#Step 7:
Launching & Marketing Your App Marketing is critical to driving user acquisition after launch. This involves creating a launch plan, running paid ads, and leveraging social media to attract new users.
Key Tasks: Pre-launch promotion, digital marketing campaigns (SEO, PPC, social media), influencer collaborations.
Cost Range: Initial marketing budgets for a banking app launch can vary widely, typically between $2,000 to $40,000, depending on your target audience and marketing channels.
#Step 8:
Ongoing Maintenance & Updates Once the app is live, it’s essential to provide ongoing support to fix bugs, roll out updates, and introduce new features based on user feedback and evolving market demands.
Key Tasks: Fixing bugs, performance improvements, software updates, and adding new features.
Cost Range: Ongoing maintenance typically accounts for 5% to 10% of the initial development cost annually. For a banking app that costs $200,000 to develop, expect to spend $10,000 to $20,000 per year on maintenance.
When developing an app like Mashreq, incorporating cutting-edge features is key to delivering a superior user experience and staying ahead of competitors in the banking industry. Below are some essential features that you should include:
I:
Personalized Recommendations These days users expect mobile banking apps like Mashreq to offer tailored suggestions based on their spending patterns and financial behavior. Personalized recommendations with the advent of AI in the banking system help users to make better financial decisions, whether it’s for saving, investing, or managing debt.
For instance, suggesting customized loan or investment plans based on a user’s transaction history and spending behavior.
II:
Automated Budgeting An automated budgeting feature can track users' income and expenses in real time, categorizing spending to help them manage their finances effectively. This helps users stay on top of their finances by providing a detailed overview of their spending habits. This feature empowers users to set financial goals and track progress seamlessly.
III:
Fraud Detection Security is a top priority for banking apps. Integrating advanced fraud detection systems can help identify suspicious activities and protect users' accounts from unauthorized transactions. For example, real-time notifications of potential fraudulent transactions, with an option to freeze accounts directly from the app if necessary.
IV:
Enhanced Customer Support Needless to say, offering 24/7 customer support through AI chatbots or live agents helps resolve user queries quickly and efficiently. An AI-powered support system can answer common questions, guide users through tasks, or connect them to human representatives for more complex issues.
Now, Mashreq has introduced an AI-powered digital engagement chatbot known as the Mashreq Bot. This chatbot is designed to simulate conversations with customers across various digital platforms, providing a more interactive and efficient banking experience.
V:
Investment Management Adding an investment management tool within your app allows users to grow their wealth with ease. This feature can offer portfolio tracking, stock recommendations, and personalized investment strategies based on risk tolerance.
For instance, you can have a dashboard that shows a user’s portfolio performance, along with AI-driven investment suggestions tailored to individual risk profiles.
VI:
Debt Management Debt management is a vital feature, especially for users looking to consolidate loans or improve their credit scores. The app can provide actionable insights into paying off debt faster and offer repayment plan options. This helps users manage debt more effectively, reducing financial stress and improving their overall financial health.
Now, it is time to find out the precise banking app development cost for startups looking to make an investment.
Also Read: Why Dedicated Post-Launch App Development Support is Essential to Make Your App a Success
To give you a rough idea about the Mashreq app development cost, a basic banking app can range from $20,000 to $80,000. On the other hand, a more feature-rich banking app with advanced technologies can go up to $180,000 or more.
It is recommended that you ask how much does it cost to build a banking app like Mashreq directly to a top banking app development company like Apptunix. Our banking app developers are well-versed with the latest technologies like AI, blockchain, and metaverse to offer robust banking solutions.
Note: This is an estimated banking app development cost and can vary significantly based on factors like app complexity, platform (iOS, Android, or both), design, and location of the development team.
Building a banking platform can be costly, but with the right strategies, you can manage and overcome banking app development challenges without sacrificing quality. Here are four smart ways to cut costs when developing your banking app:
I:
Prioritize App Features One of the most effective ways to control costs is by carefully selecting the banking app development features you want. Instead of overwhelming the app with every possible feature, focus on core functionalities that directly serve your users' needs.
If you’re building a banking app like Mashreq, focus on critical features like secure payments, transaction tracking, and basic customer support before adding advanced features like investment management or debt consolidation tools.
II:
Choose the Right Development Partner Selecting a trustworthy and experienced banking app development company is crucial for controlling costs. A partner with expertise in banking development can guide you through cost-saving options, such as using open-source solutions, minimizing code complexity, and implementing scalable solutions.
Look for a banking app development agency in a region where the developers charge less per hour fee. Like in Dubai, banking developer’s prices start at only $25/hr as compared to the USA or Europe where charges can be as high as $100/hr.
III:
Choose the Right Platform By choosing a cross-platform approach, you can save 30-40% on a banking app development timeline and cost. Plus, you'll be able to maintain a single codebase, which reduces maintenance expenses.
If most of your target audience uses Android, consider launching the Android version first and then expanding to iOS later, or use a cross-platform solution to release on both platforms simultaneously without doubling the banking app development budget.
IV:
Consider MVP Development A Minimum Viable Product approach involves launching the app with just the essential features to test user demand and gather feedback before investing in additional functionalities. Developing an MVP allows you to get your app to market quickly and at a lower cost. You can then gradually add more features based on user feedback
At Apptunix, we specialize in offering cost-effective banking mobile app development services to help you significantly cut down the cost of developing an app like Mashreq. With 11+ years of experience in developing secure, scalable, and feature-rich mobile applications, our team of skilled developers uses efficient methodologies to prioritize core features while keeping costs in check.
We offer flexible engagement models, advanced technology stacks, and cross-platform solutions that streamline the entire process, saving you both time and money. Our deep understanding of the fintech industry ensures we deliver robust and compliant banking apps like Mashreq, all while staying within your budget.
So, what next?
You can schedule a free consultation right now and discuss your project details to start the process.
Q 1.How long does it take to develop an app like Mashreq in Dubai?
The banking app development timeline ranges between 6 to 12 months. Building a Minimum Viable Product (MVP) may take less time, while a fully-featured app requires more extensive planning and development.
Q 2.What factors influence the banking app development cost?
Several factors impact the cost of developing a banking app, including the platform choice (iOS, Android, or cross-platform), the app’s features and functionalities, UI/UX design, technology stack, compliance with financial regulations, security measures, and third-party integrations. Additionally, the experience of the development team and post-launch maintenance can also affect the overall cost.
Q 3.How much does banking app development cost in Dubai?
The cost of developing a banking app in Dubai can range from $20,000 to $180,000 or more. You should consult an experienced banking mobile app development company like Apptunix to get a proper cost estimation based on your business needs.
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