In the words of Bill Gates “We need banking but we don’t need banks anymore. Do you think someday we can open a bank account or ask for a loan without physically having to come to the bank?.

The idea caught speed after the covid-19 hit the world. it surely changed all aspects of our lives, and the banking system is no exception. With more people staying at home, people turned to mobile banking apps as a safer and more convenient way to do in-person banking.

Over time, this surely skyrocketed the demand for high-quality mobile banking apps. After all, the burden of standing in a queue for hours to make even small transactions, or pay bills was so boring and time-consuming. But, the idea of mobile banking app made all complex work easy with just a tap of your finger.

What used to take from hours to days, now can be accomplished in a few minutes, all thanks to mobile banking apps. More and more people understood the advantages and ease of using mobile banking apps resulting in an increase in digital banking users in the USA growing, from 197 million users in March 2021 to 217 million in 2025.

This upsurge has made financial institutions act fast and turn towards fintech software development companies to get such mobile banking app that improves customer experience and increase profitability.

But, before you rush to get yourself a feature-rich solution, we have brought this mobile app development guide where we have shared complete knowledge about the mobile banking app, its benefits, features, challenges, cost of banking app development, and the process of creating a mobile banking app.

Table of Contents

What is Mobile Banking App?

Before you start the journey of mobile banking app development, it is necessary to clear the basics and understand the key concepts involved in it. Mobile banking app is a digital platform along with which you can access, manage your bank account and make payments through your mobile device.

Mobile banking apps provide a convenient and secure way to manage people’s finances on the go, with the help of given secure methods such as Passwords, PINs, and Biometric identification to protect one’s financial information. These apps offer wide-ranging services from checking your balance, transferring to other accounts, paying bills, taking loans, and managing your credit cards.

Mobile banking apps

In addition to these basic features, seeing the craze among people many banking apps also offer advanced features such as budget tracking, finance planning, expense tracking, and many more. Such facilities help users make more informed and better decisions related to their money. Overall, mobile banking apps have become an essential tool for people who want to have control of their finance.

With features like convenience, security, and speed mobile banking apps are changing the way people manage their money. If you are also Interested in creating your banking app but unsure where to start? Look no further as we can guide you on how to make a banking app that meets your business requirements with the below write-up.

Mobile Banking App Market Overview

Mobile banking apps have surely gained traction from users all over the world. With the growing internet usage and increasing adoption of digital services, why wouldn’t it be? More banks and financial institutions are competing for market share making the market highly competitive right now. Even with the research and stats given below, it becomes more than clear that people are also accepting and changing as per the rapidly evolving landscape.


As per the above statistics, The use of online and mobile banking will rise between 2021 and 2024, among which the Asian market is the biggest. According to experts, by 2024, this mark will easily touch one billion.

Whereas, the Far East and China are at the top with the largest user base of more than 805 million active users. So, it can be said that this time is more than right to develop a banking app with advanced features.

What Banks Get from Banking Mobile Applications?

In this technological era, mobile apps became a convenient way for banks to connect with their customers. While it is true that banking apps improve customer experience the benefits extend beyond that. Banks can also reap the benefits of mobile banking applications such as reduced operational costs, customer insights, and many more to improve their services.

Let’s take a closer look at some of the advantages that banks/institutions can enjoy by M-banking app development

  • Increasing customer value
  • Strengthening the brand
  • Receiving fast feedback
  • Fostering competitiveness
  • Increasing communication channels

1. Increasing Customer Value

Banking mobile applications increase customer value by offering a convenient and accessible platform for banking. Mobile banking apps offer wide-ranging services such as Real-time information, account details, making payments without a card, and many more. All these services are provided at ease to the customer which helps to improve customer experience with the bank.

2. Strengthening the Brand

By offering a user-friendly mobile banking app, banks can improve their image by connecting with their customers as modern-tech-savvy institutions. A well-designed mobile app helps to improve a loyal customer base by providing them seamless experience for their banking experience.

Read Also – A Complete Guide to Mobile App Design

Once you create a mobile banking app, you can also target your customer personally by sending them offers, updates, and reminders that reminds them to keep coming back to the app. This will surely help you to stand out among your competitors and gain an advantage over new and existing customers.

3. Receiving Fast Feedback

Mobile banking applications can provide valuable insight which can help to improve their products and services. Through in-app surveys and forms, customers can share their thoughts on the app’s usability, functionality, and overall experience.

Banks can then use this feedback to identify issues and areas for improvement and make necessary changes to enhance the app’s features if needed. By addressing these challenges, banks can build trust and even more satisfaction for their customers.

4. Fostering Competitiveness

Once you develop a banking app, you can add value to the customer experience by providing them with basic and advanced features that can provide you an edge over other players.

By providing advanced features including extra security with biometric authentications, mobile wallet, and voice recognition. Banks can identify opportunities to offer personalized products and services that meet the specific needs of the customers while also separating from other banks.

5. Increasing Communication Channels

Mobile banking applications provide banks with increased communication channels to reach their customers. Through push notifications, emails, SMS, and in-app messaging, banks can communicate with customers about new offers, discounts, and other promotional activities.

By offering multiple communication channels banks can ensure that customers can ask for any technical support and information whenever they need resulting in satisfaction and loyalty of users towards the bank.

Benefits of Mobile Banking Apps

Mobile banking apps provide you with a range of benefits from convenience, and accessibility to security. Banks and NBFCs have been developing customer-focused applications to make it more accessible and flexible for customers to manage their finances.

Mobile banking app benefits

Continue reading more to know about how mobile banking software development is helpful for businesses and also has revolutionary perks for users too.

Benefits for the User

The way people used to carry their finances completely changed with the introduction of mobile banking. It provided an array of benefits that were once unimaginable for us. Mobile banking apps have benefits for both users as well as businesses. To find out the advantages of mobile banking apps for the user. Let’s take a closer look at them-

  • 24*7 Access to Bank Account

One great benefit that mobile app provides to its user is to access their finances anytime anywhere. Unlike a bank, where you have to wait in a queue to get your details or for other financial proceedings. Apps for mobile banking help you to access your bank account and do important tasks at any time of the day hassle-free.

  • Easier Money Management

With the growing needs of users, the mobile banking app assists in enhancing money management skills and improving their finances. By offering features like real-time information, alerting users’ risk of being overdrawn, budget tracking, and personal recommendation all with complete security. Mobile banking has become an essential tool for people to achieve financial goals, so you can hire dedicated developers to develop such apps that help them take control of their finances.

  • Fast and Secure Access

Easy access to a bank account is among the key benefits that top mobile banking apps provide. Among these, Face ID and Touch ID play a crucial role in delivering this benefit. These methods help users to get inside the app easily and quickly to check or manage their funds. This also reduces the threat of fraud or breach providing users with security and mental peace of mind while using the app.

  • Notifications Management

When it comes to paying bills you might forget, but don’t worry banking apps will help you in reminding your outflows to avoid missing a payment or paying late fees. Just by setting up notifications, users can receive instant updates about account activity such as deposits, withdrawals, and more all on their smartphones. They can help users to avoid deadlines for bills and loan payments to stay away from penalties.

  • Broader Functionality

The broader functionality offered by mobile banking is a significant benefit that helps users to handle their assets timely and efficient. Mobile banking apps offer a one-stop solution for all financial needs including fund transfers, investment management, and loan applications while providing safety and transparency for all your details.

  • Cashback

Cashback is another benefit that users enjoy while using a mobile banking app. The apps when used allow them extra money for everyday spending and help them save on their expenses. For example, while paying electricity bills through a banking app users can get cashback that reduces overall cost.

  • Spending Tracker

A spending tracker is added on for mobile banking app users because it enables them to keep track of their finances. These trackers can help in controlling user spending and receive alerts when they exceed their limits. They can even suggest ways to save money by taking insight into your spending habits.

Benefits for Business

As an entrepreneur, there are significant benefits that one can enjoy by adopting banking industry solutions for their business. These solutions can show in-depth understandings related to users that can help to tailor the services to suit their needs. By partnering with a leading software development company such as SemiDot Infotech, there are certain benefits that businesses can enjoy. To find out about them let’s dive in-

  • Higher Customer Engagement

Over the years, there has been a huge shift of consumers from offline to online modes. People prefer using mobile banking apps more due to ease of use, quick loading time, and all-time availability. As a result, if you have an innovative idea for your mobile app, It is suggested to get a patent for your mobile app idea and leverage it to reach a larger customer base. Nowadays, Gen Z and millennials prefer mobile solutions which is why providing a convenient, accessible, and personalized banking experience can bring more customers to your app’s doorstep. Developing mobile banking apps by utilizing the best mobile application development services can help businesses to attract new customers or retain the existing ones by delivering more better, more engaging, and value-driven banking experience.

  • Faster Business Expansion

Getting your mobile banking app developed with prevailing mobile app development tools and mobile app development frameworks is surely helpful in speedy business evolution. It can empower developers to build feature-rich and powerful banking apps. The app can rapidly and safely offer customers to access their services conveniently and securely from anywhere and at any time leading to increased customer engagement and satisfaction. This, in turn can lead to increased brand loyalty, customer retention, and acquisition of newer customers. Eventually, leading to more targeted marketing efforts and expansion of your business.

  • User Behavior Understanding

Developing mobile banking app can allow you to know about your customers better. By collecting data about customer interaction, features used, and transaction history, such insights can give better knowledge about users that can assist in driving your profits and business performance.

  • Better Customer Analysis

Mobile banking apps help in gaining a deeper understanding of your customer. These apps can provide real-time insights into customer behavior that can assist in providing them with personalized offers and respond quickly to changes in customer needs and preferences. Utilizing such analysis businesses can stay active and deliver better banking experiences to their customers with their M-banking applications.

  • Paperless Transaction

The Paperless transaction has a significant positive impact on society. By opting for such transactions business owners can contribute towards the betterment of the environment and community. By reducing paper wastages, and promoting eco-friendly practices, banking apps can reduce their carbon prints and promote sustainable practices which are a small yet significant practice towards the preservation of the society.

  • Monitoring Transactions

Mobile banking apps record detailed data of user expenditure including information on the purpose of the expenses and the exact moment spent. This feature is really helpful for the finance team to keep an eye on user spending and eradicate the risk of credit card fraud and other unwanted surprises. With accurate and timely transactional information, mobile banking apps offer a secure and reliable way to manage finances, promoting financial transparency.

Mobile Banking App Features

Before getting so many features from your mobile app development company in the USA, one should evaluate customer needs to understand which features are necessary to add to a mobile banking app. Therefore, it is crucial to prepare a list of mobile banking app features that fit well with your user and market requirements.

Banking App features

To help with that, we have brought a list of necessities that are given below-

1. User Profile

In order to develop any financial digital solution whether to create an e-wallet app or mobile banking app, the first step consists of a “User Profile” which contains primary information of the user such as mobile number, email, bank, account details, and more. The app must offer the users to use a PIN/Password or face lock to safeguard their inside details of the app.

2. Checking Account Balance

Without any doubt, it is no surprise that most banking app users use these apps to check their account balance first. One study found that 36% of Americans every day and 30% every once a week check their account. Therefore, it is an integral requirement for your banking app. Certainly, don’t forget to get it from your banking app development company.

3. Transaction History

To understand how to create a mobile banking app that caters to the needs of users, it’s important to prioritize those features that offer convenience to them such as ‘’Transaction history. The reason behind its importance is it acts as a passbook statement where you can see your transaction for a given time. To make it even more convenient for your users, you can make it available to download in the form of Excel or PDF.

4. Expenses Dashboard

The dashboard is where you can see your cash outflows. After all, we all need to calculate our expenses and need to make future budget plans. The expense dashboard helps to keep track of your expenses and determine if you are overspending or not.

5. Money Transfer

Money transfer is a standard feature without which your banking software development is incomplete. Users prefer mobile banking apps to avoid going to the bank and writing cheques that take their time and effort. It is better to provide them with the feature of peer-to-peer transfer of money safely and securely.

6. Touch and Face ID

There is no harm in adding extra safety to the app. After all, banking apps are more prone to security breaches and fraud. Getting on-demand software development with fingerprint-sensor technology and facial recognition technology in your banking app will add extra security and assist the users in using the banking app hassle-free.

7. Integration with Wallet app

Another valuable feature to add to your list is integration with the Wallet app. Integrating with a wallet app such as PayPal will remove the hassle to switch between apps and enable users to make payments seamlessly and securely.  You can hire mobile app developers to get this feature that will enhance the digital experience of your user and reduce the time & effort required to perform transactions.

8. 24/7 Support

Extending your help with 24/7 support is necessary to solve the query of your users and help them with any kind of technical difficulties. You can discuss this with your banking software development company, they can offer various types of customer service including phone support, email support, live chat, and other social media support that will resolve their issues quickly and build their trust in your app.

9. Cashback

In order to build your own banking app that users love, Consider “Cashback” an important feature to get in your banking app. Cashback is a reward system in which user receives a small percentage of the amount when they make any purchase through the app. The amount may vary according to the transaction. But, it is a famous feature that one shouldn’t miss for on-demand app development as it encourages users to use the app for transactions and engage with the app more.

10. Data Encryption

Data encryption is a critical feature for mobile app development that make sure the sensitive user data is protected from theft or breach. Data Encryption is the process of securing digital data into a scribbled form that can only be decrypted with the help of a decryption key. This ensures that even If a hacker gains access to the app, the decryption key protects it. So, without any doubt, it is an important function to get while developing your mobile banking software.

11. Push Notifications

Push notification is a must for mobile banking apps, it acts as a small reminder for the users. There are different types of notifications that apps send to their users, such as notifications related to the app such as password change, promotions such as offers, rewards & more, and transactional where users get to know about the account details such as debit or credit of the money. You can hire banking mobile app developers to get this crucial feature to increase your user engagement for your mobile app.

12. New Card Request (virtual or physical)

Whether it is virtual or physical, getting a new card request feature is a great way to make your app user favorite. This function allows users to easily request cards from anywhere through the app. This eliminates the need for users to visit their banks or even make a phone call to the bank, making the whole process faster and more convenient. Such features are trending in the industry, there are so many fintech software development companies that provide such features, all you have to do is connect with them and share your requirement.

13. QR Code Scanner

Another in the list of must-have features is a QR code scanner. With users choosing to pay digitally, QR payment has become a new way of contactless payment. QR scan helps to make payments without carrying the card, just scan the QR and make your payment with your PIN keeps your data complete security. You can get this feature in your app or develop a barcode scan app; however, it is suitable for you. it is often appreciated by the users as it provides greater convenience and security.

14. Recurring Payments

Users always have bills, rent, and other charges that need to be paid regularly. This feature allows users to automate regular payments and evade the bother of manual payments. They can also modify, reschedule and cancel If needed. You can hire fintech software developers to offer such streamlined payment options and retain customers.

15. Gamification

Gamification is a crucial step to add to your fintech app ideas for your mobile banking app. To make using the app more fun and engaging, you can provide them reward points to complete certain activities like paying bills or else. By incorporating such game-like elements in your app, you can motivate your user to use the app.

16. Loyalty Program from a Third party

Integrating third-party loyalty programs into the banking mobile app can allow users to earn rewards users can earn rewards and discounts from various merchants. By contributing such features in your banking app using top software development services, banks can use these data to understand their customer better and improve their service.

17. Locate Nearby ATMs & Bank Branches

By taking the help of mobile app development companies you can integrate ATM and bank branch location features into your mobile banking application development allowing users to easily find nearby ATMs just through their smartphone. They can also scroll through other information such as services offered, operating hours, and contact information.

18. User-friendly Interface

Usually, mobile banking apps have an easy-to-navigate design that makes it unchallenging for users to perform transactions, view account details, and manage their accounts. A well-designed UI of the M-banking application enables users to quickly access the features they need and that enhances their overall experience, leading to increased customer satisfaction and loyalty.

Best Mobile Banking Apps

In today’s time, Banking apps have become a requirement for users, and banks also improving their offerings. Mobile banking apps provide an all-inclusive range of services that were only available in physical branches.

Best Mobile Banking Apps

Many big players in the market have helped users to ditch long queues and wait times by providing them with top-notch services through mobile banking apps. Knowing about them is necessary before you decide to create your app. Given below are some names, check out if your favorite bank made it to the list or not.

Banking App nameFeaturesRatings
Bank of America Well-known mobile banking app in the industry. Reward program for credit card and debit card use. Allows to enable and swap cards from the app.iOS app rating- 4.8/5
Android app rating- 4.6/5
Capital One Well-known banking app to monitor credit score. You can activate new credit or debit cards. For login security, you can use fingerprints and SureSwipe technology.iOS app rating- 4.9/5
Android app rating- 4.6/5
Chase Famous for “Best full-service banking app with in-app support”. You can check your balance, and send or receive through Zelle. Facial recognition or fingerprint extra security.iOS app rating- 4.8/5
Android app rating-4.4/5
Discover Renowned for ‘’Best online banking app’’ Take care of all your credit card requirements from Discover. Allows for account balance, transfer of money, transaction history, and deposit checks.iOS app rating- 4.9/5
Android app rating- 4.7/5
TD Bank Known as “America’s most convenient Bank’’ Easy 24/7 access to accounts. Low monthly maintenance fee. Contactless debit cards.iOS app rating- 4.3/5
Android app rating- 4.8/5
Wells FargoFamous for “Best bank app overall’’ Wells Fargo has investment features like stock trading and fund research. You get additional security options like fingerprint or Face ID. You can even freeze your account in case of any unauthorized access.iOS app rating- 4.8/5
Android app rating-4.8/5
HSBCBest known for “World’s largest banking and financial services venture” Deliver demand withdrawal facility. Arrangements with foreign exchange.iOS app rating- 4.2/5
Android app rating- 4.4/5
ChimeKnown as the “Best Modern app” Account management and saving tool. Access deposits two days before.iOS app rating- 4.8/5
Android app rating- 4.7/5
Mobile banking app development CTA

Mobile Banking App Development Challenges

Banking Software Development is not an easy task, which is why it requires businesses to get such digital solutions from experienced software development companies. Mobile banking app development surely poses a different challenge. Knowing about them will help you eradicate the issues and save your overall cost of banking app development by putting all the resources to the right use. Let’s know about them-

  • Biometric Authentication
  • KYC Verification
  • Third Parties Integration
  • Fast Changing Requirements
  • Legal Regulations
  • Two-factor authentication
  • Payment blocking

1. Biometric Authentication

Banking apps poses all the financial data of the user which is why the security needs to be improved through biometric authentication, but it is also a challenge for the dedicated developers. While implementing Biometrics it needs to have expert technical expertise and rigorous mobile app testing to maintain the accuracy and reliability of the biometric system. Additionally, different devices have different compatibility so, biometric data must be securely stored and transmitted ensuring privacy and preventing data breaches.

2. KYC Verification

Whenever it comes to KYC verification of users, it can be a challenge for banking app development due to the need for strict compliance with regulatory requirements. The process involves identifying and verifying the client’s identity when opening an account and periodically over time. This takes time and meanwhile ensuring the security and privacy of this sensitive information adds one more layer of complexity to the app development process. This requires maintaining a balance between user experience and security.

3. Third Parties Integration

Third-party integration isn’t as easy as it seems. Firstly, an amalgamation of third-party services such as payment gateways is time-consuming and requires certain resources. Instead of rushing at the last moment to close the deal with them, it is by far better to have some time in hand to select trustworthy third-party providers with good quality and reliability in service. Your mobile app development company in New York must conduct thorough verification on third-party providers and safeguard compliance with regulatory requirements.

4. Fast Changing Requirements

The stats show that the US fintech market has registered a CAGR of 11% over the forecast period. This surely indicates the market is changing constantly and requires newness now and then. In such a scenario, if you want to make your app successful and save some fintech app development cost, you have to design the product and underlying codebase in a way that allows for rapid and easy implementation of major changes. Overall, your app should be prepared enough to be able to handle changes.

To comply with the guidelines of different countries and regions is quite challenging. However, some common standards may include KYC, data protection laws, anti-money laundering laws, and more. Other financial industry standards include the Payment card industry data security standard (PCI DSS) to promote the data safety of the cardholder and the General Data Protection Regulation (GDPR) to safeguard individual privacy rights and ensure consumer protection. It is necessary to create an app that stays up-to-date with compliance to avoid any legal consequences.

6. Two-factor Authentication

To safeguard user data and account details, 2FA is a must. Implementing two factors authentication in mobile banking apps poses several challenges for banking app developers. The app must integrate different two-factor technology such as OTPs, Biometrics, or touch and face ID. Providing a seamless user experience and maintaining high-security standards can be challenging. To maintain that, sending an OTP or email will surely help in confirming the user. Therefore, in the mobile app development process of your app, your priority should be careful planning and strong testing to safeguard the safety and usability of the data.

7. Payment Blocking

To protect user account details, the limitation of cards or payments must be installed to eliminate the risk of hacking the app. To ensure a safe user experience, the app can block the card in case of something suspicious. This will ensure users that their account details are safe and they can safely use your mobile banking app.

How To Create a Mobile Banking App?

To make sure you have a successful journey in getting a feature-rich mobile banking app. It becomes necessary to have a comprehensive understanding of the development process involved in it. After all, the process of how to build a banking app includes several important steps.

How To Create a Mobile Banking App?

In order to equip you with the necessary knowledge, we have put together this small mobile app development guide summarizing the overall steps required to develop a high-quality mobile app.

  • Step 1: Research
  • Step 2: Prepare the security base
  • Step 3: Develop & Test A Prototype
  • Step-4: UI/UX Design
  • Step 5: Develop the app
  • Step 6: 3rd party Integration
  • Step 7: App testing
  • Step 8: Deployment and Maintenance

Step 1: Research

Some best mobile banking apps that are currently successful in the market surely have done their research to understand their target audience better. So, it is more than necessary to identify your target audience and their needs with the help of research to stay in the market for a longer period.

Analyze the work of other successful banking apps to understand the feature that they offer. Also, get knowledge of unsuccessful apps too, to understand why they failed in the market that will help you to avoid repeating those mistakes.

Step 2: Prepare the Security Base

In the second step of how to build a banking app? it becomes necessary to strengthen your app by fixing the security base as banking apps are more prone to breaches due to records of financial information and user data. With so many security breaks in many apps, users’ priority has changed to the safety of their information.

So, it is necessary to keep in check the security base before taking steps further. For that, you can make sure to give auto logout, secure card authentication, data privacy, and many more features in your app to make sure it gives a safe experience to users with your app.

Step 3: Develop & Test A Prototype

Developing and testing prototype is a crucial step in the mobile app development process. A prototype allows us to test the idea of the mobile app and get feedback on the app which includes visual representation, user interface, features, and functions.

To develop a prototype, an app developer uses different mobile app development tools or app design software to create mockups for the app. By investing time in developing and testing a prototype app developers can eliminate a lot of problems in the development process and develop such an app that meets the expectations.

Step 4: UI/UX Design

Another essential step in mobile banking app development is UI/UX, it impacts user experience and satisfaction with the app. The UI/UX design process includes creating wireframes which are illustrations of the app and creating a user interface.

By focusing on utility, convenience, and security in the app’s design, developers can make sure to give their users a better experience and develop a successful mobile banking app for you.

Step 5: Developing the App

All other steps eventually lead to this most important phase “Developing the app”. There are so many mobile app development programming languages among which developers can choose accordingly to build banking applications for Android or IOS. For Android, developers can use Flutter or Kotlin. They can utilize Swift for IOS applications.

Step 6: Third Party Integration

Before your app goes through mobile app testing, there is one more step to do that is to integrate third parties services such as payment aggregators, payment gateways, and more. while choosing third-party services, make sure they can act as an advantage for your app and can help in enhancing user experience and improving customer retention.

Step 7: App Testing

It is necessary to test your digital solution before launching. The app needs to be tested to ensure the functions are working properly. This challenging step includes functional testing, usability testing, security testing, and compatibility testing on various devices and operating systems.

This will benefit you to know if users will face any problems and spare time to make changes. Initially, it will help to move forward with the final output that gives users a hassle-free experience.

Step 8: Deployment and Maintenance

The last stage in this process of ‘how to build a banking app’ is the deployment of the mobile banking app. You can finally launch your project to your target audience, But the work doesn’t stop here.

Developers need to focus on the market and users if they face any difficulties and the app needs some changes. Mobile App maintenance will help to timely monitor and make changes to your app to add or reduce according to the market.

Hire banking app developers

Technology Stack for Mobile Banking App Development

When it comes to ‘how to create a banking app’, selecting the right tech stack plays a vital role. After all, frameworks, libraries, and tools help developers to create a secure and scalable solution that meets user and business requirements. So, let’s look at the breakdown of a possible technology stack that will be helpful for your mobile banking app-

LevelTech stack
Front-endJava, Kotlin, and others
Back endPython, PHP, and others
Cloud StorageGoogle Cloud Platform, Microsoft Azure, and others.
DatabaseSQL Server, Oracle, and others.
SecuritySSL certificate, two-factor authentication, and others.
Payment GatewayPayPal, Stripe, and others.

How Much Does it Cost to Develop a Mobile Banking App?

Investing in mobile banking apps is crucial for banks and businesses to provide their customers with easy and convenient banking services. Formerly getting mobile banking app developed the question of “cost to develop a mobile banking app” must have hit your mind.

After all, it is a key point to building a budget. So, we have break-down the banking app development cost in the below table to help you with all stages and their costs associated with it-

Development stage FeaturesCost-Range
Planning/Market ResearchTo define your app functions, goals, target audience, and more. $5,000-$10,000
UI/UX DesignCreating Wireframes UI/UX Design$5,000-$20,000
DevelopmentFront-end development Back-end development$20,000-$60,000 $30,000-$70,000
TestingTo check for any complications and change them beforehand.$15,000-$40,000
DeploymentLaunching the app$5,000-$10,000
Maintenance and SupportConstant look for bugs or problems and keep the app up-to-dateYearly Basis
 Overall Cost$80,000-$2,00,000

The mobile banking app development cost will be around $80,000 to $2,00,000 but it can vary depending on various factors such as the app’s complexity, features, development team, integration with banking API, testing, and many more.

Therefore, it is essential to have a detailed analysis of the factors and cost to build a mobile banking app before developing a high-quality app to make sure the investment is worth the effort and time.

How SemiDot Infotech Can Set Your Development on Track?

Without any doubt, to develop a banking app that is successful in the market, you need to join hands with the leading agency and take their top fintech software development services that will help to thrive in this dynamic market. For that, SemiDot Infotech is here to be your development partner.

If you are looking for reasons to work with SemiDot, below are some factors that will motivate you

  • Cost-effectiveness
  • High-quality service
  • Ethics and integrity
  • Best technology stack
  • 24/7 support
  • Dedicated developers

1. Cost-effectiveness

The mobile app development cost to build a banking app can vary from tens to thousands. In such a scenario, it is necessary to join hands with a reliable partner to make sure you get high-quality apps within your budget. With SemiDot Infotech you can leverage their services that specialize in delivering cost-effective and robust solutions.

2. High-quality Service

They work closely to understand clients’ needs and deliver the solution as per their expectations. They provide the best software development services by using severe testing methods and numerous quality assurance procedures to ensure their software is free from bugs and any detects.

3. Ethics and Integrity

SemiDot InfoTech is well-known for maintaining transparency with their clients regarding the project, keeping the work confidential, and working with complete responsibility to provide better services. They act following all the regulations and prevailing standards in the industry to meet customer needs and expectations.

4. Best Technology Stack

Another reason to choose SemiDot Infotech to create a banking app is that they work with the latest trend, best development stack, and maintain development standards as per industry norms. Their team has proficiency in different technologies and programming languages. By working with the best technology stack, the company ensures that clients receive the best possible solution as per their needs.

5. 24/7 Support

They have dedicated support to take care of the clients, address their issues, and resolve them as soon as possible. They are available on different channels such as email and chat to make sure clients can reach them anytime anywhere. They put in their efforts and assist their client at any hour to make sure the build solution runs smoothly.

6. Dedicated Developers

They have a team of a skilled and experienced team of developers and designers to develop feature-rich applications. They follow agile methodologies that emphasize partnership, adaptability, and continuous enhancement. You can hire software developers of SemiDot Infotech to get the best solution that helps you prosper in the market.

Want to know how to develop a banking app that stands out in the crowded market? Our team of developers can help you in leveraging the power of evolving technologies such as Artificial Intelligence and Blockchain to offer innovative and personalized services to your customers.


Undoubtedly, developing a banking app is a great decision to fulfill your user’s needs and provide them good banking experience. Certainly, the expansion of digital solutions has completely changed the traditional banking system.

Now, people don’t have to wait in queue, Instead, they just take out their phone and do the same work within minutes with the help of a banking app. With the above mobile banking app development guide, we believe we have strengthened your decision to move forward with your idea to get a mobile banking app.

If you are planning to get yourself a mobile banking app then this is the best time to hop on the latest trend of mobile banking app development. But when it comes to banking apps the main focus will be on the safeguarding of the data. That’s why it’s crucial to partner with a trusted financial software development company like SemiDot Infotech.

With their team of skilled developers, you can ensure that your app has the best security, features, and user-friendly interface that meets with user-requirement. If you have an idea to build your banking app and looking for expert guidance, don’t hesitate to reach out to us.


Here are some FAQs related to mobile banking app development to help you with your doubts.

  1. What is mobile banking app?

    Mobile banking apps are those apps that assist to manage and govern your account and make transactions with just your smartphone. It also allows users to check their bank details, and transaction history, and send and receive all without visiting banks just by mobile banking app. Bank of America, Chime app, and Wells Fargo are some of the leading players among mobile banking apps.

  2. How to build a mobile banking app?

    To build a successful mobile app, it is important to conduct proper market research, analyze your target market and competitors, find an app development company, discuss your requirement, and get developed your app. The remaining internal part will be depending on your requirements such as basic and advanced features, design, cost, and other factors.

  3. What is the difference between mobile banking app and mobile app?

    The mobile banking app is specifically designed to assist users with their account, transactions and manage their finances. Whereas, Mobile apps can be any application that can be used with an internet connection through a mobile device such as gaming apps, entertainment apps, news apps, and more.

  4. How do bank apps make money?

    Banking apps make money by charging transaction fees, small service fees to use the app, third-party ads, or subscription plans that allow users to enjoy advanced features. All these are some common ways through which banks earn money.

  5. How safe is mobile banking app development?

    Mobile banking app development can be safe if proper safety measures are applied in the development process. These measures include different security audits, rigorous testing, and others. Apart from that, integrating multi-factor authentication methods including biometric authentication, face ID, and other factors protect the sensitive data of users from any unofficial access.

  6. Do you provide custom mobile banking app development?

    Yes, we provide top-notch custom mobile banking app development where we take care of your requirements, keep you updated with the progress, guide you with new and advanced features, and provide timely and budget-friendly solutions.

  7. How much time does it take to build a custom mobile banking application?

    Getting off the shield solution takes less time. But, when it comes to custom mobile banking applications it depends on various factors such as the complexity of the app, the number of features and functions, and the development methodology used. Typically, the time can be six to twelve months for getting a custom mobile banking app developed but the time can vary depending on the size and complexity of the project.

  8. How much does it cost to build a mobile banking app?

    The cost to develop mobile banking app range from $80,000 to $2,00,000. The cost may increase or decrease depending on the requirements of the clients. Features, time, complexity, development company, and experience of the company are all vital factors that can make a difference.

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