AI Banking App Development Cost | AI Banking App Cost

AI Banking App Cost Breakdown: How Much Does AI Banking App Development Cost?

By Suffescom Solutions

February 17, 2024

AI Banking App Cost Breakdown: How Much Does AI Banking App Development Cost?

Artificial intelligence has created a buzz in the technological world. The popularity of AI is increasing with each passing day, and in the forthcoming times, it will definitely revolutionize various industries. Talking about the role of AI in the banking sector, it serves various applications like cyber-security, risk management, regulatory compliance, process automation, etc.

As of now, entrepreneurs are highly impressed with the facilities offered by AI, so they want to incorporate this mesmerizing technology into their business. The concept of AI is relatively new; therefore, business owners don't have a clear idea of what goes behind the entire app development process.

Interested to know about the AI banking cost? Well, you are at the right place. The actual AI banking app development cost ranges between $25,000 to $250,000. The important thing to note is that it is just an estimated price; it is subject to increase or decrease depending on several factors.

How Much Does AI Banking App Development Cost?

We have already mentioned the estimated AI banking app cost, but it varies due to various factors. Check out some of them below;

  • Integrated features
  • Complexity involved in the project
  • Location of the developers
  • Tech-stacks
  • customization
  • Size of the development firm
  • AI integration
  • Development process
  • UI/UX design

The list will continue, but if you are into developing a highly scalable and reliable AI banking app, hurry up and book a consultation with our experts.

AI Banking App Cost Breakdown

(1) Development Process

The development process is the core of any application that involves multiple stages, from consulting to development and launch. We don’t just stop there; there is proper marketing and post-maintenance of the app.

Development Process AI Banking App Cost Estimation
Consultation $3500-$4000
Planning And Research$4000-$6000
Launch And Maintenance$5000-$6000

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(2) Essential Cost Drivers

  • AI Software

For a novice, it's difficult to differentiate between the AI software types in the market. AI is an emerging technology with numerous subfields, such as deep learning, NLP, computer vision, robotics, machine learning, etc. Therefore, speaking of AI in banking cost, it is known that the AI application solution is basically for chatbots, face recognition, process automation, voice assistant, data analysis, and so on.

  • AI Algorithms

Without algorithms, there is no AI, as everything is programming-based. Integrating AI in banking apps offers a synchronized way to problem-solve and complete tasks quickly and effectively. Banking deals with unlimited activities that must be performed without compromising accuracy.

  • Intelligence Level

AI softwares differs on the level of intelligence to manage tasks. If it has the potential to handle easy to medium tasks, then the cost will be lower. On the contrary, if it is capable of handling complicated tasks without any human interference, then the AI banking app cost will be higher.

All these factors are quite dominant and play a key role in deciding the AI banking app development cost.

(3) Company’s Size

A company is always resembled by the employees working there, so whenever the budget for a project is decided, manpower does make a difference.

Company’s SizeNo. of EmployeesDevelopment Cost
StartupsUp to 50Starts from $10000
Medium Scale50-250Starts from $20000
Large Scale>250>$30000

(4) Back Office Features

The intelligent AI banking app should be built with top-notch features that offer a superior customer experience and help them perform their tasks without any delay. Here, we have enlisted a few of them;

  • Smart Automation

AI fully automates the manual work and enhances operations greatly.

  • Cash Management

With historical data, the cash flow forecast related to loan demand is accurately predicted.

  • Threat Detection

The pre-detection of unusual patterns reduces fraudulent activities.

  • Command And Control Systems

Using AI algorithms, different data sources are integrated into making better decisions.

(5) Technological Stacks

Tech stacks are the premise of developing any application. It encompasses coding techniques, cloud storage, API integration, frameworks, software, programming languages, etc. Moreover, in addition to a specifically AI-powered app, the inclusion of AI is necessary.

Tech-StacksCost Estimation
Programming Languages$7000-$12000
Artificial Intelligence$8000- $15000
Operating System$10000-$14000
Cloud Storage$12000-$15000

(6) App From Scratch

Developing an app from scratch requires amplified efforts and time, leading to increased development cost charges. All the features, design, layout, and functionalities are added to the client’s recommendations. The level of complexity is much higher, but the app is built with high-end security standards.

  • White Label Solutions

To decrease the development time, there is a white label solution with all the features of the original app, thereby taking less time. The integration of AI in white label digital banking apps and platforms is advantageous for Fintech Startups, Banking & Corporates.

Apart from the above two, Suffescom will help you integrate AI in Crypto banking apps, Neo banking apps, Web3 banking apps, and virtual banking apps. Clearly, the development cost will vary in all these cases. Check it out below;

Types Of Banking AppsAI Banking App Cost
Scratch/Custom-Fit App40k- 120k
White-Label Banking App25k-40k
Neo Banking App50k-250k
Web3 Banking App100k-200k
Crypto Banking App60k-100k
Virtual Banking App40k-90k

(7) Developers Category

The necessity of the project at a crucial time sets the basis for the AI banking development cost. To get an app developed, developers are hired that could be either freelancers or belonging from an in-house team of the development company. Developers working in the in-house team work systematically and are answerable for the project completion. On the other hand, freelancers are not obligated to complete the work within the decided time-frame. This key difference impacts the development cost.

Category Of DevelopersCost Estimation
In-House Team>$40000

(8) Geographical Location

The essential thing to consider is the geo-location of the developers, as it does have an influence on the total pricing. They charge per hour depending on the cities they are residing in and the currency valuation.

Geographical LocationCharges Per Hour
USA$90- $150 per hour
India$35-$50 per hour
UK$50-$100 per hour
Europe$45-$80 per hour
UAE$40-$60 per hour

From the above table, you can tell there is a huge difference in the prices charged by the developers globally. This is because those regions are considered to be the major cities and technological hubs.

(9) Based On The Design

The app's design depicts how it will be perceived by the users on the first go. To make the app attractive, several complexities are involved, which are ultimately reflected in the cost.

Design TypeAI Banking App Development Cost
Basic/SimpleStarts From $25000
MediumStarts From $35000

Hire Our Professionals For A Cost Effective AI Banking App Development!

Creating a cost-effective AI banking app can be achieved by carefully managing the AI banking app development cost. By implementing efficient strategies and leveraging advanced AI technologies, you can build a high-quality, affordable solution that enhances user experiences, streamlines financial services, and remains competitive in the market.

Why Choose Suffescom For AI Banking App Development?

Suffescom is a top-rated AI banking software development company with over a decade of experience developing robust and secure applications. Our developers have hands-on experience in utilizing modern tools and technologies.

We have become a trendsetter in the IT field, and with expertise in the latest AI tools, we have successfully built cost-effective business solutions that help solve real-world problems

Take a glimpse at some of the reasons that make us the No. 1 choice among our competitors.

  • Tech Prowess
  • 100% Customization
  • Timely Project Delivery
  • 24*7 customer support
  • Agile Methodologies
  • Result Oriented Approach
  • Smooth App Submission

All set to transform your business with our AI-powered solutions? Connect with our team of experts and get an exact AI banking app development cost breakdown, depending on your project needs.

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