Digital Banking App Development Cost | Cost To Develop Digital Banking App

How Much Does It Cost To Build A Digital Bank App?

By Suffescom Solutions

March 04, 2024

How Much Does It Cost To Build A Digital Bank App?

The digital bank app development cost ranges between $25000 to $80,000, depending upon the level of customization.

Today, technology has become a pivotal part of people's lives. Several industries have adopted the technologies and used them to automate business operations. Conventional methods of providing services have become obsolete and are no longer attractive to customers. Digital ones have successfully replaced traditional banking services.

In today's digital era, the banking industry is undergoing a massive paradigm shift with the beginning of digital banking apps. These have made the entire finance management quite easy and seamless. With the availability of phenomenal features and a user-friendly interface, huge accessibility and convenience are offered to the customers as they can handle every financial activity with utmost ease.

Do you wish to know about the digital bank app development cost? Well, you are at the right place. In this blog, we will explore the parameters affecting the cost of digital banking applications along with guiding businesses to steer through this landscape.

Factors Affecting The Cost Of Digital Banking App Development

Several factors contribute to deciding the app development cost. Here, we have emphasized a few important ones:

  1. Types Of Digital Banking Apps
  2. Development Process
  3. Integrated Features
  4. Technology Stacks
  5. Company’s Size
  6. Customization

Digital Banking App Development Cost

Before starting any app for finance businesses must know about the functionalities, features, timing, and cost of building the app. We offer cost effective digital banking app development solutions.

Types Of Digital Banking Apps

Depending upon the categories of digital banking apps, the development cost varies. Across the globe, numerous digital banking platforms are available for customers; here, we have illustrated a few of them.

1. Neobanking apps: With neo-banking app solutions, there are absolutely no physical branches, but provide mind-blowing online financial services via mobile/web platforms.

2. Crypto banking platforms: Develop a crypto banking app that streamlines banking operations involving secure crypto assets storage, digital wallets, P2P trading, and multi-currency bank accounts, etc.

3. Web3 banking apps: Build web3 banking apps fully integrated with decentralized finance protocols and ensure blockchain-based transactions while transferring payments.

4. Virtual banking apps: Leverage the power of virtual banking app solutions and offer an immersive banking experience, blockchain-aided security, cost reduction, no intermediaries, etc.

5. AI banking apps: Our AI banking app development handles complex tasks, upgrades the customer's experience, and makes banking a secure, reliable, and profitable business.

Types Of Banking AppsDigital Banking App Cost
Neo banking app$40-$100k
Web3 banking app$30k-$70k
Crypto banking app$35k-80k
Virtual banking app$30k-90k
AI banking platforms$40-$90k

Digital Banking App Development: Breaking Down

App development is the single most important phase that affects the budget drastically. Here's how different aspects of the development process can influence digital banking app costs;

Project planning

Extensive market research is performed that requires massive time and effort. Before kick-starting the development process, proper planning is required. It includes creating a roadmap, listing the features, creating milestones, and maintaining technical documentation.

Development Process

The development strategy adopted requires agile or DevOps approaches that impact costs. Agile techniques with ongoing feedback follow an iterative process, which can be more expensive, but the process becomes more practical.

Size of the Development Team

Hiring developers, designers, QA testers, and project managers with massive experience results in higher salary costs. But they are equally important as they produce better quality products and help reduce the delays in development.

Project Management

Cost-controlling attributes, like frequent communication, deadline tracking, and risk management, are essential elements of project management. Substandard project management results in delays, overspending of the budget, and unproductive resource usage.

Step By Step Breaking Down The Cost Of Digital Banking App

In this article we have estimated the cost of developing the digital banking app. We have break down the app cost in distinguished way to understand the cost of each part of the application.

Development ProcessCost Estimation
Planning And Research$4500-$5500
Launch And Maintenance$5000-$6500

Integrated Features

Adding functionalities in the app uplifts the performance, makes it user-friendly, amplifies the product value and creates monetization opportunities.

Account Management

Users are able to monitor their balances, transaction details, and other account information in real time. The banking apps are even able to handle several accounts, like current accounts, savings accounts, and credit/debit card accounts.

Fund Transfers

On the user accounts themselves, the platform enables transfers within the same bank or to other banks. It offers amazing facilities like recurring transfers and one-time transfers.

Bill Payments

Through this feature, customers are able to pay their bills without any hassle, which encompasses loans, utilities, etc. There is an automatic setup for the bill payment that sends alerts to the user to take necessary action.

Card Management

Helps users monitor their debit and credit cards from the app, which permits them to activate new cards, report lost or stolen cards, control spending capabilities via setting limits, and temporarily turn cards on or off.

Budgeting and Expense Tracking

Numerous digital banking apps highlight instruments for financial planning, budgeting, tracking expenses, etc. Users can categorize transactions, implement limit protection, monitor their spending and cash flow, and gain insights.

Alerts and Notifications

It is possible for users to set up alerts and notifications for accounts, such as for a person’s ID, low balances, upcoming bills, and suspicious activities. This attribute helps them stay updated with their finances.

Add-On Security Elements

Security is an important aspect of digital banking apps that makes sure that the data is kept confidential and that every unauthorized activity is curbed beforehand. Check out some of the spectacular security features that are available in digital banking apps.

Multi-factor Authentication:

One of the fundamental security elements is MFA, which uses more than two authentication forms that could be bio-metric authentication like facial recognition, one-time password fingerprints, etc.


Encryption is used to encode sensitive data transmitted between the app and the bank server via encrypted communication channels. Moreover, the data stored on the user's device and the bank server are also protected by encryption. For instance, SSL/TLS encryption protocols allow advanced encryption, as they guarantee secure and confidential data.

Biometric Authentication

Biometric recognition protocols, including scanning fingerprints, face recognition, and iris scanning, minimize potential security breaches. It even enforces authentication, which is more secure than password authentication, and offers a seamless user experience.

Device Recognition

Digital banking apps utilize device identity authentication to validate personal devices to access their accounts. Such identification reduces the chances of breaching through unrecognized or compromised devices.

Secure Session Management

Secure session management enables the establishment of secure sessions, offers maintenance, and performs necessary security checks that prevent hijacking and intrusion. The availability of session timeouts and token-based authentication increases the session security.

Fraud Detection and Monitoring

The digital banking app uses fraud detection algorithms and a real-time monitoring system to identify irregular activities. In case of such activities, the bank authorities and users are informed to take necessary actions.

Company’s Size

The size of the company can very well influence the digital banking app cost. In large companies, the number of employees is higher, whereas in startups, the resources are limited. Therefore, the former charges more in comparison to the latter ones.

Company’s SizeNo. of employeesDevelopment Cost
StartupsUp to 50$30000-$40,000
Medium scale50-250$40000-$60000
Large scale>250>$60000

Technology Stacks

The selection of technology stacks, such as programming languages, frameworks, and development tools, greatly influences the expenses. Certain technologies charge higher licensing fees, while others charge less as they are available via open-source options with absolutely lesser effort.

App Design

The design of a digital bank app also has an important implication on the development cost because it directly affects the user experience. Building a digital banking app with a complex UI/UX design increases development costs. The simple yet interactive design lowers the time and effort. A design that has advanced interactions and intricate layouts will be more time-consuming and quite expensive.

Moreover, the responsive design guarantees a spotless user experience on multiple platforms. Adjusting the app's look and content automatically while keeping screen resolution in mind requires extensive planning that only an expert can perform, thereby resulting in increased development budgets.

White Label Or Custom-Fit

Developing white label digital bank app considerably takes less time as the backend is already developed and tested. Such apps have little scope for customization, and the prototyping costs are also low.

Similarly, developing applications from scratch with exclusive integrated features normally charges more. The time taken will obviously be more due to the tailored solutions, and even the prototyping costs will be more due to unique workflows, interfaces, documenting, and executing the user requirements.

Why Hire Suffesom As Your Best Digital Banking App Development Project Partner?

Suffescom is a reliable mobile app development company serving various businesses globally with its expertise. Here, we have mentioned some of the facts that make us the favorite choice of businesses across geographical boundaries:

  1. Adept In Advanced Technologies
  2. 24*7 Technical Assistance
  3. Agile Methodologies
  4. Cost-effective prices
  5. White-Label Solutions
  6. Smooth App Submission
  7. Timely project delivery

Hurry up and contact our business analysts to get precise digital banking app development cost.

Partner With Us Hand Shake With Suffescom

Are You Leaving Already?

Launching an app may feel a bit overwhelming.

Keep CALM & Get In Touch With Our Experts