Cost for fabricating a Mobile Banking application akin to Starling Bank
In the modern business landscape, mobile banking apps have emerged as a crucial tool, offering numerous benefits that streamline operations, improve customer experience, and boost overall effectiveness. One such app that has revolutionised the financial landscape is Starling Bank, a digital-only bank based in the UK.
Appinventiv, a leading FinTech application development company, specialises in creating cutting-edge Android applications that cater to the evolving needs of the financial industry. The company has demonstrated expertise in building mobile banking apps like Starling Bank, ensuring seamless user experiences and robust functionality.
The cost to develop a mobile banking app comparable to Starling Bank can vary significantly, depending on several factors. These include the complexity of features, the technology stack, the team size and composition, and the timeframe for development.
Key features of banking apps like Starling Bank include account management, transfers and payments, spending insights, and connected cards, all designed to provide users with a seamless, secure, and personalised banking experience. Advanced features, such as multi-currency support, credit and debit card management, real-time spending insights, and 24/7 customer support integration, come at a higher cost.
Compliance and regulations also play a significant role in the development process. Implementing PSD2 (Payment Services Directive) and ensuring GDPR and financial regulation compliance can add to the development cost.
The design and user experience (UX) are crucial aspects that require careful consideration. Custom UI/UX design, user testing, and feedback integration are essential to create an app that is user-friendly and meets the needs of the target audience.
Incorporating high-end encryption protocols and conducting regular security audits are essential to ensure the safety of financial data and build customer trust. Employing an adaptive development approach and keeping up with regulatory updates ensures compliance with standards in the mobile banking app development process.
The development process at Appinventiv begins with a comprehensive understanding of client requirements, focusing on security, user experience, and innovation. Comprehensive training programs and ongoing support help customers welcome and adapt to new mobile banking apps, enhancing productivity.
The total cost to develop a mobile banking app similar to Starling Bank could range from approximately €230,000 to €630,000, depending on the scope and complexity. This estimate includes backend development, frontend development, testing, and deployment. Additionally, ongoing maintenance and updates would be necessary, which could add another €10,000 to €30,000 annually.
Experts believe that leveraging mobile banking applications augments cash flow management by improving financial communication. Developing a mobile banking app like Starling Bank provides a competitive edge and aids in delivering a personalised experience. Users can access 24/7 customer support through in-app chat or phone for real-time assistance.
With the revenue of the app industry in Europe projected to reach €77.61 billion by 2027, the future of mobile banking apps looks promising. Businesses looking to enter or enhance their presence in the mobile banking sector should consider the factors outlined above to ensure a successful and cost-effective development process.
- Appinventiv, a renowned FinTech company specializing in mobile application development, showcases its ability to create innovative banking apps that embody the latest technological advancements, such as Starling Bank.
- The development of a mobile banking app comparable to Starling Bank requires careful consideration of factors like technology stack, team size, and regulatory compliance, which directly impact its cost - ranging from approximately €230,000 to €630,000 initially, with additional expenses for maintenance and updates.
