Cost to Build Secure Mobile Banking Apps: All You Need to Know


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Regardless of the rate at which technology is adopted in the financial sector, there is one undeniable transformation that has occurred: a significant portion of individuals have chosen to move away from traditional desktop and branch banking and instead opt for mobile banking services. This shift is indicative of a larger trend and cannot be overlooked.

Banking app development is becoming increasingly popular in today’s world, and if you are considering building one from the ground up, the first step is to determine the cost of creating the app. In this article, we will explore the various factors that contribute to the cost of mobile banking app development and provide an estimate of the expenses associated with creating a fintech application.

To give you a brief idea, the cost of developing a secure mobile banking app can vary between $30,000 to $250,000. There are several factors that affect the overall budget. For instance, the hourly rate of development varies across multiple regions of the world, including the UI/UX design process, the coding process, maintenance, etc. 

To get a clear estimate of the costs associated with development, it is necessary to get in touch with a dedicated fintech software development company that can help you offer an optimized cost as per your custom business requirements and the features you wish to implement in the app. 

Let us now move ahead and look at the various factors that affect the overall cost of creating a FinTech application.

Factors affecting the cost of developing a secure banking app:

1. App complexity

The overall complexity of the app is the most vital factor that affects the cost of banking app development. For instance, a highly complex app with an extensive feature list will always cost you more as compared to a simple app with minimum features. 

Here is the estimated cost of developing a secure banking app as per the app’s complexity. 

Banking app type

Estimated Cost

Time Frame

Simple App 

$30,000 to $60,000

3 to 6 months

Moderately Complex App

$60,000 to $100,000

6 to 8 months

Highly Complex App

$150,000 to $250,000

9+ months

2. Location of the app development agency

Custom software application development is a complex process. Thus, it is vital to hire a dedicated app development agency that has years of experience in delivering apps under a similar niche. Now, the hourly rate of development will also vary as per the region the organization is situated in. For instance, the hourly rate of development in the UK or the US is much higher than the hourly development rates in regions like Asia or Europe. 

Here is the estimated hourly cost of development as per various regions across the globe:


Hourly Rate of Development



Western Europe




Eastern Europe




3. The UI/UX design of the app

The UI/UX design of the app is another deciding factor that affects the overall budget for developing a banking app. A seamless UI/UX design that ensures maximum engagement and user retention is required to go through multiple testing phases, which further adds to the overall app’s development budget. 

4. The team size

The hired team size for creating a robust and secure banking app also affects the cost of development. For instance, you can either choose between hiring freelancers and in-house developers or simply choose to outsource your project to one of the dedicated fintech software development companies. 

Now, hiring freelancers will reduce the overall development cost for your project, but they won’t be able to offer you distinguished expertise in the field. On the other hand, hiring an in-house team will increase your overall development budget while, at the same time, you will have to spend multiple resources on interviewing and managing the team. 

Simply put, outsourcing your project to a dedicated company will help you leverage their years of expertise and, at the same time, get optimized costs as per your custom requirements. 

5. Feature-List

The features associated with the banking app will also affect the overall cost. For instance, the cost of developing a banking app with maximum features will be high as compared to building an app with a minimal feature list. 

Here are the basic features to be added to a robust banking application:

  • App access
  • Account information
  • Payment and transfers
  • Transaction history
  • Push notifications
  • Bank and ATM locations
  • In-app chat
  • ATM connectivity
  • Voice commands
  • AI integration
  • Multi-factor authentication system
  • End-to-end encryption
  • Fingerprint authentication
  • Real-time alerts

6. Security costs

It is essential that a high level of security is maintained throughout the development of a mobile banking application. To ensure this, we recommend that a dedicated section be included in the development roadmap to address any security issues that may arise. The latest technologies should be employed to ensure the security of transactions and data stored within the application, and this should be taken into account when calculating the overall cost of development. Thus, implementing risk-based authentication, biometric data, and more will also affect your overall development budget.

As technology continues to evolve, Internet banking is becoming increasingly popular. Even large financial organizations are transitioning away from physical branches and towards Internet banking. There is a wide range of mobile banking applications available, with varying development costs. It is clear that Internet banking is the way of the future.

It is wise to partner with an app development company when working through an idea. They cab provide insight on how to best determine the core service of the idea, how to launch it in a cost-effective manner, and how to set the groundwork for future growth and success. By collaborating with an app development partner, you can ensure that your idea is executed in the most efficient and effective way possible.

Tripti Rai
Being in the writing business for several years now, Tripti Rai is presently focussing on unfolding the elements that make mobile devices interesting. Currently associated with Appinventiv as a Content Manager, she is keeping herself well read with how lives are/ about to change in the wake of world entering the Mobile Era and how to prepare the world for the race. When not writing, you can find her slurping chocolate shake in a stray dog’s company.


  1. Thank you for this detailed breakdown of the costs involved in building secure mobile banking apps, offering valuable insights into the complexities of development and the need for robust security measures. If you’re considering a mobile app project, this guide on how to identify your development budget in 5 steps could be a helpful resource: It’s a comprehensive approach to ensure you factor in all essential elements for a successful app launch.


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