How to Develop a Mobile Banking App for Less

In today's crowded financial services market, developing a mobile banking app that truly stands out is a challenging task. It's not just about offering the basic features: secure transactions, user-friendly design, and real-time updates to succeed. Your app needs to offer something more. Something that not only meets users' expectations but exceeds them.

The mobile banking app development leaders, like Revolut, Chime, and Robinhood, have set high standards with features like multi-currency accounts, AI-driven fraud protection, and commission-free trading. But the real challenge is matching and surpassing these giants without breaking the bank.

In this article, we'll guide you through creating a mobile banking app that competes and leads in the market. With smart technology choices, cost-effective development strategies, and innovative features, you can build an app that offers real value and captures the attention of your target audience.

If you have an idea for such an app, we’ve developed an AI-powered cost calculator to help you quickly create a tech plan and estimate development costs. This tool provides personalized recommendations for the most effective technological solutions available today.

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How Can You Develop a Mobile Banking App Comparable to Revolut?

This question may not be entirely accurate for most mid-sized companies, and especially for startups, and here’s why. Based on the technologies and features that are publicly available, we have estimated the cost of developing a mobile banking app like Revolut.

Considering the technologies used, the estimated cost to develop a mobile banking app like Revolut could range from $500,000 to $1.2 million. This estimate includes backend development with Python (Django) and Java ($150,000 - $300,000), frontend development using Kotlin and Swift ($100,000 - $200,000), and additional expenses for security, cloud infrastructure, testing, and design.

Not every financial service company is willing to invest a million dollars in app development, so let’s reframe the question:

How can you develop a mobile banking app like Revolut with a budget under $150,000?

This is the right question, and the answer becomes clear: you need more cost-effective yet efficient technologies and a flexible development approach that can adapt to your budget constraints.

Here’s what our highly experienced IT team, with over 5 years of experience and a portfolio of more than 100 applications, including financial solutions, recommends:

1. Flutter for Cross-Platform Financial App Development

Flutter is a cost-effective solution for creating high-quality financial applications for both Android and iOS using a single codebase.

• Cost Efficiency: Flutter can reduce development costs by up to 40%. For example, a financial app that might cost $200,000 with separate native development could be reduced to around $120,000 with Flutter.
• Consistency: Flutter ensures a uniform user experience with built-in widgets that work seamlessly across platforms, maintaining native performance. Eliminating the need for separate platform adjustments speeds up development and lowers costs.
• Fast Deployment: Flutter’s Hot Reload allows instant updates and quick testing, enabling rapid iteration without compromising app quality. Faster development cycles and updates reduce overall project costs compared to native app development.

Nubank uses Flutter for certain app features, benefiting from its efficiency and consistency across platforms.

2. Node.js with Express for Scalable Backend

For backend development, Node.js with Express provides the performance and scalability required in financial applications.

• High Performance: Capable of efficiently handling large transaction volumes.
• Scalability: Easily adapts to a growing user base and increasing transaction demands.
• Security: It protects sensitive financial data when combined with secure coding practices.

Example: PayPal uses Node.js to securely and efficiently manage large-scale transactions.

For more insights and expert guidance on financial app development, visit Ptolemay's FinTech App Development.

3. MVP in Banking Mobile App Development

In banking mobile app development, beginning with a Minimum Viable Product (MVP) is a practical strategy. It enables a quick launch, cuts costs, and ensures your app meets user needs. Here's why focusing on an MVP is crucial:

1. Core Features First: An MVP focuses on secure login, account management, and transaction processing features. This ensures the app delivers immediate value to users.

CB Insights found that 42% of startups fail because they need market demand to develop products. An MVP helps avoid this by targeting user needs.

2. Faster Market Entry: The financial industry is competitive. An MVP allows you to launch sooner, build a user base, and gather feedback—giving you an edge.

Monzo launched quickly with a simple MVP, gathered feedback, and grew rapidly.

3. Cost Efficiency: Building a full-featured app from the start is costly. An MVP reduces the initial investment by focusing on critical features and minimizing risk.

Deloitte reports that MVPs can reduce development costs by 20-30%.

4. User Feedback: An MVP allows you to gather feedback early, guiding future development based on real needs.

McKinsey reports that companies using MVPs are 1.5 times more likely to exceed customer satisfaction goals.

Starting with an MVP in banking mobile app development lets you launch faster, control costs, and create a product aligned with user needs. By focusing on essentials and iterating based on feedback, you build an app that grows with your users.

For a guide on developing an MVP, visit The Technical Specification for the Mobile App, which has been approved. So what's next?