How to Develop a Mobile Banking App for Less
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February 14, 2025
Building a mobile banking app isn’t just about secure transactions and a slick UI. If you want to compete with Revolut, Chime, or Robinhood, you need killer features and cost-effective execution.
Top fintech apps offer multi-currency accounts, AI fraud detection, and commission-free trading—but you don’t need a $1M+ budget to match them. With the right tech stack (Flutter, Node.js) and a lean MVP, you can launch faster and scale smarter.
💡 Plan smarter. Use our AI-powered cost calculator to get a custom tech roadmap in minutes.
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?
Innovative Features to Make Your FinTech App Stand Out
To create a FinTech app with features that are unique and go beyond what popular apps like Revolut, Chime, and Robinhood offer, consider integrating the following innovative functionalities:
1. Ethical and Impact Investment Tracker
Allow users to filter their investments based on environmental, social, and governance (ESG) criteria. The app could provide real-time feedback on the impact of their investments, including carbon footprint tracking or social impact scores.
This taps into the rising demand for socially responsible investing, offering users not just financial returns but also the ability to align their portfolios with their values.
2. AI-Powered Financial Health Monitor
Implement an AI-driven feature that continuously monitors the user's financial health across all accounts, providing insights into spending habits, forecasting future financial needs, and offering proactive advice for improving financial wellness.
Unlike static budget trackers, this feature would actively engage with the user, suggesting actionable steps to avoid financial pitfalls, such as warning about potential cash flow issues before they occur.
Discover how ChatGPT is revolutionizing investing apps — read the article on our website and unlock new opportunities for your business.
3. Seamless Cross-Platform AR for Financial Education
Introduce an Augmented Reality (AR) component that helps users visualize complex financial concepts, such as compound interest or investment growth, in a more interactive and engaging way.
While some apps may offer basic educational tools, the use of AR makes learning about finances interactive and accessible, particularly for younger or less financially literate users.
4. Modular Super-App with Customizable Dashboards
Create a modular app architecture that allows users to customize their dashboard by adding or removing financial services modules (e.g., personal finance, crypto trading, insurance) as needed. Each module could operate independently but share data seamlessly when integrated.
This feature would enable users to tailor the app to their specific financial needs, making it a one-stop-shop for all their financial management tasks, unlike current apps that often require switching between different services.
5. Gamified Financial Goals with Community Features
Introduce gamification elements where users can set financial goals and earn rewards or badges as they progress. Additionally, integrate a community aspect where users can join goal-based groups, share progress, and support each other.
This feature adds a social and motivational aspect to financial management, making it more engaging and helping users stay committed to their financial goals.
6. On-Demand Financial Coaching
Offer access to real-time financial coaching or advice through integrated video calls or chatbots powered by AI. Users can get personalized advice instantly, tailored to their current financial situation and long-term goals.
This feature provides a level of personalized service usually reserved for high-net-worth individuals, democratizing access to expert financial advice.
By incorporating these features, your FinTech app can offer functionalities that not only stand out in the market but also provide meaningful, value-added services that current popular apps do not offer.
Want to add this to your app? Let’s chat! Our team is ready to help you make it a reality.
FAQ: How to Develop a Mobile Banking App – Costs, Features & Timeline
How do I create a first bank mobile app?
To create a first bank mobile app, you need to define core features like secure transactions, KYC verification, and real-time notifications. Using Flutter for cross-platform development and Node.js for a scalable backend can reduce costs. For example, Nubank leverages Flutter for a seamless user experience across devices.
How do mobile banking apps make money?
Mobile banking apps make money through transaction fees, premium subscriptions, and partnerships with financial institutions. Some, like Revolut, generate revenue from foreign exchange fees and cryptocurrency trading. Additionally, AI-driven financial advisory services can provide extra monetization streams by offering personalized investment recommendations.
How much does it cost to develop a mobile banking app?
Developing a mobile banking app can cost between $150,000 and $1.2 million, depending on features, security, and compliance needs. A cost-effective approach, like using Flutter for cross-platform development, can reduce expenses by up to 40%. For instance, an app that would cost $200,000 with native development could be built for $120,000 with Flutter.
How long does it take to develop a mobile banking app?
Developing a mobile banking app typically takes 6 to 18 months, depending on complexity. An MVP with essential banking features can be launched in 4–6 months, allowing for faster market entry. Monzo, for example, started with a basic MVP and iterated based on user feedback to scale rapidly.
How to build a digital bank from scratch?
Building a digital bank from scratch involves securing regulatory approvals, developing a robust backend, and ensuring compliance with financial security standards. A scalable tech stack like Node.js for the backend and Flutter for the frontend can speed up development. PayPal, for instance, relies on Node.js for handling high transaction volumes efficiently.
What are the requirements of a mobile banking app?
A mobile banking app requires secure authentication (e.g., biometric login), encrypted transactions, and real-time account monitoring. Compliance with financial regulations like PCI DSS and GDPR is also critical. For example, AI-driven fraud detection helps banks like Chime prevent unauthorized transactions and improve security.
What are the pros and cons of banking apps?
Banking apps offer convenience, real-time transactions, and personalized financial insights. However, they require strong cybersecurity measures to prevent fraud and data breaches. For example, Revolut’s AI-driven fraud detection minimizes risks but also requires continuous monitoring and updates to stay effective against evolving threats.
How to create a new online bank?
To create a new online bank, you need a banking license, a secure digital infrastructure, and a user-friendly app. Partnering with Banking-as-a-Service (BaaS) providers can simplify backend processes. For example, Chime built its neobank by leveraging third-party banking services while focusing on a seamless mobile experience.
Which app is good for online banking?
Popular online banking apps include Revolut, Chime, and N26, known for their user-friendly interfaces and advanced financial tools. Revolut, for instance, offers multi-currency accounts and commission-free trading, making it ideal for frequent travelers. The best app depends on specific needs like international transactions, budgeting tools, or investment features.
How to design a mobile banking app?
Designing a mobile banking app requires a balance of security and usability. Using Flutter ensures a consistent UI across platforms, while intuitive navigation enhances user experience. For instance, Nubank’s app design prioritizes simplicity, making complex financial data easy to understand through interactive dashboards.
Conclusion: Create a Leading Mobile Banking App in Financial Services
To truly stand out in mobile banking app development, you need more than just the usual features. You can create an app that competes and leads by leveraging Flutter and integrating innovative elements like AI-driven financial tools and AR-based education. These enhancements give your users the real value they want they're in managing their finances.
If you're ready to shake up the mobile banking world, start by testing your idea. Our AI-powered mobile app development cost calculator will give you a quick estimate and help you plan the development. Try it out and see where it takes you.
Meet Our Expert Flutter Development Team
Our full-cycle Flutter development team at Ptolemay specializes in building high-quality, cross-platform apps from start to finish. With expert skills in Dart, backend integrations, and seamless UX across iOS and Android, we handle everything to make your app launch smooth and efficient.
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