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.

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.

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.

Originally published at https://www.ptolemay.com.