This is an area for endless innovation and improvement — AI-based technologies like deep learning are already used to step up the quality of Siri and Amazon Alexa, and can power mobile banking apps as well. But it will come at an additional cost, and you can only get a rough estimate after you discuss your particular project with a development team.
This is not an exhaustive list of features that you can include. For some banking apps, it will be helpful to add QR code scanning and image recognition, a split bills function, cashback systems, chatbots, and others. The most important thing is building the app’s capacities according to users’ needs — don’t go for innovative features just for the sake of innovation or trend.
The more you move toward innovative technologies and additional integrations, the higher the final cost range will be. Although, there might be situations when it’s possible to develop a banking app with low-code and no-code solutions to cut expenses and hasten the time to market. For instance, the Rabobank case shows a 50 per cent cost reduction with no compromise to scale: its online portal, which is made with low-code and no-code tools, handles over 500,000 customers. If it makes sense for your project, we will guide you through cost-cutting low-code options for developing certain app components.
For now, let’s move on to the cost of hiring developers and the hidden expenses to consider.