Banking Application Development: The Ultimate Guide for 2024

Mar 1, 2024
30 min read
Banking Application Development: The Ultimate Guide for 2024
Nataliia Peterheria
Nataliia Peterheria
Operations Manager

A century of thoughtful banking application development has come. Investors and startups learn to navigate in the conditions of inflation, interest rates increasing, and the expectation of recession. And today, those entrepreneurs who can create convincing business models receive funding.

Banks can go in two ways and focus on the middle- and back-office functions, providing effective flows, or bet on capturing customers through rich front-office features.

In this article, we focus on the first business model and discuss how to build a banking app that will satisfy the client’s needs and improve their experience.

Django Stars has been developing complex banking app solutions for various business purposes for 15 years.

In particular, we’ve worked on a fintech software solution for The Saudi Investment Bank, allowing it to simplify and speed up the provision of banking services. Previously, most transactions were carried out in branches or over the phone, so the client needed a complete digitalization of all processes.
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Stay tuned to learn key mobile banking app technologies to consider before starting app development, its essential (like KYC) and additional features, tech stack, MVP cost, and other things you want to ask about.

All information is based on Django Stars’s real-life experience with Molo Finance and SAIB.

5 Technologies that Make Mobile Banking Possible

New technologies affect not only user experience but also the essence of the financial sector. Here are trends you should consider when developing a mobile banking application:

1. Open Banking

Open banking is the practice of using APIs to enable third parties to access customer banking data (with their consent) to create new applications and services based on this data.

On a larger scale, open banking doesn’t just mean that banks are becoming open. It’s more of a change in their operational and business model. In their annual report, the Open Bank Project highlighted the main benefits of using fintech APIs for businesses. Apart from improved customer service, it will promote rapid prototyping and new revenue streams — offering APIs with access to a certain type of data to third parties.
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There are multiple benefits for customers as well. When there is a platform for, say, transactions, that features different APIs from different banks, customers can choose among the payment providers and find the one that offers the best deal. Utilizing the APIs in financial app development will also mean fewer activities involving intermediaries to whom we currently pay service fees.

2. Blockchain

Transferring money from card A to card B boils down to a few taps. Transfers between different bank accounts are a bit more complex but still a no-brainer, while international transactions are still time-consuming and often include intermediaries who charge extra fees for the services. Blockchain can reduce the number of involved parties, thus reducing the costs by millions. Apart from the hidden costs for the customer, blockchain can help optimize operational processes.

Whenever it comes to referring to past information, like when a clerk needs to create a report about payments based on country, age or customers’ spending habits, it requires them to dig into the archives and juxtapose tables with complex numerical data. The chances of making a mistake are high, and the time it takes to complete this routine task could be used more efficiently. Blockchain simplifies data extraction so the task gets done faster, and the clerk is less likely to err.

Thus, the blockchain can push mobile banking solutions, providing:

  • Faster payments with lower fees
  • Clearance and settlement systems
  • Loans and credits with lower interest rates
  • Efficient securities market — stocks, bonds, and alternative assets
  • Transparent trading conditions
  • Strong customer KYC and fraud prevention

3. Mobile banking (a.k.a. Neobanks)

The banks that are fully digital – that have no physical branches – are called neobanks. The perk of signing up for a digital account is that you never need to go visit a bank to get service. You do all the financial activities through an app interface. Banks, in turn, reduce the cost of maintaining physical branches and service staff, so the focus is on delivering cost-efficient and user-friendly applications and services.

4. Artificial Intelligence

Artificial Intelligence (AI) – is a high-level term for different technologies, the most notable being machine learning (ML), natural language processing (NLP), and natural language generation (NLG). These technologies are based on learning algorithms that self-improve by gathering and analyzing mountains of data.

There are three most notable areas of application for AI in banking.

  1. Chatbots. AI-powered chatbots are good for:
    • Checking customer’s card info (activity, bills, funds)
    • Money transfers
    • Appointment scheduling with a manager
    • Locating the nearest branch or ATM
    • Advice about money management
  2. RPA. Robotic Process Automation uses various algorithms to reproduce human activities with computer precision. Such tools can analyze data inputs (documents or reports) and produce results based on the given task.
  3. Reporting. NLG can transform mountains of data into a comprehensible and coherent piece of text. This technology can summarize a huge analytical report in a 3-page narrative with key highlights.

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5. Microservice Architecture

Microservice architecture is a system comprised of small, independent services, each focusing on a certain function, that are easy to change, remove or upgrade without much negative impact on the system as a whole.

Interested in learning more about fintech trends in 2024? Our experts are happy to share insights.

Types of Mobile Banking Software

The fintech industry continues to evolve with market trends, forming 5 main types of banking applications. With them, you can focus on providing fast payment (NFC, QR), purchase convenience (digital wallets, online payments), or mobile transaction management. Or combine these functions.

When choosing an app type, consider that each has its audience. For example, NFC and digital wallets are more attractive to Generation Z and millennials, while adults make 57% of online payments by PayPal.

Let’s look at each type of banking software in detail:


Near Field Communication (NFC) is a relatively new short-range wireless communication technology. It allows linking two devices for contactless data exchange — from file transfer to transactions. Financial information is stored on the device’s chip, encrypting the data, managing the authentication process, and initiating transactions.

Mobile banking app solutions with NFC allow:

  • Contactless payment for goods and services
  • Checking in at a bank branch and choosing the required service
  • Quickly identifying a person
  • Simplified filling out documents

Market leaders using NFC technology include Google Pay, Apple Pay, and Samsung Pay.

Implementing NFC in a banking application obliges you to guarantee high security, provided by robust encryption algorithms and secure communication protocols. You may also need to integrate with payment gateway providers, mobile operators, and other partners. And be aware that not all phones support NFC. Thus, be sure to offer alternative payment options.

Digital Wallets

A digital wallet is a web application for financial transactions. It stores the user’s bank card data and eliminates the need to wear plastic ones. Usually, they work together with NFC solutions.

In addition to bank cards, digital wallets can also contain other documents:

  • ID cards
  • Gift cards
  • Loyalty cards
  • Membership cards
  • Hotel bookings
  • Flights
  • Event Tickets

In the digital wallet market, providers such as PayPal, Alipay, WeChat Pay, Apple Pay, and Google Pay stand out.
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According to a new study by Juniper Research, the value of digital wallet transactions will exceed $12 trillion by 2026 — compared to $7.5 trillion in 2022. Advanced fintech providers benefit even more by connecting cryptocurrencies and enabling the “buy now, pay later” model.

Overall, implementing digital wallets in a banking application requires careful consideration of security, user experience, device compatibility, payment processing, compliance, partner integration, and loyalty programs.

Quick Response (QR)

The QR code function is the main competitor of contactless payment technology. A smartphone camera scans the barcode, which stores all the necessary information. After user confirmation, the money goes to the seller’s account within 1-3 seconds.

Users pay without providing the merchant with payment details, while sellers save on purchasing and maintaining POS terminals. Bank clients can quickly conduct transactions, arrange loans, and instantly receive bank statements. The banks themselves improve customer service and the effectiveness of marketing tools.

The best examples of simple QR code payments are PayPal, Apple Pay, and Venmo.

When adding QR code functionality, take security measures to protect against fraud and unauthorized access. You must also integrate with cash flow, complying with the Payment Card Industry Data Security Standard (PCI DSS).

Online Payments

Internet payments can process large transactions quickly and efficiently. And one of the main trends is the cooperation of banks with PayPal and Stripe.

Users can link their PayPal and Stripe accounts to bank cards that use payment systems such as VISA, MasterCard, American Express, Discover, and others. Also, many banks allow clients to spend internal bonus points to pay for goods via PayPal.

How do banks benefit?

  • First, such cooperation is an additional competitive advantage. It encourages users to add a bank debit card to their PayPal and Stripe wallets, which continue to grow in volume.
  • Secondly, the advanced algorithms of these platforms allow more approved transactions not falsely recognized as potentially fraudulent.

Usually, PayPal and Stripe are more often used by different types of companies:

  • PayPal, which contains basic functionality, is better suited for freelancers, small or new business owners, and e-commerce stores.
  • Stripe’s flexible settings make it more convenient to serve large companies, technology startups, and businesses with subscriptions or recurring incomes.

Allowing users to pay through PayPal and Stripe in a banking app, you should consider API integration, increased security, and platforms’ fees. Make sure you offer customers a convenient and fast way to complete transactions.

Mobile Transaction Management

Also, many banking applications provide mobile transaction management. Thus, they allow receiving data without physically visiting a branch. According to forecasts, by 2025, the volume of non-cash transactions will exceed $1.5 trillion. And this data needs to be managed.

Such banking apps allow users to see transactions for the selected period, group data by participants and type of transaction, generate reports, and view analytics according to the specified parameters. Thus, anyone can turn their phone into a powerful accounting machine.

Need some inspiration? Have a look at the banking apps of JPMorgan Chase, Bank of America, Wells Fargo, Citibank, and Capital One.

Implementing mobile transaction management in a banking app requires careful consideration of user interface design, transaction processing, security, push notifications, search and filter functions, analytics, integration with third-party services, and compliance.

Core Mobile Banking App Features

The choice of the function set is one of the most essential solutions in developing a banking application. In addition to customer needs, you should consider at what stage your product is. For example, you do not need a full range of functions to launch MVP as you have yet to check the idea.

As a software development company, Django Stars recommends starting with the core features, which include these best banking app features:


Multi-factor authentication (T-FA or 2FA) ensures the security of logging into an account.

It may include:

  • Password
  • Pin
  • Smart token
  • Mobile signature
  • Biometric data — fingerprint, Face ID, voice, or gestures

When developing a banking app, you should provide users with several authentication options, allowing them to choose the most suitable ones.
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Know Your Customer (KYC) is an identity verification process. With it, banks protect themselves from fraud, money laundering, terrorist financing, and other unclean schemes, which regulators closely monitor.

KYC uses verification, such as:

  • Proof of Identity (POI) — passport, national ID, driver’s license, student ID, military ID, arms license
  • Proofs of Address (POA) — notarized proof of residence, lease agreement, house purchase deed, utility bills, or employment verification letter

Django Stars has already developed KYC for Molo, the UK’s first digital mortgage lender. With our solution, customers only need to take a photo of their passport and a selfie to prove their identity. It allows Molo to verify clients and save their time.
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Card Issuing

The card issuer allows cardholders several options:

  • Debit cards
  • Credit cards
  • Prepaid cards
  • Commercial cards

Card issuing includes application review, account and card (plastic or digital) provision, payment processing, and customer service.


Peer-to-Peer (P2P) transactions happen between two people with separate bank accounts. They can be internal (within the bank) or domestic (between different banks or institutions).
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Transaction Processing

Fast transactions are a must-have feature for any financial app. Think about achieving more excellent reliability and performance and connect alternative methods, such as payment by QR code.

Account Management

The primary account management function includes the following features:

  • Real-time balance check
  • Bank account and card management, including their opening, closing, etc.
  • Recent transactions
  • Deposit check — balance and interest

You can also offer users additional features for tracking habits, setting savings goals, automating recurring payments, etc.

Customer Support

To provide good service, you should not leave customers with questions and problems. For quick help, you can create a live chat with operators or a chatbot. But be sure to offer communication with the operator if the issue has not been resolved.

Nice-to-Have Features for a Mobile Banking App

To enrich the customer experience, you can complete core features with nice-to-have functions, adding them after the MVP launch.

Secure Payments

Your banking application must ensure the security of transactions and user data.

In addition to mentioned 2FA, KYC, and push notifications, you can use:

  • End-to-end encryption that prevents third parties from accessing data without a unique cryptographic key
  • Anti-fraud behavior tracking, including motion and touch analysis, activity log, and user actions

Push Notifications

These notifications are essential as they allow you to inform users about:

  • Transactions — crediting money, confirming payment, etc.
  • Actions in the application — password change or update request
  • Advertising notifications — promotional offers, discounts, etc.


Banking software must meet real client needs. Users often leave their bank cards at home, so let them withdraw cash via SMS or in-app confirmation.

Also, connect a map with ATMs, adding:

  • Search by specified parameters
  • Working hours
  • Data about queues in specific time ranges

Expense Trackers

A spending tracker is a nice bonus, allowing users to analyze the categories, save more, and plan their budgets competently.

Your application may include the following features:

  • Expense filter by day, week, month, and year
  • Transaction filter by category — groceries, clothing, entertainment, etc.
  • Savings goals
  • Automatic storage of commercial receipts

Some advanced apps also include loan and investment tracking and tips for increasing net worth. For example, we have developed a calculator for the digital mortgage lender Molo to show loan conditions depending on its amount and individual parameters.
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Repetitive Payments

The recurring payment feature saves customers time and shows your care.

Allow your application to:

  • Set the duration of payments — within a specific period or an end date
  • Remind about payments
  • View a list of all recurring payments
  • Suspend, cancel, or edit each payment


Cashback is an excellent opportunity to reward customers for their choice and encourage further use.

Partner with various goods and services suppliers and let users choose the desired categories. Choose the cashback model:

  • Rates depend on the amount spent
  • Fixed rates for different categories of expenses

Personalized Offers

Provide valuable services to customers based on their data and previous experience. Remember that personalized service is not essential for only 30% of Generation X and 20% of Generation Y and Gen Z; this is an expected option for others.

In banking, it can take the following forms:

  • Personalized avatar, app theme, and other visual elements
  • Discounts, coupons, and other special offers
  • Personalized UI/UX depending on the phase of the customer’s life cycle

Unique Services

A modern banking application provides services that go beyond payments. They may include:

  • Budget planning and investment advice
  • Replenishment of mobile account
  • Buying tickets online
  • Renting a car and paying for parking
  • Table reservation in a restaurant
  • Lounge access at the airport
  • Concierge service
  • Delivery order
  • Charity


Gamification in banking allows you to increase user engagement and retention, attract new customers, and stand out to investors. For example, it allowed Mexican Extraco Bank to raise its customer acquisitions by 700%.

For gamification, you can use:

  • Avatars
  • Internal scores
  • Daily, weekly, or monthly goals
  • Progress tracking
  • Challenges
  • Leaderboards
  • Polls
  • Lotteries


Wearable devices like smartwatches are actively used in financial transactions. Consider moving some functionality to IoT devices to let users:

  • Make transactions using NFC
  • Check bank account balance
  • View transaction history


Chatbots improve customer service quality, resolving issues without lunch and weekends.

Chatbots using AI and ML help users:

  • Check balances, pay bills, and track transactions
  • Solve urgent problems at any time
  • Receive timely notifications and reminders
  • Use personal banking services
  • Get financial advice
  • Prevent potential fraud


A study by Forbes Advisor and OnePoll showed that with rising inflation, Americans have become more willing to use bill-splitting apps. In particular, this applies to 53% of people aged 18-25 and 50% of people aged 26-41.

This feature allows users to split the restaurant and travel bills and fix petty payment requests. It consists of

  • Receipt image upload
  • Ability to create different groups
  • Simple (equal) and complex payment scenarios
  • Real-time exchange rates
  • Tracking loans over time

Voice Assistance

Voice payments are a real salvation for users with disabilities and a nice bonus for all other consumers.

Voice assistance allows customers:

  • Make transactions
  • Request balance information
  • Perform administrative tasks

Fraud Alerts

Warn customers of potential account fraud using AI and ML technologies that:

  • Monitor real-time data
  • Track current behavior
  • Track geo
  • Compare activity with that specific to a given user
  • Assess the likelihood of fraud
  • Send instant notifications
  • Generate reports

By selecting the desired features, you can already form a technology stack. And here is what we talk about in the next section.

How to Create a Banking App: Technology Stack

At Django Stars, we have been developing software of different complexity for various industries for 15 years. In our work, we use cloud solutions like AWS or Azure, as well as Python and Django for the backend, to guarantee safety and scalability. For the frontend, we recommend using React, as it allows breaking the user interface into modules, facilitating coding, maintenance, and scaling of the application.

Speaking of databases, the choice depends on the type of your application. Microsoft SQL Server and MySQL are widely used for enterprise-level solutions that require a reliable and scalable database system. Redis is commonly used in high-performance, low-latency applications involving real-time messaging or web caching.

We also recommend Red Hat Enterprise Linux (RHEL) as a stable and secure operating system for enterprise applications with a focus on reliability, scalability, and performance.

CircleCI is a popular cloud-based Continuous Integration and Continuous Deployment (CI/CD) platform software developers use to automate the process of building, testing, and deploying software applications.

For DevOps tasks such as load balancing, caching, reverse proxying, and serving static content, you can use Nginx. It improves the performance and availability of web applications.

Read also: What is DevOps?

Also, pay attention to Docker — a popular platform for building and deploying applications in containers, allowing applications to run consistently across different environments.

This technological stack can be suitable for any banking application, but the choice of third-party integrations will depend on the chosen functionality.

Required APIs to Make a Banking App

APIs allow banks to implement software features faster and cheaper, improve operational efficiency, and deliver more personalized products. Their usage should be considered at the architecture building stage, so start mobile application development for banking by discussing features and a detailed roadmap.

At the same time, you should consider security vulnerabilities and the acceptability of use in specific countries or states. For example, for Saudi Investment Bank, we created a mortgage portal using the Tawtheeq National Authentication System. OpenBanking API helped us access banks’ financial data, and Experian provided credit data and other consumer information.

Let’s look at examples of APIs you can also integrate into your software:

International payments with WorldFirst

The WorldFirst API provides access to a range of international payment services, including currency exchange, international bank transfers, and virtual bank accounts. Integration with WorldFirst allows you to:

  • Reduce costs by accessing competitive exchange rates
  • Optimize payment processes by saving time and reducing errors
  • Track course in real time
  • Increase security by protecting against data leaks and fraud

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KYC with Jumio

Jumio’s API provides identity verification and authentication services, including:

  • Document verification using government-issued ID documents, such as passports, driver’s licenses, and national ID cards
  • Facial recognition matching a user’s face to the photo on their ID document
  • Biometric verification through voice and fingerprint recognition
  • Compliance services to comply with regulations such as Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.

Integration with Jumio helps companies ensure banking security and regulatory compliance. At the same time, users get a convenient and efficient user interface.
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Financial data access with Finicity

Finicity is a financial data API provider that offers a range of financial data services:

  • Account aggregation, accessing data from multiple financial accounts, including bank, credit card, and investment accounts
  • Transaction data, including information on account balances, transactions, and their history
  • Income verification by providing a report on a user’s income and employment status
  • Credit decisioning with reports and scores
  • ACH Payments

Integrating with Finicity’s API allows businesses to create more advanced financial applications, make better credit decisions, improve risk management, reduce manual errors, and provide a more seamless and user-friendly financial experience.

Proper use of APIs makes it easier to develop an application, as well as enrich user and business functionality with valuable features. But how to determine the software’s value and usability before its launch? We will talk about this in the next section.

Five Steps to Build Banking Applications

Developing a mobile banking application is complicated because the design and development process requires accurate planning and strong technical expertise. So, here are five steps to build a mobile banking app.

1. Research

At the very beginning, it’s crucial to conduct deep market research. The main goal of this stage is to identify leaders of the market, direct and indirect competitors of your future project, and their weak and strong sides. Also, finding poorly satisfied demands helps to design an app’s unique features at the early stage. 

Usually, a research stage takes 1-2 months. But it creates a solid basis for future app development and decision-making.

2. Designing a prototype

It’s time to create a prototype when all ideas are gathered in one place. So, developers must specify and detail all key and additional features and provide a clear and complete understanding of how clients will use the product and how it will generate revenue. 

Sure, on-paper features can be updated or even changed during a development process, but having all of them written and well-considered is vital. Moreover, developers must choose a tech stack at this stage.

In most cases, creating a banking app prototype requires additional user research to find unnoticed features that may be convenient or essential for user experience. This stage takes about a month.

NB: already at this stage, creating a detailed plan for the app security system is crucial. The maximum attention must be paid to safeguarding sensitive clients’ data — banking apps’ security requirements are way stricter than other applications. Moreover, the system must comply with such regulations as GDPR, PSD2, PCI DSS, and CCPA. 

3. Developing 

If all previous stages are performed, development goes smoothly and without problems. At this stage, checking intermediate results and complying with original plans and aims is crucial. 

The developing term significantly depends on the project’s complexity, scalability, and the number of complicated features. Usually, it takes 3-9 months.

4. Testing and maintaining

Banking apps have complicated features, so careful testing is crucial. Users expect it to work perfectly, and even minor errors or inconveniences may lead to loss of customers, especially right after the app’s release. 

This stage takes about 2-3 months. And when testing is completed, it’s time to upload the app to Google Play and the App Store. Keep an eye on feedback and UX — if there are problems, they must be solved as quickly as possible.

5. Updating and supporting

Mobile banking application development never stops. The banking services market is very flexible and volatile; new requirements and demands appear monthly, so an app must be optimized and updated occasionally.

Usually, developers release minor updates every week and major improvements — every few months.

Things to Consider in Banking Application Development

A good banking app should be convenient for developers, businesses, and end users. So, keep in mind parameters such as:

  • Convenient and intuitive interface. Users and employees should efficiently perform tasks, understanding how to do them and what the result will be.
  • Safety. Your software should protect clients’ personal and financial data from unauthorized access and defend the business from regulatory issues.
  • Thoughtful architecture. A flexible and scalable solution allows you to update the application with minimal cost. High-quality code ensures easy verification during technical due diligence provided by potential investors.
  • Reliability and responsiveness of the system. In the financial industry, time is money, so the application must work with minimal downtime and errors.
  • Customizability. The application should be flexible, allowing users to configure and disable features, change the display of notifications and edit their data.
  • Product relevance. The banking application must remain relevant to market demands and offer progressive solutions for users and businesses.

The best thing you can do to ensure the quality of your software is to find a reliable partner. Django Stars digital solutions fully meet these criteria. Our clients continue cooperating with us after the MVP release, bringing new technologies to life and offering customers a richer service. Contact us to discuss the development of your banking product.
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Mobile Banking Development: US and EU Regulations

Online banking opens new opportunities for customers and partners and provokes security vulnerabilities. Countries and financial associations strive to protect users, tightening the regulation of their use and creating new requirements for banks and other related companies. Its ignoring causes fines, reputation loss, and even annulation of licenses for financial activities.

Let’s look at the most critical regulators adopted in the US and EU countries:

Worldwide Regulations


The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards to protect transactions from unauthorized access and fraud. It is essential for all companies that accept credit and debit card payments.

PCI DSS consists of 12 requirements aimed at:

  • Protecting cardholder data
  • Strict control of access to personal and financial data
  • Building and maintaining a security system
  • Monitoring and testing systems and networks


A Money Transmitter License (MTL) is a mandatory permit to prevent illegal financial activities, including fraud, money laundering, and other crimes.

In general, MTL is crucial for companies that provide the following services:

  • Check cashing
  • Currency exchange, including fiat money and cryptocurrencies
  • Issuance of money orders or traveler’s checks

EU Regulations


The General Data Protection Regulation (GDPR) is a privacy law that applies to all EU countries.

According to the GDPR, people can control the data stored by companies and organizations:

  • See, correct, and delete their data
  • Limit the use of their data
  • Receive a copy of personal data in a portable format


The New Payment Services Directive (PSD2) is an advanced version of the regulation that increases the security of payments in EU countries.

Here are the crucial points of PSD2:

  • Banks and other financial institutions must share customer data (with their consent) with third-party payment service providers (PSPs)
  • Online payments require strong customer authentication (SCA), including not only a password or PIN code but also biometric verification
  • Payment service vendors should get the necessary licenses from national regulators and comply with their requirements

US Regulations


The California Consumer Privacy Act (CCPA) is a local privacy law for California. It gives residents the right to know what personal information companies have about them and prohibits the sale of such information to third parties.


Money Service Business (MSB) registration is crucial for all financial market participants, including those who work with:

  • Digital wallets
  • Mobile payment systems
  • Peer-to-peer transfer systems

By registering with MSB, you agree to implement anti-money laundering (AML) and counter-terrorist financing (CTF) practices. It helps prevent legal and regulatory risks and increases your company’s credibility.


The Truth in Lending Act (TILA) is a US federal law that protects the consumer rights of credit card holders.

According to TILA, before signing the contract, creditors are required to provide detailed information about

  • APR — the cost of a loan, expressed as an annual rate
  • Total interest and fees
  • The total amount of payments
  • Payment schedule with quantity, amount, and terms
  • Late payment fee
  • Penalty for early repayment of the loan
  • The total value of the payment, including interest and fees


The Fair Credit Reporting Act (FCRA) is a US federal law that regulates the collection, distribution, and use of consumer credit information.

Under the FCRA, consumers have the right to

  • See their credit information
  • Dispute inaccurate and incomplete data
  • Know who and why viewed their credit reports
  • Receive adverse action reports based on their credit data


BitLicense is New York State’s local regulatory for cryptocurrency companies administered by the New York State Department of Financial Services (NYDFS).

BitLicense applies to any business that deals with cryptocurrencies in the state. The registration process includes background checks of company executives, as well as AML and KYC procedures. After that, the company undertakes to comply with cybersecurity standards and provide the necessary reporting.

How Much Does It Cost to Build A Banking App?

Are you wondering how much banking apps cost to make? The mobile banking app development cost depends on the number of hours spent and the hourly rate of specialists. On average, it takes a minimum of 200 person-days to develop a mobile banking MVP solution.

Here are the main factors affecting the cost of developing a banking app:

  • Product requirements, including its purpose, features, functionality, and behavior
  • The scope of work, including project goals, timeline, expected results, deliverables, conditions, and financial and administrative information

If you do not have a clear idea about the application, it is better to start cooperation with the discovery phase and determine all the important points together. Otherwise, constant changes to the project will be expensive.

The team’s location also determines the price because the hourly rate of a developer in Poland is very different from the rate of their American colleague. The chart from Accelerance will help you navigate the latest dynamics in hourly rates:
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Remember that the right mobile banking application development team will help you create the most optimal and resource-efficient solution. Django Stars will gladly evaluate a project cost depending on your specific needs.

Why Mobile Banking Development Team Is Crucial

Looking at banking and finance app development rates, you should understand that price is not always an indicator of quality. The vendor’s professionalism is determined by its work approach.

An experienced team not only knows how to make a product efficiently but also guides you on what is more important, what to do first, and how to save money without losing functionality. Also, the software provider should study your needs and opportunities, as well as the market situation. And yes, such specialists can challenge some of your decisions, checking concepts and offering suitable alternatives.

Choosing the right team can be challenging. And here are the details you should consider.

  • Does the team have the right skills and experience?
  • What data security standards are followed?
  • Does the developer use a progressive solution and technology stack?
  • Are you comfortable communicating with the team?
  • Does the proposed solution fit your budget and time frame?
  • Does the company understand the cultural and legal aspects of your region?

And here’s how it works in the example of Django Stars case. The Saudi Investment Bank wanted to provide a new digital experience to its customers. To develop the platform, they needed an experienced team with the necessary skills and passion for discovering local financial regulation specifics.
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At the time of our acquaintance, we had already developed a mortgage solution for Molo Finance, so SAIB had no doubts about our expertise. To start, our business analyst, CTO, and project manager went on a business trip to Saudi Arabia for several weeks. They collected information about the market features and client requirements and correctly built business processes.

Therefore, a good team is not only about banking application system design and coding. It is all about understanding the clients and their needs, allowing to offer the most optimal solution.

Banking App Case by Django Stars

Django Stars focuses on customer needs and existing market offerings, proposing cutting-edge solutions.

For example, for Saudi Investment Bank, we created a mortgage portal to help users visualize the future mortgage process and speed up the application process. Also, it was crucial to implement the mortgage mechanics, considering Islamic principles (Sharia).

Traditionally, the mortgage application process takes a lot of time and effort for everyone involved. To solve this problem, we have developed software and divided it into three semantic modules:

1. Mortgage portal

To modernize the mortgage process, we have created a portal with the following features:

  • Hijri and Gregorian calendars
  • Authorization in the Tawtheeq national authentication system
  • Rapid (only 15 minutes) initial eligibility assessment mechanism based on national identity card and proof of income
  • Possibility to apply, track its status, and communicate with bank managers

Banking Application Development: The Ultimate Guide for 2024 14

2. Customer’s journey

SAIB customer’s journey is now easy and completely transparent:

  • Filling out the questionnaire
  • Documents’ submission and verification
  • Property valuation
  • Opening an online account
  • Replenishment of the account with bank funds
  • Agreement signing
  • SAMA credit advisory
  • Loan booking

Developing a questionnaire, we considered such cultural characteristics as medical eligibility. We have also developed various identity verification mechanisms, including biometric, simplified the submission of documents, and introduced application status notifications.

3. Mortgage calculators

Now even unregistered users can navigate the loan terms based on different transaction parameters. The calculator allows them to adjust the mortgage amount, salary, fees, and other criteria accepted in Saudi Arabia.

The mortgage solution for SAIB aimed to help streamline the application process and thus attract more potential customers. At the same time, the software automated many routine tasks, freeing the company’s employees and allowing them to provide better service.
Banking Application Development: The Ultimate Guide for 2024 15

Final Thoughts

Banking applications are an essential financial management tool. Their functionality develops monthly, so you will not surprise anyone with a quick balance check or transactions between different accounts. Modern users want to track their spending, share restaurant bills, receive cashback, and communicate with intelligent chatbots.

Remember that advanced technologies offer convenience, security, cost savings, and accessibility for every financial business. By embracing these features, you can optimize your operational processes and improve customer experience.

You should meet all these needs and provide complete security for customer data and payments. And an experienced and qualified banking mobile app development team will make it real. Django Stars will be happy to develop fintech solutions, including mobile banking, online mortgage platforms, lending and investment platforms, software for insurance, tax and accounting, and much more.

Contact us to discuss your idea of a banking application and bring it to life as soon as possible.

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Frequently Asked Questions
What challenges can you face during banking app development?
In the fintech industry, it is important to meet the constantly changing client expectations, allow customers to control their spending competently, and also ensure the security of payments and sensitive data.
Why should you make your banking application?
Banking apps are becoming more popular because they can offer users 24/7 service, fast transactions and bill payments, and easy access to balance and payment history.
What is a good banking application?
Fintech users want the application to be well-designed and convenient, the service accessible, and the functionality filled with the most modern solutions, such as a chatbot or cash withdrawal without a card.
How to create a mobile banking app and succeed?
To start, get to know the industry, the consumer, and the competitors well. Determine what user pains you are willing to solve with your product. Find a trusted development team to bring your solution to life. After the release of the MVP, be sure to consider the consumers’ opinion, complementing the functionality and improving the app's usability.
How long will it take to develop a banking application?
The duration of banking apps development depends on the complexity of the functionality, team professionalism, its size, as well as the chosen cooperation model — dedicated team, extended team, or outsourcing. On average, it takes a minimum of 200 person-days to develop an MVP.
How much does it cost to develop a banking application?
The digital banking app development cost depends on many factors — from the number of features to the team's location. On average, it takes between $40,000 - $80,000 and above to create a mobile banking app MVP. Contact us to get a calculation for your project.

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