How Much does it Cost to Create an Online Banking App like Dubai Islamic Banking App?

In today’s technological era, websites and social media platforms are no longer the only way to generate sales and build brand credibility. The mobile revolution has opened up numerous opportunities for businesses. Building a mobile app has now become the most effective way to give your business a significant boost and build a loyal user base.

According to Statista, more than 178.1 billion mobile apps were downloaded in 2017, and the number is projected to grow up to 258.2 billion app downloads in 2022. If you are still relying on your website to achieve your business goals, now is the time to invest your time and money towards building a mobile app to unlock your profit potential. However, a question must be troubling your mind, “how much does it cost to build a mobile app”? Though there is no one-formula-fits-all that determines how much money will go towards designing a custom mobile app, many factors affect the overall cost, such as the platform, complexity and the mobile app development company you are planning to hire.

Let’s take an example of the Dubai Islamic banking app.

The mobile app of Dubai Islamic Bank is packed with more than 60 services and delivers unique banking experiences to its valued customers. From money transfer to bill payments, account details to currency conversions, cash withdrawals without using any debit card to locating your nearest branch or ATM, the app is enhancing the mobile banking experience for its users. According to the App Annie’s listings, the DIB online app ranked 5^th among the top 10 online banking apps in the UAE.

Mobile applications come in a number of functionalities, platforms, and sizes that impact the overall cost of the mobile app.

If you want to build a mobile app like Dubai Islamic Banking app and want to know how much it costs, here are some crucial factors you should consider that define your budget.

1. Business Model
2. Platform
3. Functionality
4. Mobile app design
5. The mobile app development team

Related Read: Mobile App Development Trends in 2019

Business Plan

One of the most important steps you need to take while creating a mobile app is to carefully consider your business model. You need to determine your business plan and what you want to achieve with your app. Define your target audience who will be using your app and the type of devices and platforms your target customers are using. Determine the unique value proposition of your app and how it will provide a unique experience to users. Also, decide how you will monetize the app and how you might garner profit from it. Each of these factors will greatly influence the amount you need to invest in the mobile app development process.

Find the Right Platform

Once you have decided what you want to achieve with your app, who your target audience is, and how it will be monetized, now is the time to determine the platform for the development. You can develop your app on Android, iOS, Windows Phone,web, or across all of these. The type of platform you choose will decide the cost of your mobile app development project. If you have enough budget, you can create multiple versions of your app.

Since Android users take a lion’s share of your mobile web traffic, it is a worthwhile option to go for this platform to reach a wider and more engaged audience. However, a deep analysis of your target audience helps you decide which platform best suits your users’ needs.

Functionality and the Type of Mobile App

Once you have decided on a platform for your mobile app development project, determine the type of app you are thinking to develop and all the technical specifications you are looking to add. These factors help determine the cost of your mobile app. Dynamic, game, database or table/list based – decide the type of app that perfectly meets your goals. But keep in mind that the functional requirements of every app type will determine the cost of your app.

If you are aiming to develop an online banking app like Dubai Islamic Bank mobile app, consider incorporating these features in your app to make it more competitive.

• Secure Sign-in
• Funds transfer
• Bill Payments
• Display balances
• ATM locator
• 24/7 chatbot support
• Customized reports
• Saving goals
• Received alerts and notifications
• Scheduled bills and payments

Remember, adding these functionalities in your banking app requires a lot of effort and energy and will impact the total cost of mobile app development.

Mobile App Design

The design of your app matters most. You need to focus on a neat and clean user interface and attractive visuals. As a catchy design can grab the attention of your users and make them use your app, again and again, it is a great idea to come up with a visually attractive mobile app design that includes icons, tabs, and other design features that offer a stellar UX and persuade users to engage with it.

If you want a great mobile app design that offers a wonderful experience to users, you should be prepared to invest money. Freelancers and mobile app development companies in Dubai usually charge by the hour, so the cost of mobile app design depends on the time spent. Depending on where your design agency is located, the cost varies.

Mobile App development

The cost of building a mobile app depends on the agency you hire and what they charge. Hiring a mobile app development agency is a reliable option as they do their best efforts to meet your specific needs in the app creation process and ensure timely delivery, quality assurance, and consistency. To get the best results, make sure to provide a clear roadmap of everything you need to add to your app.

Bottom Line

Time and money investment are a big deal. It is important to define your goals, platform, technical specifications, features, app design, app type, size and the technology required to develop a competitive mobile app. Developing a mobile app can be expensive and depends on many factors. If you want to develop a mobile banking app like Dubai Islamic Banking app, contact Branex, a professional mobile app development agency. Our experienced team of app developers is here to provide you with a free consultation and fulfill your app requirements.