How Much Does it Cost to Build Banking App like Mashreq?

Mashreq Bank app offers users easier access to the financial services, though unique in the digital banking landscape. Customers can manage their accounts, make payments, and perform transactions easily from their smartphones. The app is developed with an easy user interface offering seamless experiences in banking.

In fact, applications from modern banks like Mashreq are safe, secure, and relatively fast. Users can now see their spending, apply for loans, and even invest from the comfort of their homes. The kind of application in today’s mobile-technology environment has a high demand.

This article focuses on Mashreq app development. It will view the key aspects relating to the implementation of this project, the process of development, and the eventual costs involved. This information will help banks and startups design effective and secure banking applications. You’ll have the skills needed to build a mobile banking app by reading this guide through to the end.

Overview of Mashreq App and Its Features

Mashreq Bank’s mobile app is outstanding and is having multiple mobile banking app features. The primary goal of this app is to allow consumers to interact with various banking services with ease. Some of its best features consist of the following:

• Account Management: The users can easily view the account balances of multiple accounts and their transaction history. This will give the customers a real-time, comprehensive view of their financial status.

• Payments and Transfers: The application enables instant payment and transfers. In this application, one can easily pay bills and transfer between accounts. One can easily send money to friends or family members which saves time and is easy on the pockets of the users.

• Mobile Wallet Integration: Mashreq seamlessly integrates with popular mobile wallets, such as Apple Pay and Samsung Pay. The users will be able to initiate transactions directly from their phones because of this feature.

• Loans and Investments: An application allows users to apply for loans and manage their investments. Customers can view their investment portfolios and track performance directly hence reducing the complexity of financial management.

• Customer Support: The application provides extensive capabilities in customer service. Through the application, customers can get access to their questions through chatbots, FAQs, and in-app support-all this without having to go physically to any of Mashreq’s branches.

• Security Measures: Safety is the top priority of Mashreq. The application has enhanced its access systems, allowing MFA, biometric login, and advanced encryption for secure transactions and security for users’ information.

Key Features to Include in a Digital Banking App like Mashreq

It is essential to incorporate features that prioritize user experience, security, and functionality when developing a digital banking app like Mashreq. Here are the key features to consider:

User Registration and Authentication 

This provides one of the essentials for a secure user registration process. One can provide users with the option to login through biometrics, such as fingerprint recognition and facial recognition. Multi-factor authentication enhances security by adding another layer. These features shall protect the user’s account by restrictions in gaining unauthorized access and ensure that only a verified user can log into the system.

Account Overview

Users should easily be able to view an account overview summary possibly on any of the following: account balances, a history of transactions, and control over more than one account within a single interface. Providing personalized dashboards that track what’s spent or managed in terms of savings will bring users closer to engagement and awareness.

Payment and Transfer

Robust payment channel is important. User should be able to transfer money at home as well as overseas with just a few keystrokes. The application should also have the feature for recharging, bill payments, as well as peer-to-peer transactions. Other features that make the application more user-friendly would include schedule payments as well as categorization of transactions.

Mobile Wallet Integration

The application can connect to widely used mobile wallets like Apple Pay, Google Pay, Samsung Pay. In this way, all users would be able to make various types of payments in the shortest time possible with utmost security.

Loan & Investment Management 

Users should be able to request loans right from the application. Features to include loan applications, tracking the status of application submitted, and management of loan history, and portfolios of investments so that they can view their health and make appropriate decisions.

Real-time Notifications 

Keeping the user posted, the moment whenever any kind of financial activity happens, is also essential. Sending the real-time alerts for transactional activities, account activities, and special promotional activities keeps users engaged and notifies them about finance activities happening in their accounts. It engages customers and makes sure that customers can understand what’s going on in their accounts and financial situation.

Customer Support

Offering 24/7 customer support is critical for user satisfaction. Integrating chat, voice calls, and FAQs directly within the app can provide users with quick access to assistance. A well-designed support system can improve customer experience and build trust.

Personalization & Offers

Tailoring the user experience with personalized offers, loyalty programs, and promotions would increase the usage of the app tremendously. This feature generates more interaction between the user and the application, therefore boosting retention of the customer.

Security & Encryption 

Any kind of banking application must incorporate the most stringent security features available. These include the use of SSL encryption and tokenization, as well as better fraud detection processes against possible theft or misuse of the user’s data. Security audits are conducted regularly, with conformity to current regulations.

Development Process for an App Like Mashreq

Developing a banking app like Mashreq requires various critical steps that lead to the successful completion of the project. Here is the breakdown of the online banking app development process for this particular project:

Step 1: Requirement Gathering & Planning

The first step of the development process is gathering requirements and planning the project. That means, highly comprehensive research about what target audience needs. One needs to see gaps in the market that they might fill, and so on. 

Besides, one has to abide by financial regulations and industry standards. If there exists interaction with stakeholders, their contribution can help focus on what the app features and functions are supposed to be like.

Step 2: Choosing the Tech Stack

Choosing the appropriate tech stack would constitute the foundation of the performance and scalability of the application. For backend, Node.js, Django, or Java Spring Boot are very robust and flexible, so one can use any of them. For front end, one may use React Native or Flutter while developing a cross-platform or native mobile application using Kotlin. 

This is made possible through a dependable database like MySQL, MongoDB, or PostgreSQL, which ensures secure and scalable data storage. An appropriate choice of the tech stack impacts the speed in both app development and maintenance.

Step 3: UI/UX Design

An intuitive and user-friendly interface design is really important for engaging in users. At this phase of UI/UX design, it’s all about creating a well-designed usable attractive layout. At the time of designing an onboarding process, this will be streamlined to simplify the account creation and verification process. 

That will leave out space for the user journey mapping and optimization of the overall experience. Lastly, prototyping and wireframing are also indispensable at this stage to have the flow of the app in view.

Step 4: Development & Integration

Developers begin writing code to achieve core functionalities of the app, which include account management, payment gateway, and customer support during this phase. Third-party APIs for processing payments, mobile wallets, and real-time notifications also need to be integrated. 

Development in compliance with Banking and Security standards must be kept in mind, like PCI DSS and GDPR, during app development. Documentation and proper version control reinforce the organising and team nature of the development group.

Step 5: Testing & Security Compliance 

The testing process is an important activity that ensures the app works as is and is secure. Perform different types of tests, including unit testing, integration testing, and user acceptance testing, with the necessary debug on the app. 

Performance testing enables you to determine how well the app works in terms of various conditions. Security audits ensure regulatory compliance; if any vulnerability exists, it will be identified. 

Step 6: Launch & Maintenance

The app can be launched once testing is done. Getting the app onto App Store and Google Play means it is published. It doesn’t end there, though. Bugs are debugged, performance improved upon, and functionality based on the user feedback added. 

So, all this keeps happening in updates and enhancements, and it makes the app relevant and ensures that it meets and continues to fulfill user expectations.

Cost Breakdown for Developing an App Like Mashreq

There are some factors that influence banking app development cost. The following factors define several constituents that have been liable to the development process:

Factors Influencing the Cost

Feature Levels Complexity

The developing cost builds up with the feature due to its complexity. The basic features are relatively cheap as they are mainly based on banking functions, such as account management and payments. However, loan management, tracking of investment, and real-time notification make the feature complex, greatly complicating it. Each additional feature calls for much more time and effort to develop hence costlier.

Compliance & Security

Development of digital banking app like Mashreq with security in place involves all the strict financial regulations and compliance standards. It implies securing all the necessary licenses and having data protection measures in place. 

For an instance, compliance with regulations such as PCI DSS (Payment Card Industry Data Security Standard) and GDPR (General Data Protection Regulation) is all-important. A lot of security audits and consultations with legal experts will also be involved in the development process.

Third Party Integrations 

A custom banking app has numerous third-party APIs connected to it to support service offerings like payments, mobile wallets, and customer support. The costs associated with such integrations may vary based on the providers. Some APIs will demand a monthly fee, while others will charge based on the number of transactions, affecting the budget of Mashreq app development.

UI/UX Design 

A rich, unique design is crucial to user engagement. Investing in professional UI/UX design will create an intuitive and attractive interface. The design phase may include such activities as user research, wireframing, prototyping, and testing and, of course, takes both time and expertise. 

Estimated Development Costs

• Basic Banking App: This basic banking application should be built with in-built functionalities, including account management, payments, and customer support. Therefore, the estimated development cost would range between $70,000-$100,000. This gives a minimum set of features to get an application launched and pushed into operation.
• Advanced Banking App: The cost can be much higher if you are planning to build a advanced banking application which has features like investment management, loan application, wallet, and increased security & safety. On average, cost for developing an advanced banking app could vary between $150,000 to $300,000 or more. 

Recurring Costs

• Hosting & Infrastructure: Once a launch takes place, hosting and infrastructure would continue with recurring costs. It would range from $2,000 to $5,000 based on the scale of the app and the cloud service applied. Choosing the right cloud provider ensures maximum performance as well as uptime.
• Security & Compliance Upkeep: Regular security scan and upgrade should be carried for compliance purposes with the changes in regulation. Since it’s an essential investment for security enhancement measures, budgeting can add another $1,000 to $3,000 to your monthly expenditure.

Monetization Strategies for Banking Apps

Creating an app like Mashreq is not only the services side but also revenue. Gaining the best methods of monetization are very important to sustain and grow further from here. Some of these are the primary strategies that need to be considered.

• Service Fees: Service fee is one of the major means of making money using a banking app. This can be through transaction fees. Transaction fees can pertain to payments, transfers, or foreign exchange services. Charging a small fee per transaction will result in a steady revenue stream for the mobile application.

• Subscription Model: The subscription model is another option. Under this, users are allowed to upgrade to premium accounts that offer them facilities like higher transaction limits or enhanced offers, but mostly they get better service support.

• In-app Promotions: It can be a strong source of revenue. Credit cards, loan deals, or investment products can be offered on a personally targeted basis to increase user engagement while revenue is generated from partnerships with financial institutions based on particular behavior of the user.
  
• Partnership: Partner with the retailers and service providers to offer discounts or exclusive offers to users using a particular benefit that adds value to the application. Here, a user may receive cashback or discount while utilising the services of partner companies.

• Advertisements: Such a banking app can also generate revenues from non-obtrusive advertisements shown within the app. Relevant advertisements about finance, lifestyle, etc shall add up to the revenue. 

Benefits of Custom Banking App Development

The investment in a Custom banking app development can bring many benefits to financial institutions. A few of the most critical ones, which show why the creation of a specific solution is so important, are the following:

Precise Business Solutions

Custom banking applications are designed to meet specific business requirements. Since an off-the-shelf solution is not going to meet specific services and customers base of your institution, a custom-built application would be more appropriate in that context. These applications ensure that the needs of the specific users are met, thereby increasing general satisfaction.

Enhanced Security & Compliance

Security is a major factor in the banking sector. A customized application provides you with the potential to have robust security mechanisms tailored to your bank. Design an application around specific regulatory requirements and include such advance security measures as encryption, multi-factor authentication, and even biometric login. It’s this protection of sensitive user data that safeguards it and makes them return to your institution with trust.

Scalability

With a growing business, users and transactions increase. There is a custom banking app you can get developed to scale, so it can accommodate more users, transactions, and features while maintaining the same speed even at times of need. Scalability ensures your app can grow as your business grows along with absorbing the ever-changing needs of the market. 

Unique User Experience

In a competitive market, having a user experience that stands out from the others is one of the important things to get the attraction and retention of the customers. Personalized app customization lets you stand out in the services with distinctive features along with stand-alone designing that marks it as entirely different from the competitors. Focusing on the user experience, an engaging platform can be created that meets the evolving needs of your clients.

Ongoing Support and Updates

Custom financial app development services are normally well-supported and maintained, which will ensure that issues are resolved rapidly. The developers will also update the latest technologies and current security standards to ensure an up-to-date application. Updates can also be used in enhancing functionality, making the app different from other apps, and raising user satisfaction.

Why Choose Esferasoft for Banking App Development? 

The choice of a app development partner is highly crucial in case of payment app development for banking purpose like Mashreq. One of the best choices for Fintech app development company is Esferasoft for some really compelling reasons.

Extensive Experience

Esferasoft is known to build custom fintech and banking applications. Our team understands the complexity of the financial sectors and can work with any kind of financial institution. It gives us the ability to provide high-quality applications beyond what is expected in the industry.

Focus on Security

This means that security in banking is of prime importance. Ensuring secure banking app development through the best usage of high-end security protocols and practices is what Esferasoft has to offer. Our team conducts vigorous, intensive security audits and compliance checks to ensure that your application will protect sensitive user data and follow your regulations. 

Custom Solutions

We have a strong belief in the power of customization. All of our development processes are characterized by absolutely close coordination with clients regarding their unique needs. This is how we design and build an app that can meet some particular business goals and user requirements. 

End-to-End Services

Esferasoft provides comprehensive services from initial consulting and requirements gathering to development, testing, and maintenance support. We provide a seamless and smooth developing process over time through improvisation based on the feedback of the target audience and according to the market trend.

New Technologies

We keep abreast of the latest technologies and trends that come up in the fintech industries. We design and develop a banking app or any other application that, apart from functioning well, are also user-friendly and pleasing through innovative tools and frameworks.

Conclusion

The rise in competition in financial services requires building a secure and user-friendly banking application to stay ahead in this digital age. Financial institutions can be able to afford a hassle-free experience with their financial services and a better banking experience for such customers if the app is like Mashreq. 

Custom banking app development investment by institutions addresses specific needs while maintaining high levels of security that come along with the compliance in industry regulations. Thus, designing a banking app is quite a journey that requires planning and cost consideration with proper monetization strategies.

If you are willing to have a custom banking application that meets the demands of today’s consumer, then reach out to Esferasoft. We can offer you some secure and innovative solutions through our experience in fintech app development.

Frequently Asked Questions

How Long Does It Take to Build a Banking App Like Mashreq?

This development timeline may vary with the complexity and features that a banking app adopts. A simple app would take 4 to 6 months to develop, while an advanced one would require 6 to 12 months or even more.

What Security Features are Used in a Banking App?

Key security factors include multifactor authentication, biometric login, encryption, and secure data storage. Additionally, it maintains continuous security audits and compliances with regulatory aspects such as PCI DSS and GDPR.

What Does It Cost To Maintain A Banking App After Launch?

The post-launch maintenance banking app cost breakdown ranges between $1,000-$5,000 per month. This includes hosting, security updates, and feature enhancements based on user feedback

How Do Banking Apps Make Money?

It will generate money in a banking app through service fees, subscription, promotions within the app, partnerships, and advertisements. A very effective monetizing strategy would pose a sustainable model concerning finance.

How Do You Stay Compliant with Banking Regulations?

Compliance would be checked through regular audits with consultations from legal experts, and with help from standards set by industries. The development partner that has an experience with fintech can navigate complex regulations.