You’re looking for a mobile banking software development company, the most important question you want to answer is how much is it cost?
Choosing mobile banking software development is very important, especially there are so many options. You need to understand the purpose of business to make the right choice. And, there can be no exact answer to the above question, because prices depend on the following factors:
- Type of service provider
- Supplier location (country)
- Complexity of features
- The platform
Choosing in-house or outsourcing services
Building a development team or hiring outsourcing services greatly affects the cost of mobile banking software development. Today, many companies choose software outsourcing services because of the benefits that it brings. Businesses can save costs as well as time to invest in facilities and recruitment. Especially in mobile banking software, you need to have experts in your development team. They are market savvy and have experience who will give the advice to remove or add features needed for your product. In addition, outsourcing companies complete products on time and ensure product quality.
The location of the providers
Location is the next major factor affecting mobile banking software development significantly. The most popular software development destinations worldwide are North America (mainly the United States), Latin America, Eastern Europe (Ukraine) and Asia (India, China, Vietnam).
In Asia, the Vietnam market started to emerge as a new outsourcing site for businesses seeking software solutions. According to CIO magazine, mobile banking software outsourcing in Vietnam is about 90% cheaper than hiring the US labor force. The cost of mobile banking software outsourcing in Vietnam is usually less than $ 25 / hour. Outsourcing service ranking by Global Service Location Index 201, Vietnam ranks 20th among the top countries recognized as excellent outsourcing destinations.
The complexity of features in mobile banking software
The feature complexity of mobile banking software will determine how long it takes and how much it costs. There are 3 essential features of building a mobile banking software that can’t be ignored: account management, secure authentication and push notifications. Besides, they need more features to provide a complete mobile banking software. They are tracking customer spending, cashback, QR payments, ATM and branch locations, etc. If your budget is limited, prioritizing features should do and release your product to the market as quickly as possible.
The Cost of developing features of mobile banking software in Vietnam
Platform: iOS or Android
The choice of product development platform also affects software development costs. The main factor determining is the audience you want to reach when you will develop on the iOS or Android platforms. Android and iOS platforms vary in market share, device, and OS version. However, if you decide to build mobile banking software for both platforms, you should prepare to spend a lot of money on mobile banking software development.
The user’s rate of Android and iSO platforms in the world
Design of mobile banking software
Software design influences the whole process of creating mobile banking software. The more complex the design, the more expensive your mobile banking software becomes. Simple software design mainly consists of standard, platform-specific elements that are quite easy to implement and will not take much time. Adding custom elements and animations increase design complexity and thus the software design cost. So, the cost of mobile banking software development also more or less affects.
The Cost of design of mobile banking software in Vietnam
Fintech Vietnam is a technology update portal about Fintech in Vietnam and Fintech trends worldwide.
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