How Much Does It Cost to Develop a Finance Management App?

The finance and banking industry, a restructuring sector constantly modernizing as per the needs, is augmenting towards the finance management app. With the restructuring of high-end banks and firms, it is high time that the general masses changed how they manage their finances on a daily basis.  

Since the long-gone days when people used to note down their daily spending in a notebook, times have changed and brought digital experiences to the forefront. Expense trackers and apps are getting a new set of tools to highlight how their functionalities are usable in day-to-day lives. For instance, Venmo has gained popularity in the United States after PayPal. These finance management apps assist in payments, requesting money, managing finance, and monitoring spending. There are way too many functionalities in one app, a deal-breaker for the general masses. 

As the general public widely accepts these finance apps, it does imply that they have a market worth millions. Guessed it right. It was $1.28 billion in 2022 and will grow 12.14% between 2023 and 2030. As the figure is in the center, decision-makers are inclined towards finance management app development. This leads us to the question many business owners often ask: “How much does it cost to develop a finance management app?” Since it is crucial to question before commencing the app development, it is high time to move in the direction that would bring us the finance app development cost.

Factors Affecting the Finance Management App Development Cost

Cost is the core concern, and fixing one figure is easier. The reason is that app development cost is not centric to conclusive numbers because of multiple factors. Multiple factors influence the estimated app development cost. For example, no two companies will have the exact finance management app requirements. Their conclusive development cost will be different due to their difference in features and functionalities.

To still offer a price range, the finance management app development cost is between $80,000 and $200,000, depending on factors like platform choice, app intricacies, and size. As you must be looking for app development costs, let us elaborate on the factors affecting the final cost.

• Finance App Development Platform

Among the many factors, the platform is the first one that affects the cost of a finance management app. It is dependent on the choice of targeted audience specific to business needs. For instance, for global audiences, businesses choose Android app development. However, for USA-centric needs, they prefer iOS app development. The third case in point is that businesses often choose to target both with cross-app development. As mentioned below, such choices impact the final finance management app development cost.

• Finance App Size

The intricacies, features, and functionalities of the finance management app eventually affect the app development cost. For instance, a simple app with essential features like a search bar, log-in, and money tracker will cost less than an advanced app with a category-based search bar, AI-powered chatbot, and more. For reference, take a look at the pricing mentioned below.

• UI/UX Design

The UI/UX design is yet another factor that eventually affects the cost of finance management app development. You can build a custom layout or finalize one from the available templates. However, the cost difference between both is immense. With a finance management app development agency, you can get the UI/UX designed at a considerable cost.

• Features of Finance Management App

When it comes to the finance management app development cost, the features of your app influence the cost. For instance, a finance management app with basic features like daily log entry, log-in features, and a simple search bar may cost around $30,000-$50,000. However, if you are planning to build one with AI-powered features to calculate the estimated money, an advanced search option for expenses, and push notifications, the cost may vary and reach around $200,000. The type of finance management app businesses and enterprises choose and prefer to include in their version ultimately affects the app development cost. The decision-makers must wisely choose the features that constitute to make an app that fits their budget.

Conclusion

Considering the above factors, decision-makers must make a decision worth their investment and create a scalable finance management app. These factors are among the criteria they must consider before approaching a finance management app development agency.