How cost-effective is it to go for Website Development

Irrespective of how big or small, extensive or limited your business, market, or service is, a completely dynamic and functional website will always help it. A proper website not only strengthens your presence in the market but also gives the consumers an insight into how your brand is. It is for this reason that almost all business owners always invest in the development of a good website for their company. 

Before trying to get an estimate costing for your website, you should take into account all the factors that go into the making of a website, as well as the type of website that you are in need of. Some of them are given below. 

Themes and Plugins

The first step into content development is choosing the right CMS or Content Management System for you. The most popular and widely used CMS in the market for quite some time has been WordPress. Sure, there are other CMS applications available in the market, WordPress takes the cake because most of its features are available for free of cost. Similarly, WordPress provides free Themes for your websites. There are options for paid themes too, which have enhanced features and can be more easily customized. If we focus on WordPress to determine the average cost of investing in themes and plugins for your website, then it ranges from free of cost to thousands of dollars (as per the theme and plugin).

Domain Registration 

Booking a domain is the step you take right at the beginning when you’re developing a website. Now, where do you get to register your domain? The answer is that there are several agencies that would sell the ideal domain to you. The names of some such agencies are Google, GoDaddy, and Bluehost. This domain is going to become the online representative of your business and brand on the internet, so choose carefully. You will get various quotes from different domain name providers, so pick out whichever one suits you the most. 

Web Hosting 

The step of hosting a website follows right after you have set up a domain for your website. You must be aware by now that the internet is a huge space. Hence, it is important to host your website so that it can make its own niche in the big virtual space. Host service providers are relatively quite affordable in India. You can get space on the server for a package fee from your provider. This can either be on a monthly or yearly basis. Search for the ideal hosting company that will help you book a server at a pricing plan that is more convenient for you. 

Website Content Writing 

Once you are done creating your website, it is now time to curate the content that will be present on your website. This content will speak about your business and products in such a manner that consumers will be encouraged to try out your products and services. There are various content marketing agencies in the market as well as lots of freelancing content writers who will write down the content for your website as per the instructions you give them. The cost of content writing depends upon the quality of the content and the experience & skills of the content writer. 

eCommerce Website 

An eCommerce website contains way more content and features than other types of websites and hence these kinds of websites require greater amounts of capital and time investment. This eCommerce Website will not only help the consumers gather significant information about your company but also purchase your goods from the same site. However, in order to have an eCommerce Website, it is important to keep in mind the additional expenses for features like payment gateway, OTP generation, and OTP verification, shipment tracking, live chatbots, among other features. This means that it takes a greater amount of work to make this kind of website a hit among consumers. 

Brand or Company Website 

The introduction of websites as a form of brand recognition has taken the corporate world by storm. These websites are created to make sure that brand promotion is optimized. The corporate sector has made full use of company websites to make sure that the biggest features of their company are displayed clearly and tactfully on the websites. This website helps its clients get a better understanding of the business information that the website application development company wants to convey to the clients. 

 

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Banking App Development Cost - 8 Hidden Factors

Since 1994, Digital banking has been here. It is a very long time, but digital banking through mobile devices is entirely new to the banking industry. It all started when Atom became the first digital-only bank in the UK.

Nowadays, Tech-savvy customers expect corporations to support their digital movement, and because of this, almost every industry has adopted technologies to stay relevant with these modern customers. Most of the newbies who plan to develop a banking app have two questions in mind: “What is the cost of developing a banking application” and “Which hidden factors affect the cost of developing a banking app?”

You can get all the answers to these questions here, because this article will take you through the cost of developing a banking app, the features of banking apps, and much other pertinent information. After reading this, you will be able to plan better for your mobile banking app development. But before directly jumping into the cost of mobile banking app development, let’s take a look at the global digital payment market size of mobile banking.

Global Digital Payment Market Size

According to GlobalNewsWire, by 2026, the Global Digital Payment Market size is estimated to reach $175.8 billion, rising at a market growth of 20% CAGR during the forecast period.

Around 23% of millennials use mobile banking apps daily.
Around 49.2% of total smartphone users use mobile banking apps.
41% of Americans said that mobile banking apps had minimized their concerns about managing finances.

Data Source: Statista

As you can see, the data clearly indicates that the percentage of smartphone users are increasing day-by-day. Therefore, by engaging in your own mobile banking app development currently, you will be able to take advantage of the growth in mobile users. But, the cost of developing a banking application depends on so many factors like the platform, features, technologies, and so on.

Mobile banking app development cost

Cost of developing a banking app depends on various factors. To give you a rough idea of the mobile banking application development cost, the total development time for a fully-featured app sums to 3760 hours. Considering hourly rate for fintech projects of $25, the cost of developing a feature-loaded banking app stands around $94k.

Banking Application Development Cost depends on different phases such as:

• Research and Planning
• UI/UX Design
• Development
• Testing
• Maintenance and Support

8 Hidden Factors of Costs of Mobile Banking App Development

1. Push Notifications

It’s not easy to imagine an app that does not utilize this necessary mobile capability. Push notifications always increase your users’ engagement with your mobile banking app and encourage the desired action. Push notifications are of three types:

1. Transactional notifications notify users about their account updates.

2. The Application-based notifications indicate when the mobile banking app requires the user’s attention, whether related to the password change requests or document submissions.

3. Promotional notifications are to grab the attention of customers to offer discounts and attractive deals.

2. Chatbot Integration

For most users, mobile banking has a steep learning curve, and due to that, the customer will require immediate assistance on various occasions. Hence, creating a chatbot for customer service is the best way for many institutions to improve their customer service availability. The chatbots will save you a lot of time and money, whilst providing customer support 24/7. But this feature has a separate development process, and therefore you have to pay separately for this.

3. Servers

Servers are where your mobile banking app will be hosted. If you are not with the largest enterprises, you will want to outsource hosting from Amazon, Azure, or Google, which will result in more costs.

4. Content Delivery Network

A CDN is a system that is used to deliver content to the app based on the origin of the content, the content delivery server, and the geographic location of the particular user. In simple words, if you have users across the globe, and they have to keep coming back to one far off location to access the content, then the app will not perform in a good way. So, if you want your mobile banking app to perform effectively, you should use a content delivery network, because it reduces the app loading time and also increases the responsiveness of the app.

5. Development Tools

If you want to use paid deployment tools like iBuildApp, Appy Pie, and IBM MobileFirst, to develop your mobile banking apps, you will need to subscribe to them over the lifespan of your app. This will also affect your banking app development cost.

6. Android and iOS Updates

As we all know, both platforms constantly release updates, and those updates require maintenance. Depending on the extent of maintenance required, the cost in the long-term can sometimes be significant.

7. APIs

Every mobile app usually has multiple third-party APIs that they interact with, especially at the enterprise level. If you make changes to any of these applications, they will require periodic maintenance of your APIs. For instance, Facebook updated their API version four times in 2016; now, what if you want to integrate with Facebook? You will need to update your app to accommodate those changes.

8. Bugs

As you know, every app has bugs, and not even a single developer can assure you that there will be no bugs in the future in your app. It’s just that sometimes they go undiscovered for months or even years. User communities are not kind to apps that are slow to address the issues that they have reported.

Conclusion

The cost of banking application development not only depend on the features of the banking application, but they are also heavily affected by the hidden factors I have mentioned. The primary issue with mobile banking app development cost is the amount of individual components that you need to gather. Each of them can cost thousands of dollars, and these costs will continue throughout the lifespan of your app. However, the rewards that come from a successful mobile banking app development project are huge.

Pro Tip: The cost of developing a banking application greatly depends on the hourly rates of programmers and the expertise of the team. FinTech experts are able to complete these projects much more efficiently.

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Best Website Development Company in USA - WebClues Infotech

Website is one of the necessary part for any business in the time when the digital revolution is taking place worldwide. The need for globalization is also driving the growth of digital spaces as it is the most convenient way to target international audience.

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Website Development Company in India | Website Developers India

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Our services include Web Design, Website Development, Analytics, Digital Marketing, Mobile App Development and Business support. We hire best website developers with vast experience and knowledge with clear communications and management skills to ensure that we deliver highest quality without overshooting the available budget.

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One survey revealed that more than 70% of websites worldwide are based on WordPress and it is considered as the most trusted, easy to use, and a matured technology for building websites. With a huge library of plugins the work carried out on WordPress is particularly easy fast compared to other website development technologies.

Want to build a website on the most popular website development platform WordPress?

WebClues Infotech with its expertise in WordPress has developed more than 300+ websites on WordPress. With a skilled development team of 150+ members, WebClues Infotech has got what it takes to develop an elegant and high-performing website for you.

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