When it comes to custom software development, the first thing that strikes the mind is that it’s expensive. It can be due to lack of planning, improper budgeting, inept market research, adding unnecessary features in the first version, indistinct communication, indiscreet testing, or any other reason. But do you know! You can prevent these by a few industry best practices and reduce your development cost without affecting the product quality. Let’s have a look at them.
Product owners today are going for high-end software developments with the latest technologies and features. It sometimes leads to elevated expenses, but the initial phase of your software development cost estimation must be reasonable and light on your pocket. These best practices will help you reduce the development cost and save your hard-earned money.
If you know your target market, you can determine features that add value to your product for your custom software development. It also gives you a clear conception if your product is viable to survive in the market in the future. It skips the unnecessary expenses in the initial phase of development.
You must have encountered problems like delivery delays or excess expenses on inessential features that initially may seem meager but drain your development budget significantly. A good plan can help you to understand your audience's needs and ideate your investments. You can do this by yourself or hire industry experts to tell you about the features needed for your product. You can also involve your stakeholders for their input on the product and the problem it solves. Then, you can allot your development budget based on the current market cost.
Every product has a set of necessary features that helps it to fill the gaps it intends to serve. The best way is to have a Software Requirement Specification (SRS) Document for your product. An SRS highlights your requirements, needs, and the developer's understanding. You get better results that help you to concentrate on your target audience with a clear understanding. You can choose a UI that suits them; no unnecessary addition or substitution of essential or unimportant features.
Your budget should decide the boundaries for your development needs. It is best to keep your product development within an allocated budget. You can add many features to your product, but keeping only the base features essential to your product in the initial phase is best. It would reduce your investment to a significant extent.
Consulting with experts is a good option if you wish to know the exact cost of your software development. You can also hire one of the experts to help you through your development journey.
It is a prototype with the essential features that you must have in your product. The MVP helps you understand your target audience and track their real-time needs. It is also a viable option to plan your final launch based on user reviews and inputs. It helps you distinguish between the essential and good-to-have features and reduces the development cost.
The Agile approach simplifies the software development process with better coordination and communication. It facilitates real-time change implementation based on customer reviews, feedback, or market trends. It improves product quality and reduces investments due to the elimination of reworking costs.
When developing a product in-house, many factors are points of your concern. It can be hiring developers and testers, buying servers, domains, and other expenses. It puts a significant burden on your shoulders and risks if you get the desired product. You can reduce this risk by outsourcing a part or the whole development process to the experts. The experts offer dedicated employees with expertise in your domain. These employees work only on your project and are available anytime based on your time zone to ease the development process.
With the given best practices, there are some extra tips that you must consider for your product development.
A recent study from Deloitte says that cost reduction is the primary concern for business owners. But, I am sure now you know how to reduce the cost of your software product development.
Initially, the lower cost may mean an inferior quality product. But, these best practices would give you a good product with limited expenses that fit your target market. If you want to know more about the Software Development Cost or wish to read on any other topic, feel free to contact us.
With the rise of globalization and the worldwide lockdown due to the pandemic, most of the work has been done by remote working processes and professionals from their homes. This lockdown has proved the efficiency of remote development and enhanced the trust in offshore software development industry.
To make the most out of the benefits of offshore software development, you should understand the crucial factors that affect offshore development. This is why you should read this guide for the best practices when hiring an offshore software development company. Despite the size and the industry of the business, offshore software development is not beneficial for every entrepreneur in many aspects to make the optimum use of talents in technology across the globe.
Here are some of the top reasons why offshore development is beneficial for your business.
To avail of all these benefits, you should have clear goals, a list of requirements, and features that are mandatory for your software product.
Here are a few tips to help you find the best offshore software development company. Build a top-notch software application by following the listed best practices.
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Check out these five criteria for the selection of your software vendor, and you will never regret having the wrong quality product made for you.
One of the primary reasons why many companies are stuck with an underperforming software product is that they did not give the requisite attention in selecting an efficient software development partner. We assure you that if you put in some effort and pay heed to the factors mentioned above, then you will be able to select an efficient custom software development company to build your software that will cater to all your requirements.
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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.
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.
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:
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:
Transactional notifications notify users about their account updates.
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.
Promotional notifications are to grab the attention of customers to offer discounts and attractive deals.
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.
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.
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.
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.
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.
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.
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.
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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