Brain  Crist

Brain Crist

1600682400

How To Reduce Software Development Costs

Mobile and web applications are worth investment as their use can help you achieve various goals, for instance, improve customer service, increase the conversion rate, provide security of sensitive data, automate manual, routine, and repetitive activities.

The main task is to clearly define the project objective, your target audience, and requirements to the future system.

If you have decided to build a software product for solving business-specific challenges, common questions are “What budget will you need?” and “How to reduce software development costs?”.

Although it may seem that by saving money you can lose in quality, there are many ways that help not only create a great product but also cut expenses.

#software-development #software-engineering #web-development #custom-software-development #good-company #outsourcing #team-management #team-productivity

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How To Reduce Software Development Costs
Christa  Stehr

Christa Stehr

1594456938

Offshore Software Development - Best Practices

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.

  • Offshore development teams can work on flexible timing to provide you with the best possible software development practices.
  • Get access to the talents across the world from your home to develop the top of the line software with the help of offshore development companies.
  • Assured high quality and next-generation technology expertise with duly NDA signed with respect to the priorities of the business.
  • With flexible recruitment models, you can hire the freelance developers, remote development team, or an entire offshore development company with respect to the size of your business.
  • Build high-end software applications from one corner of the world by hiring software developers across the world.
  • Get immediate access to the best resources without hiring them on a permanent basis.

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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5 Core Criteria for Selecting Software Development Company - TopDevelopers.co

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.

Read More: 5 Core Criteria for Selecting Software Development Company

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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.

Banking app development cost

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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Ajay Kapoor

1626148470

Software Product Development Company, SaaS Development Services

PixelCrayons: Being a top software product development company, we are known for providing robust, secure, feature-packed, and scalable Software product engineering solutions as per the specific needs of businesses.

Get SaaS-based software product development services from initial strategy & planning to final deployment and after delivery support.

Being a trusted SaaS product development company, we cover the entire array of software product engineering services from consulting to development, testing and devops.

We turn your software product idea into reality by putting custom skillsets in place. With 16+ years of domain expertise, we have created 13800+ successful projects and garnered 6800+ happy customers from 38+ countries.

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Vrinsoft Ltd

Vrinsoft Ltd

1611320478

Best Software Development Company in Melbourne

Vrinsoft is the one-stop destination for all your software development requirements as we employ the latest technologies vital to ease the development procedures. Enhance your web identity and boost business value with customized solutions from the best software development company at Melbourne.

Visit: https://www.vrinsoft.com.au/software-development/

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