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Top 10 Banking App Development Companies in 2024

Developing a banking ass can seem overwhelming, demanding extensive technical expertise. This guide will showcase the top banking app development companies and lead you in selecting the ideal financial software partner for efficient and timely development, considering both cost and time factors


Author: Alena Tomchuk

Last updated March 29



The year 2024 sees a big change in how we use technology. Smartphones and the internet are everywhere. It’s estimated that around 7.1 billion people now use smartphones, with another 5.35 billion on the internet. This is over half of all the people in the world. These changes have made it easier to stay connected as well as make new things possible with technological advances. With this, banking apps have grown fast and lots of them are emerging around us.

This guide will give you a full look into how companies are leading these changes through smart technologies like generative AI among others yet to come. We’ll also discuss how creating these banking apps isn’t easy and comes with its own challenges and how different companies are overcoming them to change our everyday banking experience. We’ll also take you through who’s at the top of this quickly changing field - covering their creative ideas that’ll likely define what banking looks like in the time ahead.

Trends in Mobile Banking App Development

New trends are changing how mobile banking apps are developed. One emerging trend is using Artificial Intelligence, which gives users a personal feel of the bank at home. Another trend focuses on making app designs simple and easy to use. Banks also make their apps flexible through modularity and integrate services easily with APIs. They manage seamless connections of different parts of the app.

Blockchain technology and cryptocurrency offer secure ways for clear transactions through these apps, too. Every new trend plays a role in shaping the future of banking apps differently. This is discussed in more detail below.

AI-Powered Personalization

A profound shift is occurring in mobile banking app development. It’s the rise of AI-powered personalization. Simplified, this means that apps are using AI that adapts to each user’s experience based on their own behavior and preferences to offer tailored advice. It also bolsters security and polishes customer service within banking apps. The perks for users are big as well. Users can benefit from customized experiences that step up their engagement and satisfaction levels alike, which keeps customers loyal. However, its use goes beyond pleasing users though. Routine tasks are also fast forwarded thanks to automation, saving time and money. Notably, McKinsey predicts a possible value addition could reach USD 1 trillion annually from AI adoption alone!

Intuitive UX/UI app design

Mobile banking apps need to be simple and user-friendly. This thought goes into their design process. It leads to an app that is easy on the eyes and simple to use, which improves how users feel when interacting with the app. The aim is to know what users need, making interactions smoother and tasks simpler. When done right, this method can increase both customer happiness and loyalty, as it allows everyone - not just tech experts - to get around with ease in navigating mobile banking apps. In 2021, about 64% of Americans used banking apps, and one of the reasons for doing so was their comfort factor. A good design makes online banking transactions easier for users; thus, every year, more people choose online banking over traditional methods.


Banking app developers are now using modularity more. Modularity means breaking an application up into various bits where each bit does a different thing. It’s good because it helps the app to grow and makes modifications easy over time. Each module in an app can be changed or updated on its own. This is great for mobile banking apps as they can update quickly and can be customized better. Plus, banks find it easier to keep up with what their customers want this way.

Business of Apps reported that in 2021, neobanks (newly created digital banks) made $6.8 billion thanks to using modularity techniques. A study by Sia Partners also showed how important modularity is becoming for these types of apps. They looked at 148 banking apps from 19 countries, checking them against over 85 criteria, including functions and user experience, among other things, and highlighted their top ten picks.

API Orchestration

API orchestration plays a big role in making banking apps for mobile phones. This means managing and organizing multiple APIs to help activities run smoothly and improve features. Banks use it to combine different services, both from inside the bank and outside. This makes their mobile apps stronger, more flexible, and faster. Mobile banking apps benefit greatly from this. API orchestration creates friendly user experiences, opens room for fast changes, and helps banks work with fintech or other partners.

A survey by McKinsey showed that most people - 88% of those asked- think that APIs are more important now than they were two years ago. Around 75% of APIs used by banks serve internal purposes only, but banks want to double the number within five years. These data points show how important API orchestration is in shaping the future of mobile banking solutions.

Blockchain and Cryptocurrency

Blockchain and cryptocurrency have changed the way we create mobile banking apps. Blockchain is a secure system that records transactions. It’s perfect for use in mobile apps because it provides strong safety measures. Among other things, blockchain supports a variety of digital currencies. This makes trade secure and open without the involvement of a third party. When you use this technology in banking apps on your cell phone, your dealings become quicker and safer at less cost.

Another thing about blockchain is that it lets us build coded applications where data gets saved on various computers instead of just one central place. You end up having more command over your personal details when this happens. In 2023, the worldwide market for blockchain was worth $10 billion, including all its uses, such as mobile applications; by 2030, experts predict with an annual growth rate of around 87.7%, it will balloon to reach almost $1.4 trillion! The reason for this huge increase confirms the growing popularity of blockchain across many areas.

Biometric Authentication


Biometric authentication uses special body features to confirm people’s identity, which helps make mobile banking apps safer. This is because it works better than old methods like passwords or PINs. When you use this type of authentication in your app, it boosts security and makes things easy for users. In fact, it’s reported that around 53% of credit card users would change their bank if there was no biometric option on the app. This shows how important it is! In 2022, biometric systems were worth nearly $43 billion. By 2027, their worth could be around $83 billion! Additionally, in terms of security, Deloitte highlights that fake ID scams might lead to huge losses of about $23 billion by 2030. For this reason, banks are trying hard to create stronger biometric security systems.

Mobile Wallets

Mobile wallets allow people to manage monetary transactions with their phones. They work like your physical wallet but on the phone, letting you pay bills, shop online, and transfer money. Mobile banking apps get better when they have a mobile wallet feature in them because it adds more user convenience and security. These mobile wallets use strong technology to keep personal and financial information safe, lowering the chances of fraud.

They even enable transactions without having to touch anything, which is becoming popular these days. A study by Allied Market Research showed that the global worth of mobile wallets was $1.40 trillion in 2029 and will grow to $7.58 trillion by 2027. In 2021, there were about 2.8 billion users of mobile wallets worldwide, and this number is predicted to reach almost double, ranging to around 4.8 billion by the end of this year in 2024.

Instant Transfers

Instant transfers mean you can send money right away. They’re faster than normal bank transfers, which take a long time. You can do it between accounts within one bank or different banks. Instant transfers let you pay bills and share costs with others quickly and easily. People like to use banking apps that offer instant transfers because they’re quick and efficient. Businesses find this service useful for things like paying employees and settling supplier bills without delay. A study by TechSci Research shows that real-time payments are going up fast—about 30% per year until 2029! 


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Factors to Consider When Choosing a Banking App Development Company

Choosing the right company to develop your banking app requires attention to many details. First, the company’s security and domain experience matters. This will give you important knowledge about whether the company takes care of compliance and the special needs of the industry. Next, what clients say about the company counts a lot as well. These reviews tell you if you can trust the company or not. The price of services is also very important because it should fit in with your budget plan. Finally, strong customer support helps during and after making your app run smoothly. All these points, among others discussed below, play an essential role when choosing a company to develop your banking app.

✦ Security

Anyone looking for a banking app development company must consider security as the primary factor. A good banking app needs to keep sensitive data such as login info and account statements safe from illicit access. Trust gets built when users know their details are secure in an app, which is critical for the app’s success.

The desired company should have expertise in meeting all requirements related to data safety rules. This way, any serious financial loss can be prevented that might occur due to breaches of security.

In fact, research shows quite an alarming situation concerning current banking apps on the market. It was found that about 88% of reviewed banking applications were found with vulnerabilities compared to a general average of only 63%. So, remember - choosing correctly will not just prevent heavy losses but primarily build user trust through stringent security measures adopted by your selected development firm.

✦ Domain Experience

Another key factor is ‘Domain Experience’. For banking apps, domain experience is more than just knowing how to code. Banking apps have complex features like secure transactions and regulations compliance. It also involves tying in with old existing systems. Companies that have this distinct knowledge can build better apps. In finance, tons of rules exist that need to be followed and regulated. Experienced companies grasp these rules firmly. They understand the importance of security protocols and data privacy and ensure your apps stick to all legal norms. Furthermore, they pinpoint risks unique to financial applications promptly and effectively guard against them. This could range from managing personal customer details to detecting fraud before it happens.

✦ Client Reviews and Testimonials

Client reviews and testimonials are also pivotal in the process of choosing a company that would develop your banking app. Positive comments verify a company’s skills, punctuality, and project-handling abilities. A successful history projects its capacity to provide quality solutions. Testimonials reveal user experiences with the developed apps. These insights serve as a benchmark for your needs, aiding your selection procedure significantly. Continuous positive feedback fosters trust in a company - an essential asset for lasting partnerships. Clients commending prompt deliveries, clear communication, and support post-launch reflect reliability – key attributes you should look out for when choosing your app development partner.

✦ Cost

When choosing a banking app development company, cost matters. You may find prices ranging between $20,000 to over $300,000 in 2024. However, you may wonder why such heavy costs for a banking app. This is due to the complexity of features, design needs, security steps, and project size.

Weighing up these cost factors is vital to match your budget with the right company. Starting rates for main features like front and back end can sit at $250,000. Knowing the costs helps you compare different companies. It also makes decision making easier while considering both budget limits and desired functions in an app.

✦ Customer Service

Finding the right company to create your banking app also often depends on their customer support. This is a key factor influencing user satisfaction and loyalty. With better service, more customers stick around. Studies show that 36% of clients would change banks for tailored services.


That’s how important this aspect is. When picking your app development company, pay attention to their service quality and consider factors such as how fast they respond. Can they sort out issues without delay? The selection of a firm giving priority to customer care could mean success for your banking app project.

✦ Integration with existing systems

Another crucial factor to consider is the ability to integrate with existing banking systems. If done well, this creates a space where financial tech products can blend smoothly into traditional bank and credit union systems. Integration is not just about convenience; it’s also about security. A well-integrated app can monitor transactions more accurately, easily flagging any suspicious activities for further checking.

Integration also considerably boosts customer satisfaction. It offers customers the freedom to manage their finances whenever they want. The sophisticated services offered by an integrated system may provide various banking options that go beyond basic functions.

✦ Scalability

Simply put, scalability is an app’s capacity to handle growth. As more and more people begin using your mobile banking app, it needs to keep up with demand without glitches. A scalable app provides a smooth user experience even as it gains popularity and attracts more users, ensuring that its performance remains optimal. Developers should strive for cost-effective scalability strategies from day one while allowing the potential for application improvements down the line.

Remember, in the highly competitive market of mobile banking apps, failure to provide flawless functionality can prove costly - you cannot afford poor performance or bugs in your application. Prioritizing scalability allows room for flexibility, security improvements, and implementation of extra features over time.

By focusing on business services, banks can make their day-to-day operations more efficient and improve how they interact with customers, which ultimately leads to an increase in profits.

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Top 10 Banking App Development Companies in 2024


Velmie offers some pretty amazing services for financial institutes and entrepreneurs. It offers a cloud-native, modular software platform. The platform helps you create unique fintech solutions that are safe and scalable. Large banks choose Velmie because they love its cutting-edge technology. Plus, its service-oriented architecture and adherence to regulations give them peace of mind.

Velmie isn’t just reliable; it’s impressively stable, too! The platform supports over 20 million active users with close to constantly available service at 99.9%. With Velmie’s help, banks have widened their range of services and boosted revenue growth - estimates of up to six times faster than peers would typically manage.

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DataArt also ranks as the top banking app development company. As a global software firm, it crafts and maintains standout software solutions. Its specialty is aiding clients in constructing data-based, cloud-native programs that yield swift and lasting business impacts. Banks around the globe choose DataArt for their insightful expertise spanning the finance to entertainment sectors. 

With over 5,000 professionals spread across more than 20 countries, they boast an impressive client retention rate of 87%. In just two years (from 2022), their revenue swelled by nearly a third. The formation of over 155 meaningful new client partnerships led to a $21.8M fresh business income boost in return. The platform offers innovative methods in system modernization, a smooth transition to cloud functionalities, as well as usage of AI and ML technologies.

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Itexus is also a leading figure in custom software development. It’s known for solutions that cater perfectly to financial services. They make mobile apps along with AI-powered digital banking systems. Their reach is global, serving over 250 clients across 23 countries. Clients stick with Itexus, showing an impressive retention rate of 87%. But what do banks get from Itexus? They enjoy client portals they can trust and reliable CRM systems. Add-ons include features like AI virtual assistants that promise efficient service.

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In the field of banking app development, Miquido leaves a strong mark. This company has its roots deep in software development and builds digital products powered by data. Their expertise is not just limited to any arena but spans varied sectors, including banking, travel, music, and more. What truly sets Miquido apart is its specialty in financial apps. They provide comprehensive services covering every aspect of insurance and banking application design and development. With a decade-long experience in fintech under their belt, they bring wisdom as well as innovation to the table.

Miquido isn’t a small team either but comprises over 300 experts who collaborate to build secure applications tailored for global reach and high transaction volumes. Companies in the banking industry don’t just consider Miquido — they rely on it for top-notch fintech solutions that can handle millions of customers around the globe safely while also addressing various business challenges effectively.

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Hyperlink InfoSystem is a well-known company that develops software and mobile apps. It has offices in New York, the USA, and India. The company offers many services such as game development, blockchain creation, studying data to gain insights, modifying online stores, and maintaining websites.

Banks like Hyperlink InfoSystem because it makes safe mobile apps that work well and offer new features. In 2022, the company made over 4000 mobile apps along with 2000 websites for its customers around the world who number more than 3200. In that same year alone, their annual turnover was around $60 million.

For more than a decade, Netguru has been helping businesses speed up their digital growth. As a tech consultant and software builder, they offer different services. They help to design software and products while also giving IT advice. In banking, they create apps for banks, provide AI tools, and offer cloud banking solutions. This helps banks work better, makes customers happy, and keeps online threats away.

Banks choose Netguru when they want to make things that suit their customers best or, make their systems safer, or guess what will come next in the industry. Over the years, many banks and fintech firms have had good deals with them. In 2021 alone, Netguru earned over $57 million as revenue.

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Inoxoft is a global company that develops software. They focus on custom web and mobile solutions. The way they work is by building top-level teams to bring customers’ ideas to life. One area where Inoxoft shines is making banking apps. They offer services like mobile banking solutions and loan management systems. They also handle customer analytics, CRM integration, and security compliance.

Banks choose Inoxoft for their skill in blending complex financial services into secure mobile banking apps. They can do more than that, though - they provide AI development and consulting, too! This makes use of lots of data for solid outcomes. With over 80 unique solutions under their belt, Inoxoft has plenty to offer. Their input combines professional guidance with creativity and innovation, paving the way for profitable business concepts.

Future Processing is a company that uses technology to help bold thinkers make their ideas come true. They have been doing this for 24 years. Their service starts with examining strategies and ends with delivering solutions. They show great performance in the finance field, providing strong, adaptable, and safe services. They help banks change digitally using automation along with data-guided insights. They plan how IT systems should be arranged, move data from one system to another, enhance security, and improve how well operations run smoothly.

They also create applications used for financial transactions and put into use systems made from blockchain networks—a new kind of technology tied to cryptocurrencies like Bitcoin. In fact, they helped one customer on 31 different projects, which shows their range of expertise. Also, they scored 54 on Net Promoter Score - a measure showing whether customers are loyal or not.

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Praxent is a company that works with financial technology. It helps the clients grow by meeting their digital needs. The firm has work experience of 24 years. They perform start-to-finish digital change services. The firm works in the banking sector, too, where it helps banks change digitally. The company also provides banking engineering and user-interface expertise which are special for each case.

They provide different sorts of services like making custom retail and small businesses digital experiences, strategies which effectively use various platforms at one time (omnichannel strategy), integrating various systems into one for banks among other things. Banks often choose Praxent due to its high success rates recorded as high as 96.9%. Another reason is the company’s ability to lower phone call center usage by about a third or 30%. Till now, the company has worked on more than half a hundred digital projects for their clients that provide financial services.

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Apadmi designs, builds and improves mobile apps for big brands. The company does great work in the field of banking app development. They create strong, dependable mobile apps and server solutions that are easy to use. Many banks choose Apadmi for their ability to handle complex, secure tasks in the finance industry. They also make digital products better through data science and analytics services. With a history stretching over 12 years in innovating digital products, they have made more than 100 creative apps and server systems. Their mission is simple: To enrich people’s lives with exciting new digital goods when they’re on the move.

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Mercury Development works on mobile solutions for iOS, Android, and Windows Phone and is a top company in software development. They have done this work since 1999. They also develop banking apps. Mercury Development knows all about changing things digitally and for mobile phones. From creating ideas to delivering the final product, they handle it all. Banks love this platform as it fits well with their business process over time. It can also increase their technical abilities. In the area of making apps, Mercury Development has the trust of over 50 million users. The expert teams at Mercury Development have won awards for designing apps on every big mobile platform.

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Key Challenges of Developing a Mobile Banking App

Developing a mobile banking app poses many challenges. One of them is scaling the app to support more users and transactions. The app also needs to combine different financial services for better use. A good design that’s easy to use is crucial, too. The app must also follow strict compliance regulations set by authorities as well. Each part has its specific difficulties. In this section, we will look at these challenges closely and understand how they affect developing banking apps.

✧ Scalability

Mobile banking apps need to grow or ‘scale’ as more people start using them. This growth is a big challenge, especially when the app has to stay secure and work well. A study shows that out of people surveyed nearly 89% use mobile banking.

However, giving more users a smooth experience while keeping everything secure isn’t always easy. There are also security risks linked with having more users on an app, so banks have to be nimble at handling these issues.

They must keep growing their customers without disrupting the user’s experience and compromising safety measures. If they fail, most customers will move on to other providers for their banking needs.

✧ Cybersecurity

Creating a mobile banking app means solving cybersecurity issues. These apps use important financial details, so people who are involved in criminal activities online often target them. The apps may encounter issues like data leaks, harmful software attacks, and scams that trick people into giving away their personal information.

In 2023, if there was a data breach incident, the average amount it incurred was about $4.45 million, and most of the time (74%), these were because of mistakes made by people. Because more people are using digital banking now, 81% of bankers think there could be more internet safety threats in the future. So, having multiple layers of protection to cover all weaknesses is very important for making sure a mobile banking app is safe to use.


Customizing mobile banking apps is not easy, but it’s important. The app must fit a range of user needs, which means knowing what users want. It should let people pick and choose alerts, templates, and other features that they need. However, more choices can make the app harder to build, cost more money, and take longer to launch.

Yet customization is vital for keeping users happy, so they keep using the app. In fact, most people - about 89% surveyed - use mobile banking. And unsurprisingly, almost all young adults do, too, at a staggering rate of 97%! So, finding the right mix between customization and ease-of-use matters in building these apps.

✧ Portable Operability

Making mobile banking apps that work on all devices also poses a challenge for companies developing them.

The app needs to run well on many types of phones and operating systems. However, making these possible for every platform can be hard and costly.


Still, being able to use an app anywhere is key for reaching more users and making the experience better for them so it’s essential in app design. Therefore, finding a middle ground between cost-effective development sprints and this portability rests as a major challenge while developing a mobile banking application.

✧ Regulatory Compliance

When creating mobile banking apps, following certain regulations can be tough. These regulations may include many laws about keeping user data safe and preventing criminal activities like money laundering. In 2022, a lot of banking experts, nearly forty three percent, thought that compliance was the biggest worry, because technology and finance changes quickly.

Even so, compliance is important to win the trust of users, investors, and regulators. So, meeting this challenge means making sure that a company keeps up with all the tricky regulations while also being fair and legal in their dealings.

✧ User Interface Design

Mobile banking apps need a good User Interface (UI) design. This means the design should be simple and easy to use. However, making such a design is not easy. Users can find complex navigations and extra features that are hard to manage. Plus, the design also must keep users’ data safe and follow rules. A report tells us that people now use banking apps more than social media ones, showing why a good UI matters so much. So, having a well-designed UI can indeed help improve users’ experiences and make them stay loyal to the bank’s services.

Device Authentication

Device authentication in mobile banking apps is a critical security measure, but it presents challenges. Even with security regulations in place, hackers can find ways into systems often because of weak checkpoints. More people are performing their banking tasks on cell phones, and this has brought more attacks trying to take over accounts. The first half of 2022 saw a surge in these attacks by 71%. Hackers use methods like stealing login details or using forceful entry tactics.

Today, there are almost 6.94 billion mobile devices. Weak spots in bank apps can mean losing lots of money. So adding more security checks for the device is very important but at the same time poses a huge challenge waiting to be addressed.



The article covers everything you need to know about mobile banking apps. It talks about the newest advances in this field and what’s important when picking a partner for development. It also points out the big-name companies doing well in this area, even though making these kinds of apps can be tough. These companies are always coming up with new ways to make their apps safe, easy to use, and packed with features using high-tech methods. As we move ahead, they will have more control over how digital banking grows and changes. This piece gives those interested in this changing field a map to follow by explaining both its challenges and how emerging trends can help resolve them.

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Trends in Mobile Banking App Development
Top 10 Banking App Development Companies in 2024
Factors to Consider When Choosing a Banking App Development Company
Key Challenges of Developing a Mobile Banking App
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