How Much Does it Cost to Build a Mobile Banking App Like Triodos?

Sudeep Srivastava March 4, 2024
User Account Management

In the dynamic financial environment, ethical banking has established a notable presence due to the increasing consumer demand for transparency, sustainability, and positive social impacts from their financial transactions.This evolution in preferences, fueled by an increased awareness of how financial choices can influence both society and the environment, has led to a surge in the appeal of banking institutions committed to ethical practices.

Ethical banks such as Triodos have been at the forefront of merging cutting-edge banking services with a strong dedication to environmental and social issues. Their approach has garnered significant interest from an expanding demographic of socially aware customers and is reshaping the landscape of banking in the modern digital age.

As businesses aim to tap into this expanding market by developing mobile banking apps that reflect the principles and features of leaders like Triodos, understanding the significant investment required is key. To give you a brief idea, the cost to develop an app like Triodos can vary from $30,000 to $500,000.

This blog will help you understand everything related to the cost of mobile banking app development like Triodos. In addition, we will look into multiple features that go into developing a robust ethical banking app and much more. So, without further ado, let’s dive right into the details.

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Understanding the Sustainable Banking Model of Triodos Bank

Triodos Bank has become­ completely sustainable by committing to sustainable­ practices and focusing on financing organizations contributing to positive social, environme­ntal, and cultural change. The bank’s mission is to make mone­y work for positive change, focusing on three­ themes: Environmental, Cultural, and Social.

The bank’s vision reflects cre­ating an economy harmonizing with nature within planetary boundarie­s. Triodos’ approach attracts customers, valuing its commitment to impact. Investme­nts in environmental and social projects ge­nerate returns, prote­cting the planet and bene­fiting society, proving green inve­stments can also be financially rewarding.

Triodos Bank’s sustainable banking model emphasizes the importance of businesses recognizing the growing market for sustainability. Through its commitment to supporting organizations that promote positive societal, environmental, and cultural changes, Triodos has established a unique position that is increasingly appealing to consumers. This strategy caters to individuals who value both impact and financial returns, demonstrating the feasibility of environmentally conscious investments.

According to the reports, the global sustainable finance market was worth $3650 billion in 2021 and is set to increase to $22485.6 billion by 2031, growing at a CAGR of 20.1% from 2022 to 2031. This growth is driven by rising investments in businesses that prioritize sustainable practices.

global sustainable finance market size

Thus, now is the right time to take one step ahead in the ecological footprint and develop a banking app similar to Triodos that could position your business at the forefront of the sustainable banking movement, offering both societal benefits and financial growth.

How Much Does it Cost to Develop an App Like Triodos?

Sustainable banking app development like Triodos requires a significant investment, typically ranging from $30,000 for a basic MVP to an advanced $500,000 for a full-scale production app. The final cost to develop an app like Triodos will depend on the complexity of features, level of customization, number of platforms, integrations, security requirements, team size, and ongoing maintenance needs.

At a minimum, building and launching an initial viable iOS or Android app with core features will cost around $30,000 to $150,000. However, expanding to major mobile platforms and supporting the ongoing development of additional capabilities and integrations can go up to $300,000 to $500,000. And costs will be higher for an established bank handling sensitive customer data versus a startup MVP.

The Triodos app development costs will depend on the complexity of features, level of customization, number of platforms, integrations, security requirements, team size, and ongoing maintenance needs. Let us look at some of the factors that impact the sustainable banking app development cost in detail.

Factors Impacting the Cost to Build an App Like Triodos

When considering the development of an app like Triodos, several key factors come into play that can significantly affect the overall cost. Let’s dive into the elements that directly impacts the sustainable banking app development costs:

Factors That Impact the Cost to Develop a Mobile Banking App Like Triodos

Complexity and Customization

The more complex the features and functionality are, the more development time and resources will be required, increasing the cost to develop an app like Triodos. Highly customized apps tailored to your brand cost more than building a basic app from scratch.

For example, developing advanced features like AI, augmented reality, or integration with other systems adds complexity. The more customized the designs, workflows, and features are to your brand, the higher the price tag.

Number of Platforms and Devices

Will your app be available on iOS, Android, or both? Supporting development, testing, and updates across multiple platforms and devices raises the overall Triodos app development cost. Of course, you get a wider reach across your customer base by covering both major mobile operating systems. However, the initial development and ongoing maintenance have to be accounted for.

Third-Party Integrations

Integrating third-party systems like databases, APIs, or payment gateways involves additional development and ongoing management, increasing the bottom line. For instance, creating a payment infrastructure to link with credit card processors and banks takes substantial work, thus, impacting the overall Triodos app development costs.

Security Requirements

As a financial services app handling sensitive user data, security is paramount. Rigorous security testing and compliance add engineering resources and time to the process. Features like biometric authentication, data encryption, and fraud monitoring require significant development. Robust security adds overhead but is non-negotiable for financial apps.

Team Size and Location

Development team size and where they are located will impact the cost to make an app like Triodos. Typically, North American developers cost the most, Western Europe and the UK are mid-range, and Eastern Europe and India cost the least per hour. Similarly, a larger team gets the work done faster but costs more overall. The scale of your app will determine how many developers, testers, project managers, and designers you need. Besides staffing, you must also account for hardware and software licenses for the development process, which gets more expensive with larger teams.

Here are the average hourly rates of developers across various regions:

RegionHourly Rates of Development
UAE$60-$65
US$95-$100
Western Europe$80-$90
Australia$70-$90
Eastern Europe$50-$55
Asia$25-$40

Here is a quick look into the hourly rates of the multiple resources of a well-defined development team:

ResourceHourly Rates (Approx)
Project Manager$28.31
Tech Lead (Backend / Frontend)$30.12
Sr. Mobile App Developer$26.51
Sr. Web & Backend Developer$26.51
DevOps$25.90
Business Analyst$22.29
UX/UI$22.89
QA$22.29

 

Features to Create an App Like Triodos

Based on the functionality of the real Triodos app, here are some key features to build an app like Triodos. By providing deep functionality across these core mobile banking categories, you can satisfy nearly all essential user needs in a seamless, user-friendly experience. Focusing on core features in an MVP approach is recommended, then gradually expanding capabilities. Let us look at multiple Triodos app features in detail below.

User Account Management

This feature provides an easy signup flow within the app to create a new account. Support secure login via biometrics like fingerprint or facial recognition for quick access. Include the ability for users to view their account profiles with personal information, identity documents, account numbers, card details, and more in one dashboard view. Allow seamless account updates and security setting management.

User Account Management

Balance Checking

The main dashboard should display real-time updated balances and available funds across all users’ accounts and cards in one consolidated view. Support easy toggling between accounts for quick top-level and individual balance checks. Provide current, pending, and available balance snapshots.

Transaction History

Customers need full visibility into past transactions and account activity. Provide search and advanced filtering of the transaction history by date, amount, category, etc. Support export capabilities to external files for analyzing transaction data. Display both pending and posted transactions with clear indicators.

Money Transfers

Enable secure domestic and international transfers between the user’s internal accounts and external recipient accounts or contacts. Support future dated and recurring transfers for the set up of repeating payments. Provide transfer status tracking and notifications and offer easy person-to-person transfers by mobile number or email.

Bill Payments

Customers should be able to manage bill payments completely from within the app. Support one-time and recurring payments to existing and new payees manually or by linking biller accounts. Facilitate auto-categorization of bills for tracking. Provide reminders for upcoming bills and payment confirmations.

Deposit Checks

Allow the user to deposit paper checks into their account by simply taking a picture with their smartphone camera within the app. The app should guide the check to position and auto-detect the check amount. Provide processing and tracking status of mobile check deposits.

Card Management

Give users full control over their payment cards within the app. Allow temporarily or permanently blocking cards if lost or stolen, setting spending limits and usage alerts—support requesting replacement cards and updating card details. Provide instant digital versions of cards for mobile wallets.

Alerts and Notifications

Allow robust configuration of real-time alerts for transactions, payments, account changes, approaching limits, suspicious activity, customer support, and marketing. Support configurable push, email, and in-app notifications.

Biometric Authentication

Use fingerprint or facial recognition as the primary login method for fast, secure account access. Minimize friction while maximizing account security—prompt fingerprint re-confirmation for sensitive actions.

Contact Support

Provide multiple self-service help options like FAQs, context-sensitive tips, and searchable user guides. Give access to 24/7 live chat, messaging, and phone contact with customer support agents within the app.

ATM Locator

The ATM locator allows users to conveniently find nearby in-network ATMs on a map and get directions. Key details like supported transactions, fees, and accessibility are displayed. Favorites can be saved for quick access. Users can report any issues to help keep the ATM network updated.

E-Wallet Integration

Integrating popular mobile e-wallets like Apple Pay, Google Pay, and Samsung Pay allows for the easy activation of digital card versions. Transactions from mobile wallets appear in the overall card activity. Card controls like freezes and limits can be managed within the banking app. This enables fast checkout via contactless tap-to-pay at supported terminals.

Cardless Withdrawal

Cardless cash withdrawals can be initiated directly from the app by generating single-use codes for added security and convenience. Users can set the amount, expiration, and delivery method for codes to complete ATM transactions without a physical card. Biometrics like fingerprints can also be used at enabled ATMs. Status notifications keep users informed when withdrawals are initiated and completed.

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How to Develop a Mobile Banking App Like Triodos?

Mobile banking app development like Triodos that matches the features and quality of Triodos requires careful planning, design, development, testing, and optimization. By following industry best practices, you can create an exceptional mobile experience. Here are the key steps to make an app like Triodos.

A Step-by-Step Triodos App Development Process

Conduct Market and Competitor Research

Thorough market and competitor research is essential for fully understanding your target user base and their needs, behaviors, frustrations, and desires. Conduct user studies through surveys, interviews, and focus groups to gain insights directly from the source.

Perform an in-depth analysis of competitor offerings to identify gaps, opportunities, and differentiating capabilities. You can provide research on global mobile app trends and innovations to apply best practices. Clearly define your value proposition and positioning based on all the insights gathered.

Create Detailed Requirements and Specifications

Creating highly detailed requirements and specifications documents provides the entire blueprint for engineering teams to build the app to specifications efficiently. Outline all planned features, user workflows, transaction types, custom use cases, and required integrations. Wireframe key screens and flows to visualize user journeys.

Specify target devices and platforms, backend systems architecture, security protocols, and style guidelines based on technical and business requirements. This comprehensive documentation enables developers to estimate timelines accurately and assemble the required resources and skill sets.

Set Up Robust Backend Infrastructure

Establishing robust backend infrastructure is the foundation for powering high-quality mobile experiences. Build secure, scalable servers and databases optimized for performance, uptime, and redundancy failover. Create reusable APIs that connect front-end mobile apps to core back-end services like account management, transactions, and analytics. Integrate with banking systems, payment networks, verification services, and other required platforms through secure connections. Implement encryption, access controls, activity monitoring, and other security best practices.

Design Intuitive, User-Friendly Interfaces

Designing intuitive, user-friendly interfaces tailored for mobile devices is key to driving adoption and engagement. Wireframe all main workflows, screens, and navigation to optimize user journeys for simplicity. Develop visual designs that align with brand style guidelines while emphasizing usability principles like clear information hierarchy, effective calls-to-action, and glanceable layouts. Conduct usability testing on prototypes to validate and enhance designs based on real user behavior and feedback.

Develop and Rigorously Test Front-end App

Developing the front-end app requires assembling experienced specialist teams across iOS, Android, and responsive web who can work in parallel following agile methodology. Rigorously test code throughout development with unit, integration, and regression testing automation to ensure quality. Conduct extensive functional testing to confirm correct end-to-end workings before release. Fix bugs and issues immediately to prevent downstream defects.

Submit for App Store Reviews and Approval

Submitting polished apps that pass App Store reviews requires compliance with all platform policies, UI/UX guidelines, and regulations. Prepare marketing assets and descriptive listing content optimized for discovery. Allow sufficient timeline padding for review and any iteration cycles. Coordinate go-live simultaneously across all targeted app stores.

Track Performance KPIs

Tracking performance KPIs allows data-driven decisions on enhancements. Determine key metrics like engagement, active users, retention cohorts, feature usage, conversions, and other goals. Monitor app store ratings and user feedback closely. Identify opportunities to boost onboarding, retention, and satisfaction.

Provide Ongoing Enhancements and Support

Providing ongoing enhancements and stellar support is essential for sustaining satisfaction and continued growth. Plan regular releases with new features based on market feedback and trends. Iterate on UI/UX through A/B testing and user studies: address platform updates, OS changes, and device compatibility. Enable users to submit feedback for rapid incorporation easily. Offer multi-channel customer support with self-service options.

While we have looked at all the aspects concerning the cost to develop an app like Triodos, let’s also discuss how such huge investments ultimately convert into financial success for the business.

How Apps Like Triodos Make Money?

Banks like Triodos harness various revenue models to sustain their mission of ethical banking and drive its financial success. Let us look at the multiple monetization strategies employed by them in detail below.

Multiple Monetization Strategies Employed by Banks Like Triodos

Interest on Loans

Banks such as Triodos profit from providing loans to businesses and projects with positive social, environmental, and cultural impacts, charging interest on these loans.

Investment Services

Banks like Triodos offer sustainable investment opportunities, carefully selecting and managing projects to generate returns for the bank and its investors.

Account Fees

Ethical investment banks like Triodos charge fees for banking services and accounts to ensure high-quality, ethical banking experiences for customers.

Green Bonds

Banks like Triodos raise funds for environmental projects by issuing green bonds, benefiting from investment returns while supporting sustainability.

Partnerships

By collaborating with like-minded organizations, Triodos-like banks can expand its reach and impact, generating revenue through joint ventures and partnership agreements.

How Can Appinventiv Help You Tap Into the Sustainable Banking Space?

A robust mobile banking experience is critical for customer acquisition, engagement, and satisfaction, and the cost to develop a sustainable banking app like Triodos depends on the complexity of the application and its features.

However, developing a successful, secure mobile banking application requires substantial investment, rigorous planning, design, testing, and ongoing optimization. Partnering with the right provider can make all the difference, ensuring access to top-tier banking app development services that bring your vision to life efficiently and effectively.

Appinventiv offers end-to-end services for planning, designing, developing, launching, and supporting innovative mobile banking apps. Our experts have a proven track record, demonstrated through multiple fintech projects like EdFundo, Mudra, etc., showcasing our ability to deliver secure, user-friendly solutions that meet the dynamic needs of the digital finance world.

If you want a financial solution for your organization, contact our team today to discuss how we can bring your sustainable mobile banking vision to life. From eco-friendly app development to advising on reducing operational footprints, our experts help banks transform in a sustainable way.

FAQ’s

Q. How long does it take to make an app like Triodos?

A. The time to develop an app like Triodos depends on the features and complexities. For a basic MVP, it typically takes 3-6 months. For a full-featured app, 6-12+ months, including testing and iterations. The time may also impact the cost to make an app for mobile banking, as the longer it takes for it to be developed, the more costly it will be.

Q. What are the typical development phases of creating an app like Triodos?

A. Creating an app like Triodos involves several key stages: planning, development, testing, and deployment. During the planning stage of Triodos app development process, we outline the app’s goals, understand the target audience, and determine the features. In the development phase, our team builds the app, integrating ethical banking features. After development, rigorous testing ensures smooth functionality and adherence to quality standards. Finally, the app is deployed on app stores, ready for users to download. Throughout these stages, our focus remains on delivering a high-quality, user-friendly app that aligns with ethical values.

Q. Does the complexity of features affect the cost to develop an app like Triodos?

A. More complex features require more development and testing, increasing overall development costs. The cost to develop a sustainable banking app with basic features can go up to $50k+, and more complex apps with advanced features can cost $500k+.

Q. What are some of the key strategies to make your bank sustainable?

A. Here are some steps banks can take to become more sustainable:

  • Transition to Renewable Energy
  • Construct and Retrofit Sustainable Facilities
  • Digitize Services to Optimize Paper Use
  • Offer Sustainability-Oriented Financial Products
  • Designate Leadership Roles
THE AUTHOR
Sudeep Srivastava
Co-Founder and Director
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