The global shift toward digital banking is more than a trend it’s a revolution. As users move away from traditional brick-and-mortar institutions, mobile-first banks like Monzo have redefined convenience, trust, and transparency in the financial world. Monzo’s sleek user interface, real-time spending insights, and customer-first approach have made it a benchmark in FinTech.
For entrepreneurs, startups, and legacy banks, the pressing question remains: What does it cost to develop a mobile banking app like Monzo? Let’s dive in.
How to Build an App Like Monzo
Creating an app like Monzo requires a combination of modern technology, financial regulation adherence, and user-centric design. Here’s how the development journey typically unfolds:
- Market Research: Understand the target audience, market trends, and competitor analysis.
- Define Features: List out essential and advanced features based on user needs.
- Choose the Right Technology Stack: Select appropriate frameworks and platforms (iOS, Android, Web).
- Design UI/UX: Create intuitive and engaging user interfaces.
- Develop and Integrate: Code the app and integrate necessary APIs and third-party services.
- Testing: Conduct rigorous testing to ensure functionality and security.
- Deployment: Launch the app on the desired platforms.
- Maintenance and Updates: Regularly update the app to fix bugs and add new features.
Explore Our New Blog – How to Build an App like Brigit
Essential Features for Banking App Development
Essential features for banking app development include secure authentication, real-time account management, budgeting tools, and intuitive UI/UX. These functionalities enhance user trust, ensure smooth transactions, and offer personalized financial insights for a superior digital banking experience.
1. Secure Login and Authentication
- Biometric login (FaceID, TouchID)
- Multi-factor authentication (MFA)
- Session timeout controls
- SSL encryption & secure storage with Keychain/Keystore
2. Account Overview and Management
- Real-time balance updates
- Monthly spending snapshots
- Transaction history filters and exports
- Push alerts for transactions
3. Budgeting and Money Management Tools
- Categorize spending (e.g., food, rent, utilities)
- Set saving goals with progress bars
- Real-time analytics & graphs
- Predictive analytics for spending patterns
4. Contactless Payments and QR Code Integration
- NFC-based tap-to-pay functionality
- Generate/scan QR codes for merchant payments
- Integration with Google Pay, Apple Pay
5. Customer Support Integration
- AI-powered chatbot for 24/7 support
- Human agent fallback
- Ticketing system and complaint resolution tracker
6. Persuasive UI/UX
- Clean dashboard with personalized widgets
- Color-coded spending summaries
- Custom illustrations and micro-animations for delight
How Much Does it Cost to Develop an App Like Monzo?
Developing a shopping app like Monzo can cost between $20,000 and $100,000+, depending on features, complexity, and location. This includes the full development cycle design, development, testing, and deployment. App development costs vary based on the scope and complexity of the app. Here’s a breakdown:
| Tier | Basic MVP | Mid-Level | Full-Scale |
|---|---|---|---|
| Cost | $20K – $30K | $40K – $60K | $60K – $100K+ |
| Timeline | 3–4 months | 5–8 months | 9–12 months |
| Core Features |
|
|
|
| Compliance | KYC basic (manual) |
|
|
| Integrations | 1 Payment API |
|
|
| Security | Standard encryption | Tokenization |
|
| AI/Analytics | — |
|
|
Explore new blog on – The Cost of Developing a FinTech App
Key Factors Impacting the Cost of FinTech App Development
Key factors impacting the cost of FinTech app development include feature complexity, tech stack selection, team location, and compliance requirements. Each element influences the timeline, scalability, and overall budget of your banking app project.
1. App Features & Complexity
More features = more development hours = higher cost. Analytics, support automation, and budgeting tools add significant time.
2. Technology Stack
Using modern frameworks like Flutter or reusable components can reduce costs, but robust native development may increase security and performance.
3. Project Management & Communication
Agile methodology adds transparency but may need dedicated management tools and resources (Jira, Slack, Trello).
4. Testing & Quality Assurance
Includes unit testing, penetration testing, usability testing, and regulatory compliance audits.
5. Market Competition & App Store Optimization
Building a polished app doesn’t end at development you’ll need to invest in ASO, user onboarding, and feedback loops.
6.Type of App
Native (iOS/Android) apps are faster but costlier. Cross-platform apps are cost-effective but might lack advanced OS-specific functionalities.
Tech Stack Required for an App Like Monzo
The right technology stack ensures your app is scalable, secure, and high-performing.
1. Frontend Technologies
React Native (Ideal for cross-platform mobile app development)
2. Backend Technologies
Python (Powerful for handling business logic and API integrations)
3. Database Options
MongoDB
PostgreSQL (Support for both structured and flexible data storage)
4. Payment Gateways & APIs
Stripe
Razorpay
Tabby API (Facilitate seamless checkout and split payments)
5. KYC/AML Verification Tools
Onfido
ShuftiPro (Used for automated identity checks and compliance requirements)
Cyber Resilience: A Key Challenge in FinTech Development
In 2025, cybercrime in FinTech is projected to exceed $12B annually. Cyber resilience is no longer optional it’s essential.
1. Key Security Features:
- Tokenization of card/bank data
- End-to-end AES encryption
- Real-time fraud detection systems
- Secure APIs & backend vaulting
- Secure DevOps with zero-trust architecture
2. Other Challenges:
Ensure transparent and easy-to-understand privacy policies to build user confidence.
Maintain consistent app uptime and reduce bugs to enhance reliability and trust.
Design with scalability in mind to accommodate future growth and user load.
Use cloud-native infrastructure like Kubernetes or Docker for flexible deployment.
Hire or outsource to cybersecurity experts for enhanced protection and compliance.
Implement continuous monitoring and updates to stay ahead of evolving threats.
Conclusion
Developing a mobile banking app like Monzo in 2025 is not just about replicating features it’s about creating a secure, scalable, and intuitive digital experience that builds user trust. From seamless authentication and budgeting tools to real-time transactions and cybersecurity resilience, every element must align with modern FinTech standards.
Let’s get started.
Talk to our experts at SDLC Corp and take your first step toward building a market-dominating eCommerce app.
Also Read Our New Blogs On.
How Much Does It Cost to Build an App Like Cash?
Cost to Build an App Like Tabby [Complete Breakdown for 2025]
Why Choose SDLC Corp for Banking App Development?
At SDLC Corp, we specialize in building custom banking apps tailored for security, scale, and success.
Here’s what sets us apart
- Experience: 40+ FinTech solutions across the globe
- Security-first approach: PCI DSS, GDPR, PSD2 compliance
- Custom UI/UX: Engaging, intuitive designs
- DevOps & Post-launch Support: CI/CD pipelines, 24/7 monitoring
- Agile Delivery: Rapid MVP to scale journey
Whether you’re a startup or scaling enterprise, we help you design, develop, and grow a app like Monzo with the perfect balance of performance and budget.
Explore SDLC Corp top notch services:
Mobile App Development Services
FAQ'S
How Much Does It Cost to Build a Mobile Banking App Like Monzo?
The average range is $20,000 to $100,000 depending on app complexity, features, and location of the development team.
What Features Should My Banking App Include?
Secure login, money management tools, account overview, QR payments, and AI-powered support are essential.
Can I Integrate Third-Party APIs and ERPs Into the App?
Typically 5 to 9 months, depending on the project scope and the team’s expertise.
Can I Build a Banking App with Flutter or React Native?
Yes. For cross-platform apps, Flutter is a strong choice for rapid MVPs, while React Native offers excellent performance too.
How Can I Make My App Cyber Secure?
Invest in tokenization, secure APIs, cloud monitoring, encryption, and penetration testing from the outset.
How Important Is UI/UX in a FinTech App?
It directly impacts adoption and trust. A clean, minimal, and intuitive UI ensures users feel safe and empowered.
