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How Much Does It Cost To Build An App Like Revolut?

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How Much Does It Cost To Build An App Like Revolut?
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How much does it cost to build an app?

How Much Does It Cost To Build An App Like Revolut?

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App development

Develop Credibility and Trust

World-class app development that allows you to start, run and grow your business.

Building a custom app can boost your brand's trust and credibility, ultimately benefiting your business in the long run. We will discuss the following topics:

1. Reputation Management
2. Customer Support and Engagement
3. Data-Driven Decision Making
4. Demonstrating Social Responsibility

A well-made custom app can dramatically improve your brand's marketability and reputation. A trustworthy app will show that you are dedicated to providing top-notch goods and services. As a result of knowing they can rely on you, your clients and business partners will have more faith in you.

A custom app also strengthens your brand identification by demonstrating your professionalism and attention to detail.

Customer Support and Engagement
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A custom app enables you to offer personalized customer support and engagement, helping you address the unique needs and pain points of your African target market. 

By incorporating in-app support features, such as chatbots, help centres, or direct communication channels, you can provide timely assistance to your users, leading to increased satisfaction and loyalty. 

This level of support also encourages users to share their positive experiences with others, further boosting your brand's credibility.

Data-Driven Decision Making
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You may get useful user data through custom app creation, giving you insights into user behavior and preferences. You may improve your app and broader business strategy by studying this data and making wise decisions.

Delivering a more individualized experience for your users is made possible by a data-driven strategy. This helps to increase their faith in your brand and ultimately ensures that they will stay visiting.

Demonstrating Social Responsibility
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Putting money into a customized app that caters to your target market's needs demonstrates your commitment to social responsibility.

You can showcase your brand's dedication to having a beneficial influence by developing an app that takes into account regional difficulties, environmental issues, or social issues that are pertinent to your audience.

This thoughtful approach to app creation not only strengthens the integrity of your brand, but it also appeals to customers who value companies with a clear sense of mission.

Custom App development

Benefits of Custom App Development

World-class app development that allows you to start, run and grow your business.

Imagine custom app development as an expert chef crafting a personalised menu for their restaurant. Just as a meticulously planned and executed meal can leave diners with a memorable culinary experience, a custom app is specifically designed to cater to your business's distinct needs and objectives, leaving a lasting impression on your users. 

Investing in custom app development offers several advantages, including:

  1. Improved user experience
  2. Increased efficiency
  3. Competitive advantage
  4. Higher profitability
  5. Seamless Integration with Existing Systems
  6. Enhanced Flexibility and Adaptability
Improved user experience
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A custom app allows you to create an interface that is tailored to your target audience, ensuring a seamless and enjoyable experience. By focusing on the preferences and expectations of your users, you can craft an app that not only meets their needs but also delights them with personalized features and intuitive navigation.The best part? If you develop an app that your users love, you ensure that they keep coming back for more and turn them into lifelong customers.

Custom apps can be designed to streamline business processes and boost productivity. By automating repetitive tasks, integrating with existing systems, and providing real-time data access, custom apps empower your team to work more efficiently and make informed decisions quickly, just like a well-tailored suit that enables effortless movement and comfort.

A unique app helps you stand out from the competition and attract more customers. In a world where off-the-shelf solutions are abundant, a custom mobile app acts as a distinctive and exclusive suit that sets you apart in the crowd, showcasing your brand's personality and commitment to providing a superior experience.

A well-designed app can generate increased revenue and improve customer retention. By offering a memorable and engaging user experience, your custom app encourages users to continue using your services and make purchases. It's akin to wearing a sharp, tailored suit that not only grabs attention but also instils trust and confidence in your brand, ultimately resulting in increased profitability.

Custom app development enables seamless integration with your existing systems and third-party applications. This ensures a smooth flow of data between various platforms, enhancing communication and collaboration within your organization. The ability to integrate effortlessly is like having a versatile tool that easily connects and works in harmony with other components in your business ecosystem.

As your business evolves, a custom app can be easily modified or expanded to accommodate changing requirements and market trends. This adaptability is like having a dynamic strategy that can be adjusted and fine-tuned to suit your business's changing needs, ensuring continued relevance and success in an ever-changing environment.The benefits don’t just stop there though. If you want to build trust and credibility with your customers, a custom app is a great way to do so.

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Pivoting and Iterating

Investing in custom app development can be expensive, but being open to pivoting and iterating based on market feedback is crucial to ensure long-term success. By adapting your app to the ever-changing needs and preferences of your target market, you can stay ahead of the competition, increase user satisfaction, and maximize your return on investment.

Encourage users to provide feedback and reviews, which will help you identify pain points and areas for improvement. By addressing these concerns, you demonstrate your commitment to serving the unique needs of your users, enhancing your app's credibility and increasing user satisfaction. Tools like in-app surveys, app store reviews, or social media can be used to gather feedback and gauge user sentiment.

Iterate Based on User Data
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Analyze user behaviour and engagement data to understand how your app is being used and identify potential bottlenecks or areas of friction. By making data-driven decisions, you can prioritize improvements and new features that will resonate with your audience, maximizing the impact of your development budget and efforts.

As you adapt your app based on market feedback, be prepared to allocate resources for ongoing updates and improvements. While this may increase your app's overall cost, the benefits include increased user satisfaction, reduced churn, and ultimately, higher long-term profitability. Regular updates also demonstrate your commitment to delivering a high-quality app experience tailored to your users' needs.

Adopt a flexible, agile development methodology that enables prompt iteration and change in response to market feedback.

Your app will stay relevant and helpful to your target market if you are receptive to user needs and can swiftly pivot and make adjustments.

By prioritizing products and enhancements that have the greatest impact, an agile methodology can also assist you in managing development expenses more successfully.

While it's essential to iterate and adapt your app based on user feedback, it's also crucial to balance this with innovation and forward-thinking. Continuously explore new technologies, trends, and market opportunities to ensure your app stays ahead of the curve and caters to the evolving needs of your user base. By striking the right balance between adaptation and innovation, you can maintain a competitive edge and secure long-term success for your app.

App development

The Importance of UX and UI

Creating an outstanding user experience and design is crucial for a successful app. A well-designed app should be visually appealing, intuitive, and user-friendly.

  1. Consistency: Consistent design elements throughout the app, such as typography, colours, and button styles, create a unified look and feel. This consistency reduces the cognitive load on users, helping them navigate your app with ease and understand its functionality more quickly.
  2. Simplicity: A simple and uncluttered interface reduces distractions and makes it easier for users to focus on the tasks at hand. Strive for a minimalistic design by eliminating unnecessary elements, using whitespace effectively, and prioritizing essential features.
  3. Feedback: Providing feedback, such as visual cues and confirmation messages, helps users understand the results of their actions. This can include animations for button clicks, success messages for completed tasks, or error messages when something goes wrong. Clear feedback enhances user satisfaction and encourages continued use of your app.
  1. Understand your target audience: Research your users' demographics, needs, preferences, and behaviours to tailor your app to their expectations. Conduct surveys, interviews, and usability testing to gather insights that help shape your app's features and design.
  2. Use clear navigation: Intuitive navigation is essential for a positive user experience. Implement well-organized menus, easily accessible search functions, and recognizable icons to help users find their way around your app effortlessly.
  3. Optimize for performance: Fast loading times and smooth performance are critical for user engagement. Optimize your app's code, reduce file sizes, and use efficient algorithms to ensure your app runs quickly and seamlessly on various devices.
The Impact of Good Design on App Adoption and Retention
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Higher app adoption rates and greater client retention result from spending money on excellent design and user experience. A well-designed app has a higher likelihood of being passed along by users and being used again, which leads to better ratings, word-of-mouth advertising, and long-term success.

App development

Security Considerations for App Development

In today's interconnected digital world, app security is paramount. We take a look at some vital security considerations.

The Privacy Act of 1974 is the primary privacy regulation in America that regulates the sharing of data. The Privacy Act governs how federal agencies may gather, utilize, and disclose personal information. Individuals are given specific rights under it, including the ability to access and update their personal information, and federal agencies are required to protect such data from illegal disclosure.

The Health Insurance Portability and Accountability Act (HIPAA) for health information, the Gramm-Leach-Bliley Act (GLBA) for financial information, and the Children's Online Privacy Protection Act (COPPA) for children's online data are just a few federal laws that deal with privacy and data sharing in addition to the Privacy Act. Additionally, each state has its own privacy laws that could offer additional protections.

Keep up with the latest security threats and best practices, such as incorporating multi-factor authentication, securing APIs, and using secure coding practices. Regular security audits and vulnerability assessments can help identify potential weaknesses and protect your app from emerging threats.

Working with Trusted Vendors
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Select a reputable development partner with a proven track record in security best practices, like Scrums. A reliable vendor will prioritize security throughout the development process and help you build a secure app that meets industry standards and best practices.

Scrums.com provides high quality engineering teams to scaling enterprises at lower costs. Scrums.com designs, builds, deploys and maintains custom software that gives scale-ups the opportunity to grow world-class businesses.

Scrums.com provides high quality engineering teams to scaling enterprises at lower costs. Scrums.com designs, builds, deploys and maintains custom software that gives scale-ups the opportunity to grow world-class businesses.

How much does it cost to build an app?
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How Much Does It Cost To Build An App Like Revolut?

Discover the key cost factors for developing a Revolut-like app in Europe, from GDPR to localization.
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Developing a financial technology app like Revolut for the European market presents unique challenges and opportunities. As the demand for secure, reliable digital banking solutions grows across Europe, so does the importance of understanding the specific requirements of building an app that meets regulatory and user expectations. Creating a Revolut-like app for Europe goes beyond simply replicating features; it necessitates a deep understanding of European regulations, specifically GDPR, which governs user data privacy. Additionally, Europe’s fragmented markets, with varied language, currency, and payment preferences, require a strategic approach to design, backend functionality, and compliance.

Europe is a highly regulated market with a reputation for privacy and user data protection, which impacts every facet of app development. Key considerations for a Revolut-style app targeting Europe include cross-border usability, multi-language support, and adherence to region-specific regulations. Each of these elements drives up development costs, but they are essential for creating a compliant, user-friendly app that resonates with a diverse European audience. Let’s break down the core cost-driving factors in developing a Revolut-like app, focusing on meeting European standards.

Platform and Device Compatibility

One of the first considerations in how much it costs to build an app for the European market is determining the platform's compatibility. Given Europe’s diverse preferences in mobile operating systems and devices, understanding how these differ across countries is key to estimating app development costs, especially when aiming to provide a custom app development solution tailored to specific European markets.

  • Operating Systems and Market Preferences: Android dominates many Western and Eastern European markets, while iOS has a strong foothold in wealthier economies like the U.K. and Germany. A Revolut-like app must be available on Android and iOS to maximize its reach in Europe. However, balancing the technical needs of each platform, including UI/UX adaptations and OS-specific security features, impacts development complexity and, subsequently, costs.
  • Tablet and Web Compatibility: In European financial and professional sectors, web and tablet compatibility is often significant, particularly in countries where tablet use is prevalent, such as the U.K. and France. A Revolut-style app must offer a responsive design that translates seamlessly across tablets and desktop browsers, especially if targeting professional users or offering business-related services.
  • Region-Specific Requirements: For financial apps, understanding sector-specific demands in countries like the U.K., a hub for fintech, or Scandinavia, where users are tech-savvy and prefer sophisticated, efficient apps, is critical. Users in these regions may expect advanced features and seamless integration with local banking systems.

Creating a platform-compatible app for Europe requires significant planning, given the variability in device use and platform preferences across different regions. This foundational choice affects user acquisition, development timelines, and budget, making it essential to tailor custom app development to meet the unique demands of each European market.

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Design and User Experience (UX/UI)

User experience is especially critical for European users, who expect transparency, simplicity, and security in financial applications. A few key factors drive design costs for a Revolut-style app targeting Europe:

  • Minimalist, Functional Design: Nordic and Western European markets often favor minimalist, user-friendly designs. In finance, clear, uncluttered interfaces inspire user trust and enhance usability. Nordic users, in particular, are accustomed to streamlined, visually clean apps prioritizing function over form.
  • Multi-Language Support: Multi-language interfaces are essential for European markets, where users expect content in their native languages. Supporting French, German, Spanish, and Italian languages requires a localized UX/UI, as each language adaptation may need design adjustments. This adds to development time and cost but is crucial for user engagement across diverse linguistic regions.
  • Building User Trust: Trust is paramount for financial apps like Revolut. Features like two-factor authentication and visible security notifications enhance security and contribute to a positive user experience by giving users confidence in the app’s protection measures.

A robust UX/UI design that caters to Europe’s high standards and diverse languages can increase development costs. However, gaining user trust and providing a seamless experience is necessary, both of which are vital for financial applications in Europe.

Integrations with Third-Party Services/External Systems

Integration with various third-party services is essential for a Revolut-like app to meet the financial service needs of European users.

  • European Payment Systems: A European financial app must integrate popular regional payment services like SEPA for Eurozone transactions, Bancontact for Belgium, and Klarna for Nordic markets. Supporting these services ensures that the app is usable across Europe and competitive in the local market.
  • PSD2 Compliance and Open Banking: Under Europe’s revised Payment Services Directive (PSD2), financial apps must offer secure open banking APIs that allow users to connect their bank accounts. Complying with PSD2 is essential for any financial app in Europe, especially one that, like Revolut, aims to offer a broad range of financial services.
  • Cross-Border Payment Systems: Supporting cross-border payments requires robust infrastructure and, in some cases, partnerships with local financial institutions. For example, Revolut’s international functionality necessitates integrating different European payment standards.

Integrating these systems with a focus on Europe’s regulatory and market needs adds complexity and increases development costs. However, these features are essential for ensuring the app provides value to European users.

Database & Backend Infrastructure

Backend infrastructure plays a vital role in ensuring the security and scalability of a financial app in Europe.

  • GDPR Compliance and Data Residency: GDPR mandates that personal data be stored within the EU or in regions that comply with the regulation. For a Revolut-style app, this means using EU-based data centers (such as Google Cloud or AWS Europe) to store user information. Compliance with these regulations is critical to avoid legal repercussions and establish user trust.
  • Scalable Backend Architecture: Europe’s fragmented jurisdictions and high population density require a scalable backend to handle international transactions. This includes designing databases supporting multiple currencies, languages, and data laws.
  • Data Security Standards: Security is a key factor for any financial app, and backend systems must support encryption, secure access, and logging. European users, especially in finance, value apps that prioritize secure data handling practices, and backend security measures significantly impact development costs.

GDPR compliance and data residency requirements increase the complexity of backend architecture, making it more costly but essential for a European financial app.

Ongoing Maintenance and Updates

Once a Revolut-like app is launched in Europe, continuous maintenance and updates are essential to ensure it remains functional, compliant, and user-friendly. Maintaining a financial app involves routine updates and responsiveness to new regulatory requirements in the European market, where data privacy standards and technology platforms evolve rapidly.

  • GDPR Compliance Updates: As one of the world’s strictest data privacy regulations, GDPR directly impacts app maintenance for any application handling personal financial information. Since GDPR policies can change over time, apps must undergo regular updates to remain compliant, including refining data processing practices, offering more precise consent mechanisms, or implementing new data-handling protocols. Failing to comply with GDPR could result in substantial fines, so these updates are essential for legal protection and building user trust.
  • Compatibility with OS Updates: With Europe’s large Android and iOS user base, apps must stay compatible with updates to both operating systems. Each time Android or iOS releases new features or security enhancements, a Revolut-like app must adapt to avoid performance issues and smooth the user experience. Ensuring compatibility with OS changes prevents user disruptions and helps maintain high ratings and user loyalty.

Ongoing maintenance costs are generally higher for European apps due to the need for regular legal, security, and compatibility updates. However, these updates are crucial for staying competitive and providing a secure, reliable user experience. In Europe’s fintech space, where user expectations for privacy and functionality are high, investing in ongoing maintenance is critical to sustaining the app’s reputation and longevity.

Team Expertise and Location

The development team's location and expertise are crucial for creating a high-quality app suitable for the European market.

European Expertise and GDPR Knowledge: A distributed European team with experience in GDPR compliance, accessibility standards, and localization can ensure that the app meets local regulations. Such a team is also better positioned to understand regional preferences, essential for building a successful app.

Localization and Language Skills: Native-speaking developers or translators are essential for accuracy and cultural relevance in a multilingual app. Working with regional experts also streamlines the localization process, reducing the risk of cultural missteps or translation errors.

While working with European-based experts rather than offshore teams increases development costs, this investment ensures that the app is culturally and legally aligned with its target market, which is essential for user acquisition and retention.

Hidden Costs & Miscellaneous Factors

QA & Testing: Quality assurance and testing are essential for meeting Europe’s security and functionality standards. Financial apps undergo rigorous testing to ensure compliance with security regulations and functional reliability.

App Store Fees and Guidelines: Submitting a financial app across European app stores, including the App Store and Google Play, may involve varying fees and require specific compliance measures, especially in regulated industries.

Legal and Compliance Costs: Legal expenses for GDPR compliance and other data protection regulations are significant. These are especially important for fintech apps, where user data privacy is closely regulated.

What Makes Financial Apps Unique in Europe

Creating a Revolut-like financial app for Europe poses unique challenges due to the region’s high data privacy, security, and localization standards. Financial apps operating in Europe must be designed to comply with GDPR, support cross-border transactions, and offer multi-language interfaces to engage users across the continent. Cultural preferences, regional payment systems, and language localization need to add layers of complexity, making the development process more intricate than in other markets.

For example, payment integration is more than just supporting standard credit cards; it often requires the inclusion of local systems like SEPA or Bancontact. GDPR mandates strict data protection standards, which means that user data must be stored in the EU and that users must be able to control their data. These requirements make app development in Europe distinct, particularly for fintech products, where user trust and legal compliance are paramount.

Are you looking for a custom app built to succeed in Europe? 

At Scrums.com, we specialize in developing compliant, localized software that meets the needs of a diverse European market. Whether it’s GDPR readiness or multi-language interfaces, we know what it takes to make your app a success. Contact us today to get a custom-fit estimate for your European app project!