Once, you had been sent abroad without money, looking desperately for the bank that accepted your card, which didn’t charge you a small fee, right? What if you’re self-employed and you deal with invoices in different currencies? One way or another, the conversation suddenly transforms into a lesson on foreign exchange rates and risk management. In the days when globalization set its footsteps, traditional banking would thus feel clumsy and odd. This is where Wise (formerly TransferWise) jumps the line and introduces the app, where mobile banking can be super easy and convenient.

One might be interested to know how many resources it actually takes to create a challenger app like Wise. Thus, the answer is quite dependent on the situation. Yet, before we do that, it would be good if we first glance at the mobile banking world.

According to a study by App Annie, mobile banking app usage has skyrocketed in recent years. In 2023, everyone unexpectedly invested over 600 billion hours worldwide, predominantly keeping an eye on their financial applications. This is an impressive figure, as you could say that now mobile banking services keep our money in their house.

Moreover, Wise is a leader in the international payment market, with over 15 million users worldwide. It has changed traditional means of transferring by offering no hidden charges, prevailing exchange rates that tally with the real world, and a convenient interface. While you may appreciate the convenience of a platform that holds and lends your money, you may need to learn the work behind the scenes to create a versatile and secure environment.

The creation of a novel mobile banking app, Wise, is characterized by a multidimensional relationship between design, feature richness, and security. When one thinks about developing a strong security perimeter around their data while creating an interface that a new user could comfortably traverse, this is the image one should conjure up. That is the uniqueness and key ingredient of creating a winning banking app.

Read also:-How Much Does It Cost to Build a Mobile Banking App Like Revolut?

Understanding Mobile Banking App Like Wise 

Mobile banking platforms like Wise (a rebranding of TransferWise) are portmanteau versions of conventional banking experiences, taking over the very convenient smartphone screen. They remove the bottlenecks of physical locations and standard office hours to enable the customer’s continuous access to their money-making services and other financial solutions. No more granting access to cumbersome websites or waiting in queues at the bank counter. Go for a mobile banking app, and your financial matters will be just behind the screen at the speed of a tap.

Try to visualize whatever convenience things would be there for you if you had total control over your money, wherever you are, whatever time you had. Real-time checking of your account balance and recent transactions is provided. Full transparency is therefore verified throughout the financial sphere. If you want to send money to a different country, it’s for this. No sweat! Mobile Apps like Wise are instrumental in facilitating international money at a competitive exchange rate that is comparatively better than that provided by traditional banks. The thing is, you can save the extra money, which can be charged by your bank, for instance, as a hidden fee and an unfavourable conversion.

However, transferring meanings is only one of how new languages greatly contribute. As a rule, these apps aim to satisfy all your financial needs. One can transfer money inside the app or between friend accounts, pay electricity bills, and even buy entertainment products. Use the app to pay your bills immediately; hence, you always have to remember your due payments again. Top up your cell phone account instantly by placing a few taps, which doesn’t require you to commute to a convenience store or buy a token. Some cell banking apps, including these ones, have even advanced features like investment software management and planning, giving you the power to control your financial destiny.

For example, John, a freelancer from the Argentina area of Europe, has a contract with a German client. Historically, accepting EUR from tourists meant expending excessive effort in processing multi-level international bank transfers accompanied by costly fees for currency exchange. Nonetheless, using Wise’s mobile banking app, John will be allowed to instantly open a digital Euro account and be compensated directly in the Euro; after that, conversions to the Argentine Pesos at a transparent and competitive exchange rate can be done at any time from the comfort of his home anywhere in the world. Gen-Z financial apps like Wise thus enable people of John’s generation to swiftly maneuver around the world and its economic realm conveniently.

Benefits of Investing in Mobile Banking Apps like Wise

 

The digitalization era has led to this situation where customers are quickly switching banks and opting for mobile banking app solutions, which are more convenient and flexible at the same time. This adaptation can allow businesses to sell their Wise app, which makes everyday banking easier. Here’s a closer look at the key benefits of taking the plunge: 

• Enhanced Customer Acquisition and Retention: The Apple banking app was well designed for a group of tech-savvy users who consider convenience and ease of use as the main advantages. 

Example: Imagine pitting NeoBank against traditional banks that offer customers a signup bonus of $25 and a quick account opening just by navigating through the mobile app. They will be asked to enter their name, picture ID number, and picture, which will take less than a few minutes. While many young people might be skeptical of traditional banking services, paperwork and frequent visits to the physical office are hassles of switching to NeoBanks nature that is more energetic.

• Reduced Operational Costs:  Mobile banking app is a branch, and operations cost offshoot that is directly proportional to the decline in traffic at the physical branch. This lets banks manage operations more effectively, better organize personnel, and, in the end, allows institutions to provide higher quality rates and service fees to their customers. 

Example: Mobile application penetration of the key customer segment by the digital bank “SaveSmart Bank” resulted in the successful closures of a few inefficient branches. This gave them the freedom to invest in the features and functionality of their mobile app as productivity increased. They also drastically cut costs by lowering the minimum balance requirement while providing customers with competitive rates and low monthly fees.

• Increased Customer Engagement:  Mobile banking apps directly connect with customers by allowing them to state their needs, and these apps fuel customer relationships and loyalty in return. 

Example: “GrowBank” takes push notifications as a tool to remind its customers about the upcoming features in their app. 2. An example can be a reminder about a new investment option or a special interest rate for a certain period when one does not want to be behind the newly released products. This helps customers stay in tune with GrowBank’s products and the array of services it provides.

• Data-Driven Insights: Mobility application utilization provides data on customer habits and expenditures and helps the market monitor changes in demand and preference. By harnessing this data, banks will be able to customize financial products and services, recommend investment vehicles suitable to individuals, or give marketing offers targeted at clients. Consequently, this will lead to more personalized and engaging financial services. 

Example: Evaluating transferred volume by analyzing app functional data, Advantage Bank would define people who perhaps regularly make international transfers. Through personalized foreign exchange rates and promising discounts on international transfers, they can supply their customers with the unique and valuable experience that all customers desire.

• Improved Brand Image: The up-to-date and simple mobile banking app might greatly contribute to the brand’s marketability. It presents the brand as a new digital world that is cutting-edge and highly relevant to today’s prospective customers.

Example: “FutureBank” launched an innovative and user-friendly mobile app with new features, including a budgeting helper and AID- admired financial advisors. It succeeded in grabbing the media headlines. FutureBank was branded a market leader in digital banking both now and in the future due to the comfort, convenience, and innovative qualities it provides for millennials.

Key Features of Wise

Wise has established itself as a leader in the mobile money transfer market by offering a compelling suite of features. Here’s a breakdown of some key features that differentiate Wise from traditional banks, along with illustrative examples:

• Competitive Exchange Rates:  Traditional banks often apply hidden fees or markups when exchanging currencies for international transfers. This can result in a less favourable exchange rate for the sender and a lower amount the recipient receives.

Example: Imagine you must send USD 1,000 to your friend in France. A traditional bank might offer an exchange rate that undervalues your dollars, resulting in a lower Euro amount your friend receives.

• Transparent Fees:  Unlike traditional banks that might have unclear or hidden fees associated with international transfers, Wise prides itself on transparency.

Example: Before initiating a transfer on Wise, you’ll see a clear breakdown of all applicable fees, including the transfer amount, exchange rate, and any additional charges. This allows you to make informed financial decisions and avoid unexpected costs.

• Fast and Secure Transfers:  Traditional bank transfers can be slow and cumbersome, sometimes taking several days to clear, especially for international transactions.

Example: Sending money to your family in India through Wise might take just one business day compared to the 3-5 business days it could take with a traditional bank transfer. Wise leverages a sophisticated peer-to-peer network that often expedites the process, ensuring your money arrives at its destination quickly and securely.

• Multiple Currencies: Managing finances across borders can be a hassle with traditional banks, often requiring multiple accounts and conversions.

Example: As a freelance writer, you receive payments from clients around the world in various currencies. Wise allows you to hold and manage balances in over 50 different currencies, eliminating the need to convert funds every time you receive a payment. You can maintain a USD balance for your American clients, a Euro balance for your European clients, and a Japanese Yen balance for your projects in Japan. This simplifies your finances and avoids unnecessary conversion fees.

• Wise Debit Card: Traditional debit cards can incur foreign transaction fees abroad.

Example: You’re on vacation in Thailand and want to pay for a delicious Pad Thai at a local restaurant. You can pay directly in Thai Baht with the Wise debit card linked to your multi currency account. Wise automatically converts the funds from your preferred currency (like USD or EUR) at the mid-market rate, eliminating the need to find an ATM or exchange currency beforehand. This saves you money on unnecessary fees and ensures you get the most out of your travel budget.

• Business Features: Traditional banks might not offer functionalities specifically designed for managing international business transactions.

Example: As a small business owner, you need to pay your remote web developer in Ukraine. Wise allows you to initiate mass payments, sending salary directly to your developer’s account in Ukrainian hryvnia. Additionally, you can issue virtual Wise cards to your employees for business travel or expense management. These virtual cards can be restricted for specific spending categories and topped up as needed, providing greater control over company funds and streamlining the expense management process.

• User-Friendly Interface:  Navigating complex banking websites or apps can be daunting for non-technical users.

Example: You’re not the most tech-savvy person, but you still need to send money to your daughter studying abroad in Spain. The Wise app boasts a simple and intuitive interface. With clear labels, icons, and easy-to-follow instructions, you can navigate the app to send money, track your transfers, and view your account balance without technical jargon. This user-friendly design makes Wise accessible to a wider audience, regardless of their technical expertise.

Cost Breakdown to Build app Similar to Wise

Compared to Wise, the app development of Zest costs highly, depending on several factors. Here’s a breakdown to give you a general idea: Here’s a breakdown to give you a general idea:

• Features and Complexity:  As functionality is enhanced, the more complex the app becomes, the more costly it becomes. Basic money transfer, multi currency support, debit card integration, and business functionalities will increase the cost of development.

• Development Team and Location:  The cost of hiring developers varies from location to location, depending on their level of experience. Developer representatives from North America and Western Europe tend to have higher wages than those from Asia or Eastern Europe.

Here’s a rough cost estimate based on different scenarios: 

• Basic Money Transfer App: Unlike the team’s Asian core functionality, it can cost almost $10,000 to $30,000 because of the selling price.

• Multi-Featured App with Debit Card Integration: This is a medium-level team effort that still needs onshore and offshore resources. The reward could range from $50,000 to $100,000.

• Comprehensive App with Business Features: This application was developed by a highly professional team of financial developers with vast experience in such applications, so it is possible that the cost will run higher than $150 thousand.

Conclusion

Developing an app that resembles one can be a profitable enterprise, yet the price is still being determined per the complexity of the concept, developers, and approach. QSS Technosoft, a well-known and reliable company, can assist you through this complicated app development process.

With their talent for building safe and user-pleasing financial apps, QSS Technosoft can form a team with you to bring your app idea inspired by Wise to life. They can lead you through the entire development process right from the start and go through the creation process of the app, make sure it remains legal and give you a superior user experience.

 

Whether you need a utility app that handles money transfer or a dedicated system that is oriented toward business purposes, QSS Technosoft is the competent partner that will help bring your vision into reality. Contact us to get a free consulting service and kickstart your own advanced financial mobile app project.

We are proud to mention that our work has been recognized by leading B2B reviews and research platforms like GoodFirms, Clutch, MirrorView, and many more.