In today’s busy world, mobile banking apps are a must have for the financial industry. People use their phones for tasks like money transfers and bill payments. To meet these needs, banks are making easy to use apps. Mashreq Bank App, a leading name in the UAE, offers an excellent app for digital banking. It allows users to manage accounts, send money, and pay bills with ease.

In this guide, we will show you how to create an app like Mashreq. We’ll cover the steps to develop the app, key cost factors, and tips to make it affordable.

Banking App Development – Key Market Statistics

Mobile banking is growing quickly. By 2024, more than 2.8 billion people around the world are expected to use mobile banking. In the Middle East and North Africa (MENA) region, where Mashreq is based, more people are switching to digital banking, and mobile banking apps are growing fast.

In the UAE, 70% of people prefer using mobile banking instead of visiting a bank branch. This represents a major move towards digital banking.

The global mobile banking market is predicted to hit $1.57 trillion by 2028, growing at a rate of 12.5% annually.

Mashreq is a leader in the UAE and focuses on making its app easy to use. It offers features like AI-based financial tips, biometric logins, and instant alerts.

For banks today, having a mobile app is a must to stay competitive. They need to provide secure, user-friendly apps with useful features to meet the growing demand for mobile banking.

Top 10 Mobile Banking Apps in the UAE

The UAE is a leader in digital banking, and its mobile banking apps are designed to make managing money easy and safe. These apps provide a variety of services, from basic banking tasks to advanced financial tools. Whether you’re a resident or an expat, these top 10 mobile banking apps in the UAE offer a smooth and secure way to handle your finances.

List Of Top 10 Mobile Banking Apps In The UAE

1. ADCB Mobile Banking Application
2. DIB
3. FAB
4. Emirates NBD
5. ADIB
6. ENBD X
7. EI + Mobile Banking App
8. HSBC
9. Axis Bank
10. Union Bank App

1. ADCB Mobile App
   
   Bank: Abu Dhabi Commercial Bank (ADCB)
   
   The ADCB Mobile app offers everything from checking your account balance to transferring money. It also allows you to pay bills, apply for loans, and make secure payments with its ADCB Pay feature. The app is easy to use and highly secure.
   
2. DIB Mobile App
   
   Bank: Dubai Islamic Bank (DIB)
   
   DIB’s mobile app is perfect for those who want a Sharia compliant banking experience. The app includes features like Zakat calculators, investment tools, and easy bill payments. It also offers strong security with features like fingerprint login.
   
3. FAB Mobile App
   
   Bank: First Abu Dhabi Bank (FAB)
   
   The FAB mobile app provides quick and easy access to your accounts, with features like international money transfers, credit card management, and financial advice. The app is simple to navigate and offers rewards for loyal customers.
   
4. Emirates NBD Mobile App
   
   Bank: Emirates NBD
   
   Emirates NBD’s app is packed with useful apps. It has features like AI-driven budgeting, the “Shake n’ Save” feature for micro savings, and detailed expense tracking. You can also set up your account digitally and manage everything from one place.
   
5. ADIB Mobile App
   
   Bank: Abu Dhabi Islamic Bank (ADIB)
   
   ADIB’s app makes it easy to manage your Sharia compliant banking. You can deposit checks, transfer funds, and track your spending with personalized tools. The app also offers high level security for your peace of mind.
   
6. ENBD X Mobile App
   
   Bank: Emirates NBD (Next-Gen Platform)
   
   ENBD X is a modern app from Emirates NBD that uses AI to give you financial advice and insights. It offers fast account setup, better security, and easy management of both personal and business finances.
   
7. HSBC UAE Mobile Banking App
   
   Bank: HSBC UAE
   
   HSBC’s app is great for global banking. It allows you to manage accounts in different currencies, make international transfers, and track your spending. It’s ideal for people who travel frequently or live abroad.
   
8. EI+ Mobile App
   
   Bank: Emirates Islamic
   
   Emirates Islamic’s EI+ app offers both Sharia compliant services and modern banking features. You can receive real time alerts, track investments, and apply for loans easily. The app also allows for quick fund transfers and secure check deposits.
   
9. Axis Bank Mobile App
   
   Bank: Axis Bank
   
   Axis Bank’s app is especially useful for expats in the UAE. It helps you send money internationally, pay bills, and keep track of your finances. The app offers secure, easy to use features for people managing cross border finances.
   
10. Union Bank Mobile App
    
    Bank: Union Bank
    
    Union Bank’s app is simple and efficient. You can deposit checks, transfer money quickly, and get updates on your account. It’s ideal for people who want a straightforward app to manage their daily banking needs.

Why These Apps Are Great

These mobile banking apps stand out because they are safe, easy to use, and packed with useful features. Most apps offer extra security with fingerprint or face recognition logins, and many use AI to give smart financial advice. Whether you need to send money overseas, manage local transactions, or track spending, these apps make it all easy.

Key Cost Factors for Developing an App Like Mashreq

Creating a mobile banking app like Mashreq requires careful planning and budgeting. Several factors contribute to the cost, and understanding these can help you build a successful app without overspending. Let’s explore the key areas that affect the cost and what they involve.

1. App Design – User Friendly Design Like Mashreq app

The design of your app is one of the most important factors. It decides how users interact with the app and how easy it is to use. A good banking app needs a simple, user-friendly design. Mashreq’s app, for example, is easy to navigate and visually appealing, making it popular among customers.

• UI/UX Design: The user interface (UI) focuses on how the app looks, while the user experience (UX) ensures it works smoothly. The more complex the app design, the higher the cost will be.
• Cost Range: $10,000 to $50,000

2. Features and Functionalities

The features of a banking app make it useful to customers. Adding extra features will raise the development cost. Must have features for a banking app like Mashreq include.

• Account Management: Users can check their account balance, view transaction history, and access account details.
• Money Transfers: The app should allow transfers to other users, international payments, and bill payments.
• Security Features: Security is critical for banking apps. Features like biometric login (fingerprint or face ID), two-factor authentication (2FA), and encryption ensure data protection.
• AI-Based Services: Many apps now use AI to offer personalized financial advice based on the user’s spending habits.
• Cost Range: $50,000 to $100,000

3. Backend Development

The backend is the backbone of your app. It handles all the processes that happen behind the scenes, such as storing data, connecting to banking systems, and processing transactions. A dependable backend ensures the app runs smoothly and securely.

• Cost Range: $30,000 to $70,000

4. Security and Compliance

Since banking apps deal with sensitive information, they must follow strict security and legal guidelines. This involves following rules like GDPR and PCI-DSS

• Cost Range: $20,000 to $50,000

5. Testing and Quality Assurance (QA)

Testing is a crucial step in app development. Before launching the app, developers need to ensure it is free from bugs and works well on all devices, including smartphones and tablets. This process ensures the app delivers a seamless and error free experience for users.

• Cost Range: $10,000 to $30,000

6. Maintenance and Updates

After the app goes live, the work isn’t finished. Regular maintenance and updates are needed to keep the app running well.This means fixing bugs, adding new features, and updating the app to follow new rules.

• Cost Range: 15% to 20% of the initial cost annually

Factors Shaping the Overall Cost Structure like Mashreq App

Additional Factors to Consider

1. Development Team
   The size and experience of your team also impact costs. Hiring skilled developers, designers, and testers ensures a high quality app, but it may cost more. You can choose to work with freelancers, an in-house team, or a professional app development company.
2. Location of Developers
   The cost of development varies based on location. Developers in the USA or Europe may charge more than those in Asia or Eastern Europe. Outsourcing to countries with lower costs can help you save money.
3. Development Time
   The time it takes to build the app also affects costs. A simple app can take 6-9 months, while a feature rich app like Mashreq may take a year or more. Good planning can help speed up the process.
4. Third-Party Services
   Many apps use external tools or services, such as payment gateways, chatbots, or analytics tools. While these services enhance the app, they add to the overall cost.

How to Stay on Budget

To develop an app like Mashreq without overspending:

• Start with an MVP (Minimum Viable Product). Build a basic version of the app first and add advanced features later.
• Choose the right development team based on your budget and project needs.
• Plan the app’s features carefully, focusing on what your users need most.
• Use ready made solutions, like templates or APIs, to save time and reduce costs.

Development Stages and Costs for a Banking App Like Mashreq

Building a banking app like Mashreq involves several stages. Each stage requires specific tasks and has its own costs. Here’s a simple breakdown of each stage.

1. Discovery and Planning

The first step in developing a banking app is understanding the market and user needs. This stage includes:

• Research: Studying what competitors offer, market trends, and understanding the types of users.
• Planning: Setting clear goals, identifying key metrics (KPIs), and creating a timeline for the project. This ensures everyone knows the plan and deadlines.

           Cost: $5,000 to $10,000

2. Design and Prototyping

Once the planning is complete, designers start working on how the app looks and feels. They will create:

• UI/UX Design: The user interface (UI) focuses on the visual design (buttons, icons, colors), and the user experience (UX) ensures the app is easy to use.
• Prototypes: Designers create layouts and detailed models to test the app’s usability.

For banking apps, simplicity and security are key. The app should be easy to use and protect user data.

Cost: $15,000 to $40,000

3. App Development

In this stage, the app is built. There are two parts:

• Front-End Development: The part of the app that users see and interact with, such as buttons and forms.
• Back-End Development: The behind the scenes part that stores data, connects to banking systems, and processes transactions.

For banking apps, security and smooth operation are essential.

Cost: $70,000 to $200,000

4. Quality Assurance and Testing

Before launching, the app must be tested. This includes:

• Functional Testing: Checking if all features work.
• Usability Testing: Making sure the app is simple and easy for users to navigate.
• Performance Testing: Making sure the app works well, even with many users.
• Security Testing: Ensuring the app protects user data properly.

Cost: $10,000 to $30,000

5. Deployment and Launch

Once the app is finished and tested, it’s time to release it.

• Deployment: Preparing the app for submission to Google Play and Apple App Store.
• Launch: Making the app available for users to download.

Cost: $5,000 to $10,000

6. Post-Launch Support and Maintenance

After launching, ongoing support is needed to fix bugs and improve features. This includes:

• Bug Fixes and Updates: Regular updates to fix problems and add new features.
• Ongoing Maintenance: Ensuring the app works smoothly and stays updated.

Cost: $20,000 annually

Each of these steps helps build a secure, user-friendly banking app. The total cost depends on the complexity of the app, the features you want, and the team you work with. Proper planning at each stage will help make sure the app is successful.

Key Features to Include in Your Banking App Like Mashreq

When creating a banking app like Mashreq, it’s important to include features that make it secure, easy to use, and helpful for users. Here are some key features to consider.

Mobile Banking App Like Mashreq – User Features

1. User Authentication

Security is crucial for banking apps. To protect accounts, you can include:

• Multi-Factor Authentication (MFA): Users enter a code sent to their phone or email, in addition to their password.
• Biometric Recognition: Users can log in using their fingerprint or face (Face ID).

2. Account Management

Users should be able to easily access their account details. These features can include:

• View Account Balances: Users can quickly see their account balance.
• Transaction History: Users can view past transactions.
• Account Statements: Users can download their account statements.
• Freeze/Unfreeze Accounts: Users can temporarily freeze their account if they lose their card.
• Report Suspicious Activity: Users can report strange transactions.

3. Money Transfers

Sending money is a key part of any banking app. Features can include:

• Peer-to-Peer Transfers: Users can send money to others instantly using their phone number or email.
• International Money Transfers: Users can send money abroad and track it.

4. Bill Payments and Subscriptions

Paying bills should be simple. Features include:

• Pay Bills: Users can pay utility bills, credit cards, and other services through the app.
• Recurring Payments: Users can set up reminders for regular bills or subscriptions.

5. Personalized Financial Management

To help users manage money, you can offer:

• AI-Powered Recommendations: Use AI to suggest ways users can save or invest money based on their habits.

6. Security Features

Keeping user data safe is a priority. You can add.

• Encryption: All transactions should be encrypted to protect user data.
• Regular Updates: The app should be updated regularly to fix security issues and stay safe.

7. Push Notifications

Real time notifications keep users updated. These can include.

• Transaction Alerts: Notifying users of any transaction in their account.
• Security Alerts: Alerting users of suspicious activity.
• Feature Updates: Letting users know when new features are available.

8. ATM/Branch Locator

Help users find nearby ATMs or branches. A simple locator feature can show them the closest options.

Mobile Banking App Like Mashreq – Admin Features

1. User Management

Admins need to manage user accounts easily. Features can include:

• Verify New Users: Admins can approve or reject new users after checking their documents.
• Lock or Suspend Accounts: If something suspicious happens, admins can lock or suspend a user’s account.
• Freeze/Unfreeze Accounts: Admins can freeze accounts if needed, like when a user reports a lost card, and unfreeze them after verifying details.

2. Transaction Monitoring

Admins should be able to monitor all transactions to keep the system safe. Features can include:

• View Transactions: Admins can see all transactions happening in real time.
• Flag Suspicious Transactions: If any transaction seems strange or suspicious, admins can mark it for investigation.
• Approve/Decline Large Transactions: Admins can approve or decline large transactions to prevent fraud.

3. Money Transfer Management

Admins must oversee money transfers for security. Features include:

• Track Transfers: Admins can check all transfers, whether it’s peer-to-peer or international money transfers.
• Set Transfer Limits: Admins can decide how much money a user can send at one time.
• Monitor International Transfers: Admins can track money sent abroad to make sure it’s processed correctly.

4. Bill Payment and Subscription Management

Admins help ensure bill payments work smoothly. Features include:

• Track Bill Payments: Admins can check if bill payments, like utility bills, are successful.
• Manage Recurring Payments: Admins can set up or change automatic, recurring bill payments for users.
• Handle Payment Problems: If a bill payment fails or has an issue, admins can help fix it.

5. Personalized Financial Management for Users

Admins can help users manage their finances. Features include:

• Track AI Suggestions: Admins can monitor the financial advice given by AI to make sure it’s useful.
• Monitor User Activity: Admins can see how often users use tools to manage their money and make improvements if needed.

6. Security and Compliance Management

To keep everything safe, admins must ensure security and follow the rules. Features include:

• Encryption Checks: Admins can check if user data is encrypted and safe from hackers.
• Compliance Checks: Admins ensure that the app follows banking rules and regulations.
• Security Audits: Admins can run tests to find any security issues and fix them.

7. Push Notification Management

Admins can control and send notifications to users. Features can include:

• Transaction Alerts: Admins can send notifications about important transactions happening in the user’s account.
• Security Alerts: Admins can notify users about any suspicious activities, like failed login attempts.
• Feature Updates: Admins can let users know when new features or updates are available.

8. ATM/Branch Locator Management

To help users find locations easily, admins can:

• Update ATM/Branch Info: Admins can add or update information about ATMs and branches for users to find them.
• Add New Locations: As the bank opens new locations, admins can add them to the app’s locator feature.

These features will make the app secure, easy to use, and helpful for managing finances. By including them, you can create a banking app that provides a great experience for users.

How Much Does It Take to Develop an App Like Mashreq?

Developing an app like Mashreq can cost anywhere between $200,000 and $500,000. The final price will depend on a few important factors.

1. Complexity of Features: The more advanced features you include, such as AI-based recommendations, real time money transfers, and biometric security, the higher the cost. Apps with simple features are cheaper to develop.
2. Location of the Development Team: The cost of hiring developers varies depending on their location. For example, developers in the USA or Europe usually charge more than those in countries with lower labor costs, like India or Eastern Europe.
3. Technologies Used: The choice of technologies for the app’s development also affects the price. Using newer or more advanced technologies may increase the development cost.

Here’s a breakdown of the cost estimates:

Cost-Cutting Tips for Building Your Banking App Development

When creating an app like Mashreq, there are several ways to cut costs without lowering quality. Here are some ideas to save money.

1. Outsource Development

You can save money by outsourcing development to places where per hour cost is cheaper, like India. This area has skilled developers who can make good quality apps for a lower price. Just make sure to choose a reliable team to ensure the code is secure and works well.

2. Use Pre-Built Frameworks and Libraries

You can save time by using pre-built frameworks and libraries instead of starting from scratch.These are ready made solutions for things like security features and UI design. This can save time and money, letting your team focus on customizing the app for your needs.

3. MVP Approach

A cost effective way to start is by building a Minimum Viable Product (MVP). This means creating the basic version of the app with only the most important features. Later, you can add more features based on what users want and need. This way, you can test the app and improve it without spending too much upfront.

4. Focus on Scalability

Planning for scalability from the start is important. This means designing the app so it can grow easily as more users join. By planning ahead, you can avoid expensive changes later on.

5. Cloud-Based Solutions

Instead of using costly hardware, you can use cloud based services. Cloud solutions save money on physical equipment and make your app more flexible and easy to expand.

By following these strategies, you can create a high quality app while keeping costs down.

How Team Tweaks Helps You Build an Mobile Banking App Like Mashreq on a Budget

Team Tweaks specializes in building custom banking apps with top-notch security features and user-friendly design at an affordable price. Leveraging our experience in financial technology, we can help you create a high quality, feature rich banking app like Mashreq without exceeding your budget. Here’s how we can assist.

• Expert Team:
  Our dedicated team of professionals specializes in mobile app development, UI/UX design, and fintech solutions. We ensure that your app is built to meet your specific needs and provides an excellent user experience.
• Cost-Effective Solutions:
  We follow best practices in development, design, and security to ensure that your app is of the highest quality, all while staying within your budget. We focus on delivering a great product at an affordable cost.
• Post-Launch Support:
  We don’t just stop at launch. We provide continuous support and maintenance to ensure your app stays up to date, secure, and functions well in a fast evolving market.
• Security-First Approach:
  Security is our top priority. We adhere to the highest security standards to meet regulatory requirements and ensure that user data remains safe and secure.

With Team Tweaks, you can build a secure, efficient, and user-friendly banking app like Mashreq, while keeping costs under control.

Why Choose Team Tweaks to Develop Your Banking App Like Mashreq

Choosing the right partner for your banking app is important for its success. Team Tweaks stands out for these reasons.

1. 12+ Years of Experience: With over 12 years of experience, we have the knowledge and skills to deliver high quality apps. We have successfully built apps that meet our clients’ needs.
2. Expertise in Banking App Development: We have a proven history of creating secure and user-friendly banking apps. We understand what makes a good banking app and can create one that works well for your users.
3. Custom Solutions: Every business is different, and we customize your app to meet your specific needs. We ensure the design and features match your business goals.
4. End-to-End Services: We offer a full range of services to support your project, including:
   • Mobile App Development: We build both native and cross platform apps, using technologies like Flutter.
   • Digital Marketing Services: We help you promote your app through SEO, social media, and other digital channels.
   • Smart Water Management Using IoT: We provide IoT solutions for efficient water management systems.
   • Web Development: We create responsive, feature rich websites that work seamlessly with your app.
   • Flutter App Development: We develop high performance apps for both Android and iOS with a single codebase, saving time and money.
5. Cost Transparency: We are clear about our pricing. We work within your budget and provide a detailed breakdown of costs so there are no surprises.

By choosing Team Tweaks, you get a reliable partner with over 12+ years of experience, a wide range of services, and the expertise to build your banking app the right way.

Final Thought

Creating a banking app like Mashreq requires careful planning, a strong development process, and knowing the costs involved. By focusing on important features, security, and growth, you can build an app that your users will love. With Team Tweaks, you can develop a high quality banking app without exceeding your budget. Let’s work together to bring your idea to life and provide your customers with a safe, easy, and smooth experience.