Breaking Down the Cost of Building a Community App MVP

Updated Oct 22, 2024 • 6 min read

There's a growing focus on the rising generation and generational wealth transfer, making a space for developing a banking application even more essential.

We'll explore the factors that affect the cost of building a community app for wealth management and provide tips for budgeting effectively.

Examples of these communities include UBS Circle One which offer exclusive access to a network of peers, experts, and investment opportunities.

Factors that Affect the Cost of Building a Community App MVP

Design and Development

The design and functionality of a community app can vary greatly, from simple user interfaces to complex animations and customized features. It's important to have a clear scope of work and design guidelines before starting the development process to ensure that all parties are aligned on the project's objectives.

The complexity of the design and functionality will affect the cost of building the app and also the timeline, therefore, it's important to consider this when budgeting for the project. For example, a simple user interface with basic features can be delivered for a starting price of $100,000 and may be completed earlier than a complex design with customized animations and advanced features. We recommend creating a basic MVP version and delivering it to customers as quickly as possible in order to collect feedback and implement subsequent versions based on real customer needs.

Testing and Launch

Testing and quality assurance are crucial in the development process to ensure that the app works as intended. Different types of testing may be needed, such as functional and performance testing. Examples of launch costs include hosting and domain fees, which should also be considered when budgeting for the project. It is important to note that testing and launch costs can often make up around 80% of the total project budget, highlighting the significance of these aspects in the development process.

Importance of a Community App MVP for Wealth Management

Building a community app for wealth management can provide several benefits. These include:

Online and offline community of peers and experts: A community app can provide members with exclusive access to a network of peers and experts, allowing them to share insights, ask questions, and collaborate on projects.
Exclusive, invite-only live and offline events and conferences: Community app can offer members exclusive access to live and offline events and conferences, providing them with opportunities to network and learn from industry experts.
Networking and match-making opportunities (online and offline): Members of community apps can connect with each other online and offline, providing them with opportunities to collaborate and build relationships.
Direct access to top insights, thought-leaders, and investment opportunities: Community app can provide members with direct access to top insights, thought-leaders, and investment opportunities, which can help them stay ahead of the curve and make informed investment decisions.

Budgeting for Your Community App

When budgeting for your community app, it's important to create a realistic budget based on your project's scope and timeline. Prioritizing features and creating a roadmap can also help you reduce costs. Tips for reducing costs include using open-source technologies and outsourcing development to a trusted partner.

Price and Timeline

When building a community app, it's important to consider the cost and timeline of the project. With Netguru, we can build a mobile community platform in less than 4 months for a cost of $100,000 - $150,000, where around 20% are costs related to design creation, and the rest are delivery costs including development, security audits, performance tests and DevOps work. The final price depends on the project's scope and features.
We understand the importance of launching your app quickly while maintaining quality and ensuring that it meets your business objectives. That's why we provide ongoing support and consultation to ensure that your app is scalable and meets your users' needs. In addition, we will report how to scale the community using online channels with feature and action recommendations, helping you maximize the value of your investment.

Additional Considerations

When building a minimum viable product (MVP) of a mobile app for wealth management, there are several things worth considering. These include:

User research: Conducting user research to understand your target audience's needs and preferences can help you build an app that meets their needs and provides value.
Security and compliance: Wealth management firms and banks handle sensitive financial information, so it's important to ensure that your app is secure and meets regulatory compliance requirements.
Scalability: As your user base grows, your app needs to be able to handle increased traffic and activity. It's important to build your app with scalability in mind so that it can grow with your business.
Analytics: Tracking user behavior and app usage can provide valuable insights into how your app is performing and what features are most popular. Analytics can help you make data-driven decisions about how to improve and optimize your app.

Summary

Building a community app for wealth management can provide several benefits, including access to an exclusive network of peers and experts, exclusive events and conferences, and direct access to top insights and investment opportunities. When building your app, it's important to consider factors like design and development, testing and launch, ongoing maintenance, and marketing costs. By following these tips and partnering with a trusted development partner you can create a successful community app MVP that meets your business objectives using a relatively small budget.