How much does it Cost to Develop an App like DIB (Dubai Islamic Banking)?

Transformation with fintech has become a favorite cup of tea of various businesses. Do you know why?
Because digitalization in the finance sector opens up opportunities to enhance customer interactions.
What’s more?
It has created an overwhelming buzz while introducing fintech app development worldwide, and Dubai is no exception.
With the arrival of the DIB app, Dubai Islamic Bank, the first and largest bank in the UAE, has managed to serve over 5 million customers. The bank is known for its range of innovative Shariah-compliant products and services to clients of each type.
Did you ever wonder what makes this app superior to others? Or how could you develop an app like Dubai Islamic Banking?
Not to be worried!
We are here to resolve your query and expand your thought processes so that you can think and reach beyond the set milestone.
Are you excited to move further?
If yes, learn everything about the Dubai Islamic Banking app.

Dubai Islamic Bank App, the crowned prince of various technologies!

More than 60 services that deliver exciting customer experience. Yes, that’s a brief about Dubai Islamic Bank.
But do you know how it has come so far?
All thanks to its adoption of 125 emerging technologies across 16 categories, such as IoT, Blockchain, Machine Learning, AI, cloud-based ERP, CRM, Autonomous Databases, and others.
You may think now how huge this app is and influences everyone around. Not only it provides its elite consumers with a seamless banking experience but also removes the difficulties in localizing nearby ATMs.

Top Fintech Stats: Impactful Reasons to Get Started with a Fintech App!

• Undoubtedly, the fintech industry is creating ever-evolving strides across different financial sectors; these stats prove the same.
• The fintech industry can grow $179 billion in 2023 and reach $188 billion by 2024.
• There are currently 26,000 or over fintech startups worldwide.
• Almost 90% of people in the UAE use digital banking.
• The fintech market in UAE can reach 39.3 billion in 2023.
• The industry can register a CAGR of 15% during the forecast period.
• We can see a growth of $698.48 billion in 2023 in the fintech market.

How does Dubai Islamic Banking App Ensure Convenience?

With the deriving force of instant, paperless, and digital, the DIB mobile banking app leads banking on the go.
Want to know its secret recipe to become a giant in a land of endless opportunities like Dubai? Look at the top-notch it adds to consumers:

1. Banking in Minutes

Challenging the conventional method of endless paperwork, the DIB app lets users register for a new DIB account in minutes. It just requires downloading the app, scanning the documents, uploading a selfie, filling in the details, and everything gets done without even visiting the bank.

2. Innovative Payment

Yes, payments have been simpler than before.
To make the purchase more convenient, DIB brings Apple Pay or Samsung Pay, where payments for shopping and dining can be made seamlessly. Moreover, it uses a specific number and transaction code whenever the user purchases, so the card number is secured or never stored on Apple servers or their devices.

3. Banking on the go

That’s not it!
DIB app has so much to offer its users worldwide so they can enjoy banking on the go. Want to know what they are? Here is a complete list:

• Mobile Banking
• Online Banking
• DIB on Whatsapp
• SMS Banking
• E-Statement Facility
• USSD Service
• Phone Banking

4. Business Alerts

Yet another dynamicity that makes the Dubai Islamic Banking app a perfect solution for the people of Dubai. Business alerts let users stay updated about their banking transactions anytime, anywhere, providing possibilities for inquiries, alerts, and multiple benefits. Such as:

Inquiries:

• Balance insight
• Specific account balance information
• Statement by fax
• Finance account inquiry
• Services menu
• Investment deposit-related information

Alerts:

• Cash/Cheque withdrawal
• Cash/Cheque deposit
• Fund transfers
• Purchase settlement
• Returned cheques
• Debit/Credit to accounts
• Updates on account
• Installment of finance

Benefits:

• Multiple users of a company can register themselves
• They choose their preferred language
• SMS notifications with e-mail notifications can be added
• Users can have personalized short names.

5. Business Online

For online businesses, an app like Dubai Islamic Banking ensures specific functions that suit their business models. Such as:

• Account services
• Card related services
• Fund transfers services
• Administrator module
• Payment services

How to Develop an Online Banking App like Dubai Islamic Bank?

Now that we have moved to your favorite part, it’s time to learn about the development procedure to start building an app like Dubai Islamic Banking. You can take our assistance

1. Create a Business Plan

To know how to proceed with your business idea, you must create a plan that helps you beat the competitive edge. Consider the market revenue and financial forecasts to evaluate the development of the DIB online app.
Besides, here are some incredibilities that will shape your idea into an exciting reality:

• Secured sign-in
• Seamless funds transfer
• Balance notifications
• Saving goals
• Push notifications & alerts
• Hassle-free bill payments
• ATM Locator
• Scheduled payments
• Chatbots with 24*7 support

2. Pick the Right Platform

Which platform do your target audiences mostly use? Do you have an idea?
Don’t be worried!
With some research, you can know your target audience and thus pick the right platform from Android, iOS, and Windows. The app development cost varies per the platform you choose to build your app. Therefore, choose wisely!
Get cross-platform app development services from top-notch developers to build an app for all platforms. Also, it will be the cherry on the cake if you create different software versions to get the lion’s share of your app, like Dubai Islamic Banking.

3. Functionalities and Features

Now that you have completed the first two steps, it’s time to pin down the specifications, functionalities, and features you want to include in your app like Dubai Islamic Banking.
Emphasize user-centric features in your Dubai Islamic banking app that adds value to their lives, and cater to their needs and requirements. However, it’s a complex game but can turn into a win with the assistance of industry experts like Techugo.

4. App Design

A simple and alluring yet robust user interface excites the users the most. So, ensure you have the right design and UI/UX preferences that let users operate the application.
According to Forrester, every $1 invested in UX can return $100, which equals to a return of 9,900%. Such figures are relevant enough to show you the importance of mobile app design. A consultation with the top mobile app development company In UAE will help you.

5. Mobile App Development

The final stage is mobile app development which is very important in today’s hyper-competitive business landscape. You’re already lagging behind your competition if you have not yet transformed your business to the Apple app store or Google Play Store.
But the time can be changed with the development of an app like Dubai Islamic Banking. Therefore, attracting digitization with mobile app development is essential to map your journey.

Fintech Trends that will Define your Goal in the Market

If you don’t scale- you fail!
That’s what you need to do to market your services worldwide, get an extensive user base, and build an app like Dubai Islamic Banking.
But how do you scale up?
Don’t be worried!
We have excellent solutions known as technologies to tackle every barrier between you and your dream. Indeed, integrating these into your app, like Dubai Islamic Banking, will ensure your success and growth in the market.

1. Blockchain

Blockchain can speed up the time-consuming task of sending money internationally. It adds a magical touch to any fintech app with its dynamicity and capabilities to overcome all challenges. Integrating this tech will always make you wonder what the future holds for your business. You can mark your presence soon with this innovative tech.

2. Robo-advisors

We all think about robots talking to us. Right, isn’t it?
Well, our thoughts change into realities with the arrival of robo-advisors that will show investors the best ways to invest their money. Here are some interesting facts that fascinate you about the robo-advisors;

• They can analyze large volumes of data.
• Help entrepreneurs with their investment plans.
• Quicker adaptability in changing environments.

Indeed, your product will boost soon while adding these technologies.

3. Smart Contract

An agreement between a buyer and a seller will be digitized.
Wondering how?
It will not require any involvement from a third party like a loan officer or bank and will let buyers and sellers safely connect virtually using cryptographic keys. An on demand app development company will help you integrate smart contracts into your app.

4. Voice Payment

Although we love to do transactions using some taps and clicks, digital innovations like voice payments are here for a more reliable payment procedure. According to a report, there will be 8.4 billion more voice assistants worldwide by 2025, making it a perfect reliable partner among humans.

5. RegTech

RegTech monitors regulatory compliance and recognizes issues that do not adhere to the rules. It also detects data security and alerts users and bank workers about fraud. Organizations use RegTech to communicate with authorities without any interruption issues.
With such tech integration in your app, you can derive a disruptive force in the industry, achieve your objectives sooner, open to a broader audience, and gives users more confidence using your banking app.

Why Choose Techugo for the Development of an App like Dubai Islamic Bank?

The future will be the days of mainstream adoption of digital banking that modifies how we tackle our business.
Instead of making haste with this change, how about walking slowly toward your dream with the assistance of a top fintech app development company?
You will save thousands of dollars, energy, and time with a decision today that will make you a leader tomorrow.
So, how about a consultation with industry experts?
If you have a unique idea, get a pick of our experience and use the innovations and fintech trends to turn your ideas into effective actions.