Building a Digital Bank Part #5

In this final and short section, we will take a look at the costs associated with building a digital bank on top of The three things we will touch on are platform costs, AWS hosting costs, and some ballpark estimates relating to all sorts of development.

Licensing offers two models for licensing: a subscription-based model and a full ownership model.

While the subscription ensures that the code base is always maintained and up to date, taking ownership over the code allows for making independent core modifications without the need for’s involvement.

The costs are as follows:

Hosting on AWS

Hosting can be on AWS for either of the licensing options, but on-premise hosting options are only available for the full ownership model.

The setup fee for AWS is €7,000, and additional monthly fees depend on usage and on custom features. On-premise setup fees depend on the on-premise architecture and requirements.


The development fees vary depending on the final requirements and on changes that are brought forth during Agile cycles.

The cost for making core modifications to the APIs or additional back-end functionality is subject to a study of the requirements with the team.

As for the development of a website for marketing, conversion, and account management purposes, as well as an Android and an iOS banking applications, the estimated fees are between €351,440 and €496,960.


Thank you for reading and we hope you have gained some insights into digital banking that you didn’t have before. Here’s a short recap of the discussed topics and themes.

In the first part, we offered a higher level perspective at digital banking, touching on a defining trend in this sector, namely a consumer mentality switch from cost efficiency to user experience. In this part we set out the challenge ahead of us, as well as proposed what the solution should look like and outlined some tools to be used for achieving this ideal state, such as

In the second part, we dove in-depth into the FinTech environment, conceptual definitions, types of banking, digital-only banking and its technology, as well as briefly touched upon security and legal compliance. This section, similarly to the previous, served to outline the scope of building a digital bank, helping get your head around what should be paid attention to, what are the things that should be voided and what are absolute must-haves.

In the third part, our focus was on — the backend solution for mobile banking. This part saw some suggestions on how to get started, as well as a tour of, checking out its various features and the opportunities it provides from user account management to banking and messaging, as well as customer support options and the APIs.

Part 4 was an analysis of We checked the MVP components of a banking application against’s API documentation to see whether the needed functionalities exist. From user accounts, to banking operations — take a look at how we made sure these functionalities are in order, which, by the way, they were.

In this, the final part, we took a brief look at the cost estimates.

Good luck building a digital bank!

Scandiweb is a full-stack digital agency with expertise in FinTech, digital marketing and eCommerce. If you have a problem or a question, we’ll be happy to find you an answer, just drop us a line at [email protected]!

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