How Much Does It Cost To Start A Bank In USA?

By RisingMax

June 16, 2023

How Much Does It Cost To Start A Bank In USA?

Banking is one of the most lucrative industries. The global banking sector is estimated to be over USD 20 trillion. They play a crucial role in the economy. The United States has the largest financial market in the world. They accept deposits from depositors and lend the funds to other individuals and businesses. 

How Much Does It Cost To Start A Digital Bank In USA

Let’s not hit around the bushes and come to the point of how much it will cost to build a bank in USA.

Are you planning to launch your banking service in USA? You need a team of experts who can help you with all the software development procedures, & FinTech software development. RisingMax Inc. is a leading IT consulting company helping businesses grow with high-end applications and consultation.

Let’s begin with the cost of starting a bank, and then we will move to the other procedure.

  • The government mandates a minimum capital requirement of $15 million to $25 million for opening a bank in the United States. All insured banks must demonstrate that they have sufficient capital to support their risk profile, operations, and future growth, even in the event of unforeseen losses, to do this correctly. 
  • Next is making a social appearance with the websites and the application. The average banking platform development cost is around $40,000 to $80,000. 
  • You can also build your banking platform on Metaverse, one of the most robust technology, and many brands are utilizing the platform to explore their business on the global stage. The metaverse banking platform may begin from $80K. It will have its own benefits that we will also cover below. 

Things To Consider While Establishing A Bank In USA

After the bank development cost, let’s move on to the next procedure, where we will let you know that is the thing that you should keep on the to-do list before and while setting up a bank in USA. 

Setting Up Brand

Decide the name of the bank, decide how you will do the marketing for it, how you can generate capital from the bank, etc. Each thing is an important step for starting the bank. From the name to the board of directors, each of them is an essential step.

Apply For Government Authorization

Government regulators supervise institutions. Frequently, bank founders may choose to file for a charter with a state agency or the federal Office of the Comptroller of the Currency. Once a bank is chartered, it must obtain insurance from the Federal Deposit Insurance Corporation (FDIC), although this is usually a foregone conclusion.

This is the most time-consuming step, but once a fledgling bank completes this regulatory process, things typically go well.

Build Online Platform

Well, this is one of the most crucial steps that you will take care of while setting up a bank. The above two steps depend on your working capability and the documents that you will provide to get authority from the government. 

But the development of the online platform is a crucial step as it will completely depend upon the development of web and mobile applications. People do not prefer to visit banks for any sort of work now it's the era where people want everything at their fingertips. 

For reaching the maximum number of users building a web and mobile application is the foremost thing that you cannot skip.  

Let’s see how you can take your bank on the digital platform.

How To Start Your Bank On an Online Platform

We will try to cover all the essential things that you will need to set up your bank on the digital platform and which features are necessary for it. 

Banking Software 

Banking institutions are in a race to implement custom software solutions for business processes. The reasons span from increasing infrastructure efficiency to enhancing the user experience. 

Banking software development will help automate financial and banking practices so that users and employees can access the financial services they require through online banking platforms from anywhere and at any time. 

AI, Big data, and DevOps form the backbone of the most recent technologies that enable developers to create high-quality banking software.

Due to the prevalence of mobile device usage, mobile banking solutions are now more prevalent than Internet banking.

UI/UX Design

Create a design and prototype for UI/UX. After defining the app's concept, you can begin designing the app's user interface. Before commencing design, it is essential to comprehend the product's navigation, functionality, tech stack, and fintech specifics. This prototype will illustrate the platform's logic and architecture.

After developing a prototype, you can test it with your target audience and address the app's flaws. In addition, you will test the design and enhance its efficacy based on the behavior of users.


We guarantee the platform's security and safety. Experience has provided our professional developers with in-depth knowledge of the most common and uncommon cyber hazards in the fintech market. It would assist in prioritizing security measures during the pre-development phase, thereby influencing the subsequent coding process.


This is the most important stage of the entire procedure. Frontend, backend, data integration, and other processes are comparable for applications of the same type. This stage's effectiveness will hinge on the team you choose to collaborate with. In addition to testing and coding the product, RisingMax Inc. provides a comprehensive range of services. 

Ideally, the team should have experience developing financial applications. This engineering labor will be greatly slowed down by the development of a minimum viable product (MVP).


The software you will release must be readily compatible with the other solutions utilized by the financial institution. It could be a bank website, HR software, or a banking application that requires integration with an app. We ensure the flawless integration of cutting-edge technologies to make your platform user-friendly, safe, and scalable. 


Beginning the final phase is the product launch and distribution to customers. Additionally, it is crucial to comprehend how to maintain the platform and optimize it for search systems. In addition, you must inform the world of the benefits of your product, and the most effective method to do so is to initiate a marketing campaign. 

As this industry can have numerous restrictions and features, it will be preferable to work with an agency that has prior experience marketing financial applications.


The last step in this process is to monitor the product and improve it. It is crucial to get feedback from users and make unnecessary changes they require. This is the basic principle of efficient communication with clients. Do not forget about improving the app after the launch and learning about user experience after operating the platform.

If you want to be different from the traditional league, then you can come up with the metaverse banking platform. Popular banks and finTech companies are also launching their metaverse platform to take a step forward towards the robust technology of decentralization.

Align the current state of IT with your business strategy by hiring the most trustworthy Fintech App Development Company

Also read our blog: How To Start Bank Or Finance Institution In The Metaverse

Features RisingMax Inc. Provide For Banking & FinTech Industry

RisingMax Inc. is the leading banking app development company that has been helping the banking sector since 2011 by building web and mobile applications. We have delivered more than 50 applications for the banking & fintech sectors. 

Here is the list of features we specialize in and serve to our global audience. With the help of these features, your users will experience an amazing user experience and will feel secure, and you will get better user engagement.

Core System

A core banking system enables banks to conduct essential banking operations, such as accessing bank accounts and transferring funds, enhancing customer profiles and other financial data, executing CRM, etc.

This system has been adopted by a number of banks because it enables the swift completion of various financial operations and can manage a large volume of transactions, thereby assuring the continued operation of banking products.

P2P Payments

Peer-to-peer (P2P) payments are an easier and more convenient way to transfer funds to another person's account. QR code payments are merely one method of accomplishing this.

Some fintech and bank applications support peer-to-peer payments by sending funds to the user's mobile phone number, email address, or username, in addition to QR codes and bank account numbers. 

Users are not even required to know the recipient's bank. Send money to a friend's mobile number or alias, and the bank will take care of the rest. 

QR Codes

Additionally, banks should consider integrating QR (Quick Response) code payments into their mobile applications. The majority of consumers are likely familiar with the appearance of QR codes: a two-dimensional pattern of black squares arranged in a square grid against a white background. 

QR codes contain more information than barcodes and can be scanned from displays as well as paper. Additionally, its data can be encrypted, making it more secure than barcodes.

Bill Payment

Paying expenses and setting aside funds for savings and investments can be disagreeable because they represent the recurring financial obligations that individuals must fulfill. 

Some banking applications can now assist users in tracking their expenditures, managing monthly budgets, and generating insights to assist customers in making better financial decisions. 

Cardless Withdrawl

The Cardless ATM function enables bank clients to withdraw cash from an ATM without a tangible card. The bank's mobile program is used for authentication and authorization. Customers would no longer need to carry around their debit cards if mobile banking applications included this function. 

In addition, cardless ATM transactions are more secure than card-based withdrawals.

It eliminates the threat posed by card skimmers first. Also, two-factor authentication is typically required for cardless withdrawals.

Why You Should Choose Risingmax Inc. For Banking Software Development

RisingMax Inc. is a leading software development company with a team of 150+ developers and 50+ QA experts to provide a high-end banking software solution. Here are the reasons why global companies rely on us for software development.

Experienced Developers 

We have a team of 150+ developers who hold the experience of more than a decade in the development sector. You can get the banking software solution with excellence and without any bugs probably.

On-Time Delivery

Get the project on time without any delays, and that too error-free. We have a client retention rate of above 80% percent. 

Pricing Discretion

We recognize that no two businesses have identical needs, so we use transparent pricing based on the software development you require. Our team collaborates with the client to determine an appropriate development budget and provides the best feasible commercial product.

Secure Business Solutions

The primary objective of our development team is to create safe and secure business solutions. As a result, we employ rigorous testing procedures to deliver highly secure business solutions to our customers.

Multi-Level Testing

We ensure that all of our projects are error-free, and we've devised a multiple levels testing strategy that removes all program flaws. Each auditor is proficient in technology and committed to completing the task on time.


Hopefully, we have resolved all your queries about how much it costs to start a bank and how you can start your banking platform. We can provide you with solutions so that you can take your banking service on the online platform.

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