Fintech App Development- Why Developers Prefer React Native Platform

Fintech App Development
  • By admin
  • 27 Dec 2022
  • Application Development

Fintech applications have taken the world by storm, and why not? These apps can save people from all the complications of online shopping and transactions. As a quick, easy, convenient, and secure way to make and accept online payments, fintech apps can save a lot of time and effort.

Technically speaking, fintech applications can be native or cross-platform apps. In other words, finance companies can develop apps that run on Android or iOS platforms or both. It is better to bring a cross-platform app to reach a vast audience altogether. Here, evolving technology comes into the picture with advanced app development frameworks. React Native and Flutter are some examples of such robust frameworks.

Let’s dig deep into the benefits of React Native platform for building fintech applications that can seamlessly work on both iOS and Android platforms. But before moving ahead, let’s understand some key features and the scope of this popular framework.

React Native- Origin and Scope

Initially launched as an open-source project back in 2015, React Native gained prominence as a preferred app development solution quickly. Facebook has created this platform based on React, a popular JavaScript library. As a robust cross-platform app development framework, React Native, with its single code base, enables developers to get rid of writing separate code for Android and iOS platforms.

Talking about the role of React Native in developing fintech applications, most developers count on this framework as it can create interactive and engaging fintech app solutions. As a dynamic and efficient platform, it facilitates developers to save time and effort by requiring minimal coding. Fintech application development demands more flexibility and scalability with high security, and the React Native framework can meet these needs.

The following graph shows how React Native remains consistently popular in the developer’s world for three years. React Native is a preferred platform for developers today as it offers many features.

Share Of Respondents Source

Top Features of React Native

Here are the top features that contribute to the increasing popularity of React Native.

Single Codebase

Cross-platform usage of the React Native platform is because of its inherent single codebase. Developers can use the given codebase to develop applications for all platforms including iOS and Android.

Supports Multiple Platforms

React Native eliminates the requirement of choosing between Android and iOS platforms. Developers can easily maintain one codebase for both these platforms and they can utilise the same code without writing it separately in Java and Swift respectively.

Native Module

A native module in React Native acts as a bridge between the JS code and the host platform. It enables app developers to create platform-specific code for some modules quickly. A native module is easy to write and allows developers to leverage benefits from platform-specific APIs.

Code Reusability

React Native platform enables developers to write code once and use the same everywhere. It allows the mobile app development company to avoid putting two separate software developers- one for iOS and the other for Android.

Why React Native is an Ideal Framework for Developing Fintech Apps?

Right from cryptocurrency to online shopping and investment, the thriving Fintech industry is evolving rapidly. The mobile-driven world has generated a demand for secure fintech apps to support this expansion and evolution. Here, React Native platform comes into the picture by offering the necessary security and speed.

Easy Data Migration

Migrating corporate data from legacy software or traditional applications can be a big headache for developers and entrepreneurs. But React Native can make data migration simpler while ensuring its safety. Besides, developers need not worry about the app’s performance during the data migration process because of the robustness of the React Native platform.

Built-in Toolkit

React Native is a rich platform that has some of the best tools for designing and debugging. Developers can utilise this toolkit with browser extensions for Chrome and Firefox. Also, the platform comes with a React Developer Tool that makes the developer’s life easier with a smooth coding experience. Also, a fintech app development company can allow its developers to go through the component hierarchies of the platform.

Cross-platform Capability

Developers can use the cross-platform capability for building robust fintech applications. The entire BFSI sector and fintech startups can reach a huge audience by having cross-platform apps in a cost-effective way. The React Native platform has a single codebase useful for all platforms. As a result, fintech companies can ensure success over the period.

Faster Application Development

React Native enables mobile app developers to write code efficiently and quickly. It results in a quicker development process. Also, JavaScript facilitates fintech companies and developers to modify the app as and when necessary. This programming language is easier to learn as compared to other languages like Ruby and C++, and it can increase the online visibility of fintech applications.

High Compatibility

React Native supports various third-party plugins to leverage the in-built features of smartphones including GPS and Bluetooth. Third-party plugins are helpful in introducing desired features to give their apps a native-like experience. This high compatibility with plugins can enhance the user experience significantly across multiple platforms and devices.

Hot Reloading

It is the most helpful and popular feature of React Native. Fintech app development can gain the advantage of this feature as developers can implement the latest version without quitting or stopping the running application. This feature can make fintech companies ready to add new features as and when necessary without putting much effort and spending more money.

Easy and Straightforward Transition

As a reliable mobile programming framework, React Native makes it easy for developers to migrate to React Native to build apps with a native look and feel. Developers can also utilise some React web components in a React Native application to accelerate the development process. This can save the developer’s time and fintech companies can reduce TTM in bringing new applications.

High Standards for Coding

Finance app development needs a focused and standard approach. React Native enables developers to opt for minimal coding while maintaining code quality. As a cross-platform framework, it facilitates them to write the code once for both Android and iOS platforms. As a result, developers can halve their coding time, making the process more efficient and streamlined.

Easy UI Modification

All fintech apps need regular modifications based on the user’s feedback and changing requirements. As mentioned above, the hot reloading feature can save a lot of time for developers while enabling them to implement the modifications in the UI without quitting the ongoing application. Also, this platform supports web developers to work on the application because it consists of JavaScript and APIs.

Extensive Community Support

As one of the most productive and popular frameworks, React Native has a growing community of developers. In other words, developers can get enough support as and when necessary using this community and find the solution if they are stuck somewhere. The robust community support can show the way to come out of any development challenges that come with fintech applications.

These days, app developers use React Native for developing various fintech apps like banking apps, financial apps, mobile wallets, and stock apps because of these benefits.

Let’s find out when you should opt for React Native to make a fintech application with the necessary features and a better user experience.

When Should You Opt for React Native to Build a Fintech Application?

You should opt for React Native to build a fintech app in the following circumstances-

  • If you want to accelerate the development process and get an app that runs seamlessly across iOS and Android OS
  • If you want to save big on development costs and the effort of the developer’s team
  • If you want a small team of dedicated developers that remains easier to manage
  • If you want to give your customers a native experience irrespective of the platforms like Android and iOS

Concluding Lines

Many successful React Native applications have made the platform a preferred choice for fintech companies. It is fair to say that users can get a better and more secure experience using React Native apps in the domains of banking, insurance, and financial services. Fintech companies can easily promote their products and services online among iOS and Android phone users with a React Native-powered application.

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