Quick Summary: Developing Fintech apps using React Native has plenty of advantages. Firstly, it helps in cross-platform development, saving a great amount of time and resources. Secondly, it possesses a rich set of pre-built components and libraries. Hence developing a fintech app with React Native is a faster process with the most efficient results and exceptional user experience.
The popularity of fintech applications has been soaring high in recent years. And this has altered the way we deal with finances. These apps are preferred for offering convenience, accessibility, and innovative features that appeal to users worldwide.
As with continuous evolution in the fintech industry, you can only expect the popularity of such apps to grow. Developers generally tend to prefer these fintech apps using React Native. It is not a new language,and its benefits are not hidden from anyone. Due to React Native’s abilities, like reusable code, cross-platform app development, and feature-rich apps, there’s nothing left to look for.
Hence React Native holds the capacity to save time, effort, and even resources. When fintech app development comes together with React Native, it’s likely to have a cutting-edge application with the best user experience. Not aware of how it helps your fintech application to get a competitive edge? Read till the end to know advantages of React Native for Fintech App Projects
The Rise Of Fintech Apps
A fintech application is a special software made to digitize all financial services and bring automation as an innovation. Hence these apps are for the finance industry that combines finance and technology. And it would further enhance that access to financial services while competing with traditional financial services.
Fintech applications these days are responsible for providing simple and better ways to manage and get hands-on financial services. These days you can easily outsource Fintech software development for your firm
There are plenty of benefits to using these fintech applications rather than traditional ones. The list of these benefits includes:
- Greater accessibility: Fintech apps do not possess a complex system for any process. Hence it’s just enough for users to possess interest connections and sign up to access all financial services.
- Cost reduction: Fintech apps are digital products where you don’t have to spend on brick-and-mortar. Hence it means fintech app development can help offer clients lower fees than traditional banks.
- Improved financial operations: These applications let users manage their finances using handheld devices. Therefore one could save a significant amount of time while having speedier transactions, be it payment or approval.
- Wide range of solutions: Applications made for fintech purposes can provide a huge range of services, from making payments online to investments. And one can also expect financial advisory online. Moreover, many times, a single application will hold multiple services to help complete all takes with one product.
- Personalization: Fintech helps applications in collecting the data of users. Hence this will further help them offer personalized services to meet financial goals.
Overview Of React Native
React Native initially stepped into the market in 2015. The company behind it is. Facebook was an open-source project. Within just a few years of its introduction, most developers started accepting it as a top solution for mobile app development.
Moreover, React Native is also behind some world’s leading mobile apps like Skype and Instagram. And to everyone’s surprise, the fintech industry highly uses React Native for Fintech application development. There are plenty of reasons why React Native is achieving global success.
Firstly using React Native, Fintech companies can develop Cross-platform applications with just a single code. Hence this saves a huge amount of time and effort.
The interesting fact is that with costly revolutions, React Native, a popular framework, was the result of technological mistakes.
Advantages Of React Native For Fintech Apps
1. Works on multiple platforms
Cross-platform application development needs time to survive in this modern world. These days, smartphones are necessary, running on various operating systems. Whether you have iOS and Android-based phones, you will always gain access to an app. Hence developing a fintech application with React Native can increase compatibility across different phone brands. It would
When you build a fintech app with React Native, it will help diversify the application, further enhancing Reach. The code written using this framework is compatible with both iOS and Android. Hence both platforms will share the same code with a great success rate.
Moreover, developers will not need to develop code from scratch repeatedly. It also possesses codes ready for usage that fit the fintech app framework.
Therefore developers can also enhance the speed of fintech app development with the RN framework. The Fintech sector is one of the highly competitive ones where tons of apps are launched daily. Hence Reach Native can come in handy in this case.
And the result will be a fintech app with a seamless interface that works across multiple platforms. It will create an unmatchable brand image.
2. Familiarity with Programming Language
- Languages like Flutter and Xamarin accompany learning a new language. At the same time, React Native is developed on your existing information. Hence the learning curve will be lower, benefiting developers.
- You can start your project faster than you could have thought.
- Knowledge of React Native and Native mobile app development could be a bonus. As you know, you can reduce most of the time spent on app development with the coding method and syntax.
3. Codes are reusable
When you develop fintech applications with React Native, targeting a wide range of audiences over different operating systems with one core codebase is possible. Hence 90% of the codebases can be accessed across iOS and Android.
Therefore if you want to just undertake coding for your fintech app once and use it across different platforms, React Native could be the best.
Developing a mobile application with React Native is just like correctly arranging one block over another. At first, you develop independent components and then reuse them as per your needs.
If you see Skype, it’s built using React Native. It has different buttons, but developers did not use separate codes for each button on different pages. Hence they just utilized the same block for every button.
Hence when you request a page, it will call the same block, making it easier for developers. Also, the pages will appear faster with this technique.
You just have to code once and share it anywhere you want. Once your web app is ready, you can use those components to develop your mobile app. Hence it will provide better results with great efficiency and a shorter time to market.
4. Native-like Experience
If you are an iOS user, you are already aware of the building process of interfaces. The meaning of intuitive will vary between both Android and iOS. Hence when you develop these cross-platform apps, they might feel the same.
It might also lead to a significant issue on both platforms. React Native allows you to eliminate this friction and create better user experiences as you may create hybrid platforms and native apps.
React Native is a framework that is developed using Native elements which can be rendered for native-like views. Hence these apps will make you feel like it follows specific guidelines of the platform.
5. Live Reloading
In the mobile app development realm, React Native is certainly very popular due to its features, namely Live reload and hot reload. There is no point in confusion as both of these have different names.
The features of hot reload have been taken from the Hot Module Replacement. The basis of this thought is that HMR is an intermediator after first reloading. It can assist in updating files and keeping them in one single place. Hence this makes it easier to handle apps made with React Native.
Whereas live reloading is a tool that can help in compiling and reading the file. Hence this process will only take place once the developer makes any changes. Additionally, it gives the simulator a fresh file. Hence with the help of this simulator will read the app from the start.
Launching new features will take a longer time; know why?
- With every new feature, your audience will expect improvement
- The deployment time will increase as your audience asks for revisions.
Hence here are some tips to follow while performing live reloading:
- No need to update entire features as you have hotly responding
- Just perform necessary changes to the portion of features while the application is live.
- And when you have changed, test it instantly in the live environment.
Hence, this is how live reloading is an excellent feature for startups where owners have less time in hand. React Native’s reloading feature helps you get the head start you need.
6. A vast pool of talent
Consequently, it’s common to encounter individuals with this history. Finding the ideal fit for their project has become simple for app owners.
Accessibility is the most crucial reason.to go for React Native. Although the platform is not too mature yet, it offers good perks.
7. Works for Low Budgets
A single developer may create an app that functions across several platforms because of React Native’s open-source nature and cross-platform compatibility. And that too in one budget. Hence this is how you can make at least a budget.
It also simplifies the process of app development and ensures faster releases. Hence you end up saving on both infrastructure and hiring. You won’t need to spend extra money on special tools for various operating systems.
8. Great community support
As Facebook backs React Native, it has a huge developer community. It is an open-source and free-to-use framework, so there is no looking behind it. Utilizing React Native for mobile app development has some very appealing benefits, one of which is that it is community driven.
It also helps with recognition for drafting codes. Hence React Native developers tend to use this platform for even developing their portfolio. These kinds of activities let them work better on codes over time.
Therefore React Native’s community will ensure that no developer walks alone. Moreover, it also encourages developers to connect if they face any issues.
9. Fortified user interface
React Native employs declarative syntax. Hence you just have to write code while the framework does the execution part. The front-end user interface library is developed with pre-built declarative components. Therefore it gets easy to design an intuitive interface for a react native app development company.
Well-off companies like Facebook and Microsoft use React Native to develop scalable apps.
But, still, the question is how to employ React Native for your work.
- Develop your components with its tools.
- Get some operating system-specific tools to make it easier for you to design a responsive user interface.
10. Extends a Positive Developer Experience
Developers tend to enjoy extreme freedom while they work with React Native. Want to know the reason? Here are some of them:
- You can learn side by side while developing applications.
- One does not need to be an expert in native languages to create an application.
- You must learn the layout for only one engine and develop apps for both operating systems.
- No need to start the development again just publish the update in a live environment
Hence, this makes it a positive experience for fintech developers to use React Native.
Eliminating Challenges In Fintech App Development With React Native
1. Performance Optimization Techniques
One of the major concerns while developing a Fintech app is performance. Users expect faster performance with a reactive user interface while making financial transactions. Hence here are some ways how React Native helps you optimize the performance of your app:
- Rendering optimization:
React Native is known to have virtual DOM to ensure that UI is updated effectively. Hence, a developer can minimize issues and enhance performance by using methods such as component reusability and Pure component.
- Native code integration:
To conduct performance-centric tasks, React Native helps with integrating native codes. By coding according to platforms, developers can make the most of the operating system and enhance the app’s performance.
- Code splitting and lazy loading:
Unlike other apps, Fintech apps tend to have large and complex codebases. Hence one can use code splitting and lazy loading to load only necessary components. It will cut down on initial load time and improve performance.
2. Integrating Third-Party APIs and Security Considerations
Fintech applications majorly rely on integration with third-party APIs to provide different services. Hence it is paramount to ensure that the data of customers is secure. Here’s how React Native will help with it:
- Secure Communication:
React Native helps you with libraries and modules that facilitate secure communication. Hence by implementing these measures, a developer from Fintech App Development Company can easily protect sensitive data even while transmitting.
- Authorization and Authentication:
It is crucial to have robust authorization and authentication for Fintech apps. Hence React Native provides the best libraries and protocols and Firebase authentication. It will eventually help you ensure secure access.
- Compliance with industry standards:
Fintech apps must adhere to best practices and industry standards. Hence React Native developers have the flexibility to use these compliance needs in the app development process.
3. Compatibility with Native Modules and Libraries
When hiring app developers, ensure they can leverage native modules. As for fintech app development, they might need to use libraries to provide device-specific functions. And they might also employ existing code bases. Hence React Native provides unmatched compatibility with native code.
- Native Module Integration:
- Existing Codebase Integration:
If your Fintech app possesses existing code bases, React Native will allow its integration into the app. Hence this will let developers reuse the parts of code and benefit from React Native’s cross-platform capabilities.
Developing Fintech App Using React Native With Bigscal
Are you looking to start your venture in this exciting world of fintech app development with react native? Look no further than Bigscal, a company that develops fintech apps using React Native. Our expertise and cutting-edge technology make us a perfect partner to bring your fintech ideas to life.
React Native is among a powerful framework that can help developers make the best Cross-platform mobile apps, all with a single code base. By leveraging this technology, we can provide a fintech app that performs exceptionally across all operating systems.
Bigscal’s expert team of skilled developers is well-versed in React Native and has extensive experience in the fintech industry. Our developers analyze financial applications’ unique challenges and requirements, such as security, real-time data processing, and user-friendly interfaces.
If you choose Bigscal for your Fintech software development service, you can expect top-notch apps that provide a seamless user experience. At Bigscal, we adopt an agile approach that provides quick turnaround times and regular updates throughout the project.
Take your fintech app idea to new heights with Bigscal and React Native. Contact us today and embark on a journey to revolutionize the finance industry with your innovative app.
In fintech, React Native is rising to be one of the most useful tools. It offers a wide range of advantages to developers and even businesses. At first, its cross-platform compatibility will let you develop a seamless fintech app that can be deployed easily across both operating systems.
Additionally, React Native has a feature of hot reloading which means one can view real-time code updates while simplifying the testing process. Moreover, its library has pre-built components that make it simpler to develop user interfaces.
Furthermore, the modular architecture of React Native can provide code reusability. It would result in shorter development cycles and save costs. Hence harnessing the power of React Native in Fintech apps will enhance businesses to deliver customer-centric solutions.
Why is React Native apt for Fintech apps?
There is a long list of advantages of developing fintech apps with React Native. It lets a fintech app developer make the process faster, provide a native-like experience, and seamlessly integrate existing technologies.
How can React Native increase the speed of Fintech app development?
Using React Native can let developers write code just a single time and employ it whenever they need. Hence this will reduce the time spent on deployment as there is no need for different apps. Also, changes and updates are made easier and more efficient.
Can React Native help reduce development costs for FinTech apps?
Yes, React Native can also help cut costs for Fintech apps. As you can develop apps for multiple platforms with a single codebase, it erases the need for a separate development team. Hence you end up saving money and time.
How is the user experience of a fintech app developed with React Native?
React Native provides an exceptional user experience due to its native components and UI elements. Hence, Fintech apps built with this framework feel like those with native technologies.
Is it possible to integrate existing web technologies with React Native FinTech apps?
Yes, React Native allows integration with existing technologies. Therefore if you have web-based fintech applications, you can use them in your React Native apps. It makes it easier for you to employ existing infrastructure and integrate more services.