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FinTech App Development: Why is React Native the prime choice for FinTech apps?
- Emorphis Technologies
- Aug 4, 2021
- 4 min read
The year 2020 has been a watershed moment for business as it has seen tremendous growth in mobile app development. Moreover, continuous havoc played by the COVID-19 pandemic has made web applications instant popularity among the masses. Even the financial sector has seen the widespread fame of online applications among youngsters and elders alike. FinTech app development is seeing a golden phase as mobile devices have become a rage among people. They find their usage in insurance, bank transfer, stock market trading, and even own management of financial wealth.
What makes these apps so popular than others? The answer is the framework from which the given application is designed. With the continuous evolvement of the digital world, developers have limited time to work at a high pace. Instead, they need to work on multiple tasks in a short duration without any scope of error.
In such a scenario, if someone told you about a solution that requires the same piece of software that can be used both for Android and iOS apps. What will be your reaction? Wow! It will be your reaction! What about the platform? It is React Native that will result in saving valuable resources with large-scale time.
About React Native
First launched by Facebook in 2015 as an open-source project, it becomes the top framework in mobile app development in just a few years. What does it mean? It is a framework that focuses on building-up of native apps using React, which is a front-end JavaScript library.
It is gaining confidence among developers as it helps in the creation of interactive, engaging and intuitive FinTech software solution that is highly efficient and dynamic. Moreover, they use ReactJS applications that require minimal coding. Furthermore, both large and small-scale companies have shower praise for the given framework.
Today, every project works on the ReactJS platform and has become the most after-sought choice for FinTech application development. Moreover, it is backed by big firms such as Facebook that makes the FinTech product a global firm that makes the app work quickly and easily.
Now a question arises: Why is React Native a prime choice of FinTech apps?
First, let’s have a look at numerous advantages that comes with React Native for FinTech applications by studying its innovative features explained below:
A. It Focuses on a Cross-Platform App Development
The given solution focuses on utilizing the perfect code for cross-platform development so that once it is written; it will be easily shared between Android and iOS platforms with a 99% success rate. There is no need to write from scratch as it offers ready-to-use code that results in enhancement of the development speed.
Though there are differences between the given two platforms in terms of design and navigation due to the presence of a shared database, such issues are effectively sorted out. In this way, there is a creation of a perfect brand identity for two platforms with much less effort if the native app has been used.
B. It Produces Faster & Cheaper FinTech Products
As there are fewer requirements for writing the code, again and again, the development of the FinTech product is faster and much cheaper than other sources. Besides, it has become darling among the FinTech app development companies because of the usage of the most popular coding language for web applications i.e., JavaScript.
The best part about the given language after comparing it with other languages such as C++ and Ruby is that it is easy to learn and use. With JavaScript, the online visibilities of the FinTech products also increase again and make it more prominent among the viewers.
C. Provision of Cross-Platform Usage
In the case of a native app, developers have to prepare everything from scratch. It happens because they have to build separate applications for every new platform. However, apps built on React Native platform allow designing a single app that can easily run on all the platforms. The given platform offers faster development for the apps that saves time and money; a crucial success for the FinTech app development companies.
Likewise, combining the Native UI library and native APIs with ReactJS helps in the creation of a single codebase. The given codebase is then used for all the platforms notable of being them include iOS and Android.
D. It Comes with Developer Toolkit
The inspiring part of React Native is that it comes with some of the best designing and debugging tools, much to the excitement of the developers. It also comes with browser extensions from two leading web browsers namely; Chrome and Firefox. In addition, it consists of a ‘React Developer Tool’ that is easy for the developers to download and use and make coding more smooth.
Furthermore, React Native provides any FinTech app development company to permit their developer to monitor the component hierarchies of the Reactive platform, find out the parent components and even check their current status more comfortably.
E. Easy Data Migration is Possible with React Native
Migration of the data from old technology to a new one always poses a threat of data loss. But in the case of React Native, developers are already prepared to face the migration challenges successfully. There is the writing of the code whole over and no more investment in time and effort.
Besides, the addition of code in the present infrastructure at any moment is easier than ever. From the developer’s point of view, there is no need to worry about their performance during data migration. With the help of the leading FinTech website development companies, the migration of data from old technology to the new one is easy and assures them with high-level performance with good results.
Conclusion
These are some of the reasons that make React Native suitable for all FinTech sectors. It comes with few drawbacks and always offers a high level of advantages. The FinTech sector is growing at an exponential phase, and embedding it with React Native platform will help the financial companies to get the following benefits:
Ø Accelerates the development speed of the apps to run smoothly on every platform
Ø 40% reduction of cost-based expenses for the applications developed on React Native platform
Ø Easy management by the smaller team due to one-time designed code use for all platforms
Ø Offer appealing user experience
Due to such factors, React Native has become the most desired technology to develop innovative FinTech applications. With such facilities, they will surely be going to benefit the company and help them to offer and deliver successful web apps appropriately.
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