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React Native-the prime choice for Fintech apps | Fortunesoft

Mobile App | November 27, 2021

Fintech apps are saving the world population from a lot of complications by making financial transactions easy, convenient, quick and secure. Both businesses and people are fascinated by these simple to use applications that save them time and discard the need for an individual’s physical presence during payments. 

What is it that makes these apps so user-friendly? Yes! You guessed it right. It is the framework that goes behind these applications. Given the high pace at which our digital globe is revolving, often the developers do not have much time on their hands. They are required to work at multiple tasks in short spans of time without losing focus.

In such a situation, what if you are told that your coders do not need to develop separate pieces of code for iOS and android apps? How about having a framework that just needs a single code-base for both iOS and android platforms! Well! React Native (React Native) makes it possible, resulting in large scale time and resource savings.

React Native-the origin

First launched by Facebook as an open-source project in 2015, React Native became one of the top solutions in the mobile development space in a matter of a few years. This framework has been built based on React which is a popular Javascript library. 

Features of React Native:

React Native incorporates cross-platform development which implies that the right code once written can be shared from 90-99 percent between iOS and android platforms. It provides ready-to-use code components thus dismissing the need to write everything from scratch. This feature increases the development speed many times. 

Although there are navigation and design dis-similarities between iOS and Android platforms, they are automatically dealt with in cross-platform development because of the shared codebase. This helps in creating and sustaining a consistent application brand identity on the two platforms with less effort than if built on native.

Native application development comprises writing code individually and frequently. It also requires two separate software developers to work on the job – one on iOS and the other on Android. However, in React Native, only one codebase can handle the two platforms, and everything is in a single place.

Product development is way faster and cheaper because of less resources needed for writing the code once.Another plus point of using the React framework is the popularity of its coding language for applications — Javascript. It is a simple and easy to learn programming language when compared to other programming languages like C++, Ruby or Python.

Every React Native developer is remarkably confident of the features and benefits of this cross-platform app development framework. It is well tried and trusted by the users.

Switch to React Native for Fintech apps:

The successful applications of React Native are making it the new preferred choice for the Fintech app arena. Right from cryptocurrency to mobile banking and investment apps, the Fintech industry is expanding and evolving by leaps and bounds. A few examples that bear testimony to this statement are the emergence of debit, credit and ATM cards, electronic trading, and more in the current financial scenario.

React Native in Finance:

As smartphones and tablets are now found in every other hand, an increasing number of consumers will be benefitted by fintech apps that use React Native to achieve more out of less and get a better experience. In the fields of banking and insurance, fintech apps increase the accessibility of different financial products to consumers by pacing up the approval rate. Going further, companies are using fintech apps to automate and speed up these approval processes.

React Native has proved beneficial for a variety of fintech apps such as banking apps, financial apps, budget apps, stock apps, and more. Banking apps like Chase, Chime, or Discover, budget apps like Mint, PocketGuard, Goodbudget, and more are strong standing examples of the React Native cross-platform app development.

Many common mobile applications used in daily life with attractive user interfaces use React Native. For instance :- Facebook uses React Native in a majority of mobile applications. It is also used by many other companies such as Instagram, Airbnb, Skype, Discord, Tesla, and Walmart.

Why use React Native for Fintech apps?

Falling back onto the previously discussed topic of Fintech apps; the area of fintech is highly competitive  and is gaining popularity at top-notch speed. Considering this situation, You have strong reasons to consider React Native as a prime option for developing a Fintech mobile payment app using this technology.

Considering that the fintech area is very competitive with high velocity, there are strong reasons to consider React as an optimal option for developing a product utilizing this technology:

Why?

Because:

In the end:

These reasons coupled with the features of React Native are persuasive for considering the same as a desirable technology,  for the fintech app development. Although, the factors of updates and modified versions cannot be written off, its advantages outnumber its drawbacks every time. This is so, because the benefits of the framework can be one of the turning points for your developed application, keeping in mind today’s era of cut-throat competition.

This content was originally published here.