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Why Do Finance Companies Choose React Native For Fintech App Development
Jan
10
2022
10 Jan 2022

Why Do Finance Companies Choose React Native For Fintech App Development

Mobile apps have become the norm for people and their necessities. Gone are the days when people physically involved themselves in every task. Today, people prefer to access every utility through apps on their smartphones. App development and use is a trend that has developed in pace with the development of mobile phones.

However, the need for mobile apps is more than ever now. While people want to tap into mobile apps for the convenience of having every service at their fingertips, companies and app developers want apps to increase brand visibility and marketing. The reach of a mobile app is tremendous compared with other modes of marketing.

The revolution in Mobile App development

The onset of the 2020 pandemic brought in the need for the virtualization of every sector. The services and even product supply also shifted into the mobile space. This movement created a new niche for contactless services. Apart from being safe, contactless services are also very convenient for people.

Also read: FinTech Applications And Their Impact On Banking And Finance Industry

The basis of these contactless services is the use of mobile apps. Mobile apps have advanced in every sector aligned with public life. One such sector is the fintech sector. The financial technology sector amalgamates technology and financial expertise to help people handle their financial responsibilities.

In 2020, the pandemic shook up the financial conditions of the entire world. From households to countries, every paradigm of the global financial construct toppled over. Financial management was necessary for every person and family in the wake of the pandemic and its subsequent waves.

People have to now save up for every situation that looks like an emergency. In such a situation, where even a common man wants to make the most of his financial capabilities, Mobile App Development companies invest in Fintech.

The popularity of Fintech Apps in public

Fintech apps have become the most chosen apps for youngsters and elders as the public tries to grasp its financial responsibilities. Fintech app development solutions give a prime advantage to people accessing their financial responsibilities and goals with a mere touch on the screen. The idea of accessing insurance cover, stocks, funds, daily financial planners, and other financial tools at a single tap makes finance simpler than before. Therefore, fintech apps are all the rage today.

Fintech app developers have reached out to different technical features to create the apps. A strong app technology platform creates a useful and efficient fintech app that works for diverse purposes. React Native for mobile app development is a popular choice among the technology platforms used in the fintech segment. In this blog, the reader will know more about React Native and why it is a good choice for fintech apps.

What is React Native?

React Native was first launched as an Open Source Project by Facebook in 2015. The app framework became very popular in a very short period. The platform is based on React, a Front-end JavaScript library. The platform is used to develop native apps with the use of JavaScript. The platform extends many benefits of React Library, including faster go-to-market time and advanced tools for app developers.

The React Native App Development service also increases using a native app, like a fintech app. App developers use the React Native platform because of app creation and its extended quick commands. Tech giants like Facebook and Instagram also back the React Native platform. The platform is trusted by millions of app developers every day. Further improvements and developments in the React Native framework make it an advanced portfolio of app development tools.

The framework is gaining popularity in the Fintech app development community as its tools help increase an app’s interactive nature and intuitive actions. The framework is a modern one that reduces hassle for the Developer. The framework aids the development of intuitive apps that are feature-packed and engaging for the user. The React Native framework has been applied by both large-scale and small-scale companies with good results in productivity and delivery.

It is no surprise that the React Native platform has become a clear favorite for app development companies. The RN framework’s scale of product delivery, efficiency, and interactive interface is unmatched compared to other app development platforms.

Let us look at the advantages that React Native platform offers native app developers.

1. It focuses on cross-platform app development

Cross-platform app development is the norm for today’s apps. Everyone holds a smartphone, and people use multiple operating systems. Whether you hold an iOS or an Android smartphone, you will want to access an app irrespective of the operating system. The development of cross-platform apps enhances their compatibility with smartphones of different brands. Thus, cross-platform app development increases the spectrum of applications for the Fintech app.

Using React Native for mobile app development increases the diversity of the application and enhances its reach among people. The code written using the RN platform is compatible with both Android and iOS. Thus, both platforms share the code with a near-perfect success rate. Moreover, the Developer does not need to write the code from scratch. The RN platform already has ready-to-use codes that fit the fintech app framework.

Therefore, using the React Native platform increases the development speed and ease for a developer. In a highly competitive business landscape such as the Fintech sector, where numerous apps are churned out every day, RN comes in handy for app developers. The ultimate result is creating a seamless app interface that acts on multiple operating systems. This creates a uniform, clear, and positive brand image for the fintech company. The React Native platform covers all the minor issues in sharing code between the two operating systems.

2. Faster and cheaper apps

The budget for creating apps matters in the final chart of tangible verticals and bottom-line figures. The goal of a React Native App Development company is to reduce the budget of app creation to a minimum and increase profits. App developers are trying to develop applications that do not cost millions but are effective and feasible.

The React Native framework achieves these goals easily. With in-built codes and coding tools, the developer helps avoid developing an app from scratch. This increases the convenience factor and also the economic factor of app development. The platform develops faster, cheaper, and accurate apps to the design details. This helps app developers achieve their goals without much financial and skill hassle.

The app development platform also uses the popular programming language JavaScript. JavaScript is a language that is easier to learn than other languages such as C++. A large section of developers prefers the app development language.

Also read: React Native App Development The Future Of Mobile App Development

3. The platform comes with Developer’s tool kit

Another advantage that the platform offers to app developers is the Developer’s tool kit. The platform has a range of developing tools that help an app developer, from designing tools to debugging tools. The right development tools can enhance the speed and quality of app creation.

The RN platform has the advantage of including all the tools that an app developer needs to create a Fintech app. Moreover, the app development framework also includes extensions from popular browsers like Firefox and Chrome. This helps the Developer create Fintech apps compatible with popular web browsers so that the app interface is desktop friendly. On the other hand, the platform also contains a React Developer tool that helps in smoothing out the coding so that the app runs perfectly.

Moreover, the RN platform is a developer-friendly framework that permits the Developer to monitor app and parent coding components. The app developer can also track the current status of the components to ensure that there are no hitches or bugs in the framework.

4. Aids Data Migration

The React Native platform creates conditions for smooth coding and is good for smooth data migration. The data migration part is tricky in other platforms, but RN supports data migration seamlessly. Apart from data migration, the platform also supports the addition of code at a later stage of development and improvement. Even with high volume data migration, the RN platform does not suffer from the app’s performance.

The React Native platform is a holistic and modern framework for app development that benefits app development companies. As fintech app developers try to create more multifaceted apps that are high in efficiency, the React Native platform steps in as an ideal development platform. It is a framework that benefits both the Developer and the user. The RN framework is the leading choice for app development because of its tools, coding systems, and speed.

The RN platform helps develop economically feasible apps that deliver performance and features. React Native framework also introduces updates and improvements, sustaining its popularity and functionality as an app support platform. Since cross-platform apps are the norm now, RN platforms for app development will only go up in the future. Instead of developing an app from ground zero, choosing RN frameworks simplifies the process for a fintech app developer.

Mobio Solutions is an enterprise mobile app development company that has technology specialists on board, who are talented and experienced in development using various technology platforms. We have expertise in iOS app, Native Android app, and Cross-Platform app development.