A fintech application enables the user to manage all their financial responsibilities with just a few clicks. They are secure and they provide a better experience to people in managing their finances. But these fintech applications can only provide a better user experience if they are built better. For that, you need the right technology. Many contenders can be debated for that position but today we are going to talk about how React Native might just be the right technology to use to create a fintech app for you.
What is a React Native?
Facebook has launched a JavaScript-based mobile app development framework called React Native that can help you build native applications for both Android and iOS platforms.
However, to run its run-time environment, React Native uses NodeJS. And if you want to build complex applications like finance apps then you must have basic knowledge or prior experience in programming with JavaScript, CSS, and HTML.
Why Should Fintech Mobile App Developers Choose React Native?
Easy to Maintain
React Native is perfectly capable of fulfilling all the needs of users smoothly and cost-effectively. This allows the React native developers to update the mobile applications in no time. Auto update features make it easy to maintain the fintech mobile application.
Compatible
When it comes to development tools and frameworks, there isn't any kind of perfect solution available in the market. A single tool or development framework can’t provide everything you need to develop a fully-functional and feature-rich application. You have to compensate for them by using third-party integrations and plugins. But not every framework can perform well with third-party integrations.
However, React Native allows the developer to easily use third-party plugins to add features like GPS and Bluetooth to your mobile application. This would help developers in enhancing the user experience across all devices.
Reduced time to market
When developers use React Native for mobile app development, they have to spend much less time on coding. Because the framework enables you to create applications even with minimal coding. And what’s more is that you don't have to write the code, again and again, to launch apps on different platforms. Your code in React Native will work on every platform. So, using React Native helps you drastically reduce the time-to-market.
Easy Data Storage
Many frameworks do not support offline storage options, but you don't have to worry about it if you are using React Native. You can save your data offline and then retrieve it too. This feature alone puts React Native in the tech stack of small as well as large organizations for developing applications. This feature can also come in handy for fintech companies who have to keep their sensitive data highly secured.
Developing Fintech Mobile Application using React Native
Selecting Technologies
To build a finance app, you need to have a variety of React Native tools and libraries that can create a long-lasting application. Next, you will need a TypeScript programming language. It is used more than ever before to make a market share in the flow types.
Having a definitive selection process for the right technology can provide many benefits or at least save you from troubles down the road. For the creation of fintech applications, Javascript libraries are available for the developers, but when major changes happen, these libraries disappear and are replaced by new ones.
Many developers preferred using Redux for financial applications as it allows storage of shared states including network data requests. But with the advent of React-Query, the usage of Redux has reduced drastically.
Besides, you need to either transfer or upgrade your dependencies to the latest versions if you want to keep your app stable. And when you are using the JavaScript ecosystem, you have to deal with a lot of external dependencies. Updating all of them would take quite some time.
However, if you wish to build everything right from the scratch, that is also going to take some time. So opting for React Native might be the most suitable option for you.
Finalizing App Architecture
A business finance application would need more advanced features and functionalities than one would need for a personal finance application. And with the growth of a financial organization, those features need to be evolved or scaled up. The developers need to work on the development process to build every feature, and component for the fintech application and then distribute them through various app stores.
You need to be very careful while you plan on how to build the code base for your application. The code base must be structured as per modules and every module must have its responsibility for the codebase. When the app structure is free of unnecessary constraints, things work smoothly.
Whenever new functionality is added or any little change is made in the app architecture, it must be tested thoroughly for quality and performance. So make sure that whenever you build a fintech application, it must use a modular architecture that allows you to break down your application’s code into smaller chunks. A fintech app consists of the following modules:
- Products
- Data
- Shared
- Core
- Maintaining code base
After everything is set up including choosing the right technology and creating a code base architecture for your application, now, all you have to do is maintain your code base. You can opt for new innovative technologies that can provide you with tools to not only help you build products but also enable you to solve problems that occur down the road.
React Native can offer a variety of tools and libraries that can help developers with the app development process. And that is the reason why they prefer to use it for complex projects like fintech development. Moreover, developers regularly check the third-party dependencies and update them regularly to maintain the code base and make sure that it stays healthy. React Native also provides performance improvement and bug fixes for code architecture.
Conclusion
Fintech is a growing market and it can be very competitive. In such times, you need to be agile in your development process. Additionally, you need powerful technology that can help you fulfill the needs of modern businesses.
And as we discussed in this blog, React Native can help you with all of that. It can not only reduce the app development time but can also help you bring down the total development cost of the project. These two reasons are enough to explain why fintech developers around the world prefer to use this technology for fintech app development. So, what are you waiting for?
Author Bio
Emil C working as an android app developer in TatvaSoft.com. She has got more than 4 years of android app development experience and has got abilities to write informative content on this subject.
