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React Native for Fintech Apps in 2020

Mobile devices more and more help to interact with different areas of human life. The financial area is not an exception. Mobile devices are used for bank transfers, insurance, stock market trading, managing their own financial wealth and etc. Fintech apps make life easier by offering to manage all related tasks to the finance area. This means that the most important features of a Fintech app are real-time processing, velocity, security, integration with other applications, easiness.

React Native (further, read as “RN”) is a framework for building native apps using React. Its means you are able to use main benefits that propose by React including faster Go-To-Market time, backed by big names like Facebook, Instagram and millions of developers globally, ease of use, quick work, efficient developer tools, etc.. Comprising this advantages with RN for mobile development and as a result of synergy is a technology which is hard to compare with something similar on the market. Evidently that there might be some drawbacks of using RN, which would be mentioned later but they are minor comparing to the advantages that promise to be.

All higher mentioned bring to the conclusion what gives an answer to the question:
Why the RN should be used as a tool for creating a fintech product?

First, let's have a look at advantages of that technology generally and in terms of Fintech:

  • Cross-platform development gives the possibility to write code once for IOS and Android mobile platforms. Correctly written code can be shared from 90% to 99% between both platforms;
  • Instead of writing code from scratch, RN gives ready-made components what speeding up development time;
  • Native apps require two separate developing teams for Android and iOS. As a result, two projects can become inconsistent. On the opposite side, the RN makes it possible to manage one team for developing an app on both platforms;
  • Big amount of experienced developer with knowledge of React;
  • Possibility to relocate developers from web development in RN projects in case of necessity because RN in its core is just JS with a bunch of Components and API out of the box;
  • Availability of hot reloading, give a possibility to developer leave the running app while implementing new versions and modifying the UI;
  • RN performance most likely to the productivity of native apps, and extremely smooth animations;
  • Using RN provides an optimal User Experience across both platforms.

Now let’s dive in drawbacks of React Native:

  • RN still lacks some components. There is a chance that there won’t be a problem with that, as the majority of custom modules are available, well-documented, and working properly. However, if app complexity scaling it can arise a necessity to create a component in a native technology;
  • If the app is very computation-intensive with advanced functionality, then performance might go down in comparison to apps created with native language;
  • Small age of technology compared to native languages makes it subject to changes and improvements, which requires developers to come up with custom solutions or workarounds.

Conclusions

Considering that Fintech area is very competitive with high velocity there are strong reasons to consider React Native as an optimal option for developing a product because this technology:

  • accelerates the speed of developing a consistent app on IOS, Android platforms,
  • cost-related expenses with creating an app can be reduced by 30-40% compared to the cost for developing the same product by two teams,
  • there will be a smaller team and it will be easier to manage,
  • give user native experience.

These reasons are persuading for considering React Native as desirable technology for the Fintech app because its benefits can be one of the cornerstones on which stands success of the delivered product in this very competitive area.


Creating a Fintech App With React Native at TechMagic

React Native framework for mobile devices changes rules the way mobile development is done today. Decision made on what technology should be used for accomplishing the goal depending on different aspects accounted for achieving the desired result. With RN technology and the revolutionizing approach, it offers for mobile development, the developed product will be highly competitive and flexible what is one of the main elements of success.

If your decision stopes on the React Native framework for your future Fintech app, don’t hesitate to contact the TechMagic team. We will help you in your future endeavors and will become part of your history of success.

Learn more about our Fintech expertise here.

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TechMagic is a software and web development company from Lviv, Ukraine that builds dedicated teams skilled in JavaScript, Node.js, Angular, React, AWS, Serverless, and Salesforce.
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