Last Updated: October 20, 2023


Mrunali Gaikwad


With ever-evolving technologies at hand, developing high-performance apps is now just a matter of decision-making, good skills, and optimum resources. While there have been many discussions regarding React Native mobile app development, we believe it’s time we understand whether it works for fintech applications. 

In this blog,

  • What is React Native?
  • How is it distinctive from other technologies?
  • Benefits of using React Native for Fintech Solutions

Apps have changed how users perceive and receive services. Since users want to have all services under their fingers and the world within their smartphones, businesses need to think similarly. Fintech is one of the most progressive industries in the app development sphere. 

25% of the fintech market is acquired by digital payment applications. Since it’s expected to expand even more in the future, investments in this sector look fruitful. However, there are several aspects one must understand and make their app competent enough. Technology being a major game-changer, let’s not waste time and talk about how React Native is a good choice for fintech apps. 

React Native is a Good Choice for Fintech App

What is React Native?

Facebook launched React Native in 2005, and soon, it became one of the topmost frameworks for mobile app development. React is a front-end JavaScript library which itself is an explanation for its many benefits. 

Considering the diversity of devices and operating systems, developing applications is a complex task. That’s where React Native comes to the rescue. It eliminates the need for writing separate codes for iOS and Android apps. Developing applications using this framework saves time and resources on a large scale. 

Since fintech applications tend to be a little more complex than others, seeking React Native development services would be a great decision. Apart from its single-code base, there’s a lot more React Native has to offer.  

Read More: Top React Chart Libraries Empowering Businesses with Data Visualization

Why Choose React Native for Fintech App Development

Let’s take a closer look at the features and benefits of React Native mobile app development for fintech apps. 

Facilitates Cross-Platform App Development

Cross-platform compatibility is a must for all kinds of applications today. Considering the growing popularity of fintech applications, they should be used on various devices. Let’s be real, developing apps for different platforms is a complicated affair. 

React Native’s components and resources help in bridging the dissimilarities between platforms and design interfaces. Since cross-platform development has a combined code base, everything becomes easier and requires less effort, time, and resources. It also ensures a consistent app identity on all platforms.  

One-Time Coding

When building native apps, developers need to write separate codes for both iOS and Android. But when you choose to hire a React Native mobile app development company, it makes a lot of difference. This framework eliminates the need for separate coding for iOS and Android. It’s easier to manage and requires less time and resources as everything can be handled in the same place.

90-99% of correctly written code can be shared among iOS and Android.

Since the maximum smartphone market is covered by iOS and Android devices, building a fintech app for these platforms should be your priority. In that case, a framework like this one is a good place to start. 

Faster and Affordable App Development

As said earlier, React Native requires fewer resources and time for writing codes. Thus, it is a faster and more economical tool for developing reliable fintech applications. React Native is comparatively easier to use. Also, it comes along with various ready-to-use components that significantly speed up the development process. 

Instead of hiring different developers or teams for iOS and Android apps, you just need to look for a React Native app developer. This is absolutely a cost-saving option for developing fintech apps if you have budget limits.  

Easy UI Modifications and Relocation

When fintech applications are developed using React Native, they can leverage the one great benefit of hot reloading. This feature allows the implementation of the latest versions and modifications in the UI without the need to quit the running application. 

Additionally, relocation of web developers to the React Native environment is easy since it’s all about Javascript and some additional components and API.  

Productive Framework

With its interesting features and resources, React Native allows the creation of live applications that keep up with the native-like performance. It comes with some of the best design & debugging tools and browser extensions for Chrome and Firefox. Also, the React Developer Tool smoothens coding to a great extent. Developers can also check the component hierarchies of the React platform and track their parent components and current status.  

Easy Data Migration

Migrating data from older technologies and applications generally causes several challenges. However, with React Native, data migration is simpler and more secure. To make sure this is done perfectly for your application, you may discuss the concern with the React Native development agency you choose to work with. 

Over all these years, the React sphere has gained a lot of popularity among developers. It has a growing community which means there’s enough support in case your development team finds themselves stuck somewhere. Therefore, you can always find a solution for your respective matter. Even if there are challenges, developers can pave the way out of them. This significantly improves how fintech applications turn out to be with React Native.   

Related blog - Digital Wallet App Development: Everything You Need to Know in 2023

Seeking React Native App Development Services?   

React Native has significantly revolutionized app development. The above-mentioned points surely convince you why it’s one of the best frameworks to use for developing fintech applications. 

  • It speeds up add development and ensures that they run smoothly on all platforms. 
  • Reduce the overall development expenses up to almost 40% 
  • Offers excellent user experience 
  • These projects can be managed well even by smaller teams because of the one-time coding advantage. 

For your app idea to be executed well, it’s very important to find a reliable React Native mobile app development company. At Narola Infotech, we make sure to understand your app requirements and curate a seamless solution. For similar services or queries, feel free to connect with us.  

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