Why Product Based FinTech Companies Hire ReactJS Developers?

The fintech companies and startups relying heavily on the seamless customer experience across their multiple digital footprints always prefer technologies that allow reusability of code and ready to use components. This is why ReactJS has emerged as a popular JavaScript library for fintech app projects. Several other reasons make product based financial firms hire ReactJS developers for their app projects.

In a survey conducted by Deollite, 73% of respondents worldwide said that they use online banking at least once a month. According to the same survey, 59% prefer using mobile banking apps. So, whether web or mobile, fintech apps will dominate in the years to come.

For fintech apps, the user experience remains a crucial aspect impacting the success and failure of any application. The fintech companies need to engage their customers in loan or insurance, or investment products instantly and make the value propositions clear in a convincing manner. On the other hand, fintech companies need to ensure faster scalability with the growth of their customers and queries. No wonder, when you hire ReactJS developers for a fintech project, it fits into all the crucial frontend requirements.

Understanding the ReactJS Framework Before Hiring ReactJS Developers

Irrespective of the business niche, businesses prefer to hire ReactJS developers for all kinds of app projects. Today, ReactJS is the technology used for the world's most popular apps such as Netflix, Facebook, Instagram, Airbnb, New York Times, WhatsApp and many more. Now, an increasing number of fintech startups, particularly product-based ones, rely on ReactJS. Certain potentials of this framework or JavaScript library make it stand apart from others. Let's have a quick look at them.

• Performance: While the actual DOM updates slow down the app speed and performance, the virtual DOM of the ReactJS helps reflect the actual DOM updates in real-time to ensure lightning-fast performance.
• Ease of Updating: The component-based architecture of React and the way it allows JSX files to add or write HTML code in React makes making changes with a single component easier for the developers without messing up with the other components.
• Real-Time Changes: The hot reloading feature of the React allies developers to make changes and see them reflected in real-time through the apps.
• SEO Friendly: The web apps built by using the ReactJS framework tend to be more SEO friendly than others simply because of their lightweight footprint, supple performance and architecture that helps search engine crawlers find content easily.
• Lower Learning Curve: Compared to most other JavaScript frameworks in the market, ReactJS has comparatively a lower learning curve allowing developers with traditional web development skills to adapt the framework faster for app projects.
• Robust Community Support: ReactJS happens to be the most popular JavaScript framework to date and boasts of an unparalleled global community of developers. The ReactJS community continues to add new reusable components that other projects can use.
• Fast-Paced Development: ReactJS is preferred by many startups and budget-constrained app projects simply because of the faster development time and the corresponding impact on the development cost. With minimum coding, the developers can create a highly interactive app frontend or user interface using ReactJS.

Why Hire ReactJS Developers for Fintech Apps?

ReactJS is an open-source JavaScript library created by the Facebook team to make developing app user interfaces or frontend easier with a component-based architecture. After being launched way back in 2014, it became the dominant web and mobile app development technology for app projects of almost all niches.

Though fintech app developers realized it a bit later, now React is synonymous with the most performance-driven technology for fintech and banking apps. Now React library offers all the useful components for app projects, making it invincible for businesses to hire ReactJS developers.

Usually, a fintech app involves building components like User Profile, User Account, Navbox, Money Transfer, Loan Products, Investment Products, Value Added Banking Services, Contact, etc. ReactJS ideally suits such app projects because it makes maintenance easier through Real Dom and a Virtual Dom. While the Real DOM takes time to update a single change and often impacts the performance, the Virtual DOM ensures streamlining the changes in real-time. This provides higher stability and superior performance of the fintech apps.

React allows code reuse and enhances code quality by enforcing SOLID architecture is another key reason to opt for the library. ReactJS allows the developers to share the JavaScript logic functions across platforms like formatting, data fetching, state management, etc. Still, the framework also allows developers to share and reuse ready to render components in their banking apps. This results in higher consistency of the app user experience and faster development.  

Understanding the Hype for ReactJS based FinTech Apps

A crucial reason for React's emergence as the most popular technology for fintech apps is its open-source community supported nature. It allows adding new libraries and brings more value to the platform in many ways. This is particularly important for the fintech apps to cater to the fast-evolving needs of financial services communities.

ReactJS, unlike many other JavaScript libraries and frameworks, comes equipped with all the key components and attributes needed for the development of fintech app UI. Some of the notable FinTech app categories that were made easier thanks to ReactJS include the following.

• Cryptocurrency trading
• Investment portfolios
• Stock market trading
• Financial Market News
• Personal Finance and Investment Tracker
• E-Banking App Features
• Expenditure and Budget Tracker

With ReactJS, you can easily streamline your focus on the key business logic and crucial user experience attributes of the fintech app products as you get a robust templating engine and ready-to-use app components. This is where ReactJS seems to offer an unparalleled level of value propositions for fintech app projects. Apart from lowering the development time and cost for the app projects, React also lowers the maintenance time to a minimum through its robust plugin library.

Conclusion

Fintech apps happen to be one of the fastest evolving segments requiring versatile, scalable, and flexible technologies to cement the brand footprints across both web and mobile OS platforms. ReactJS comes as the most suitable and powerful frontend library to meet these crucial requirements. No wonder an increasing number of fintech startups and established financial firms have started to embrace React for their digital offerings.