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What makes React Native so popular as a front-end development option for Fintech app projects? This is a common question that has appeared on Google in recent years. There is a multitude of reasons behind the popularity of React Native. Still, when it comes to Fintech app development, the technology offers more competitive value propositions than the rest. There can be hardly any doubt that fintech applications are increasingly becoming a popular niche thanks to overwhelming interest from people from all walks of life. According to recent statistics, a whopping 78% of millennials in the US will be digital banking consumers by the end of 2022. Fintech apps make financial transactions easier and simpler and allow users to do more with their financial instruments and tools. There are too many examples of how Fintech apps helped financial companies revive their businesses completely. People hate traditional, time-consuming transactions, so they turn to Fintech apps more than ever before. But building successful fintech apps requires using the most legible, breathable, and versatile technologies and tools. That’s exactly where React Native fits right in. But before you hire dedicated React Native developers for your Fintech app project, take a pause and consider the cost factors as well. Are you concerned about the cost of building a Fintech app using React Native? Well, you don’t need to worry. Here we will provide brief but effective guidance on the cost of building a Fintech app using React Native. Key Benefits React Native offers for Fintech App Projects React Native, as we all know, is a modular, cross-platform development framework regarded worldwide for its flexibility, scalability, and excellent features supporting modern app projects. All these qualities and several other attributes always give React Nativ3 an edge over other options for Fintech app development projects. The world’s biggest organizations across the niches, such as Facebook, Instagram, Airbnb, and many others, use React Native for their mobile apps. On the other hand, the framework is also widely popular for helping startups to shape their mobile app ambitions into reality. No wonder an increasing numbe4 of financial startups now prefer using React Native. Single Reusable Core Codebase Mobile app development projects for financial services can target a wider audience by building iOS and Android with the same core codebase. The developers can reuse up to 90% of the core codebase across both ios and Android. So, if you want to code your Fintech app once and run across multiple platforms without sacrificing the native user experience and performance, this is the framework to opt for. Modular Component-based Architecture You don’t need to write the code from scratch when using React Native for the project. You have a lot of readily available components that you can use and boost the speed of your development process. This modular architecture also adds to the flexibility of React Native-based Fintech app projects. A Huge Talent Pool of Expert Developers React Native ranks among the top cross-platform development frameworks, with a neck-to-neck fight with Flutter for the top position in the last two years. In contrast to Flutter, React Native is mostly preferred by more mature and seasoned businesses looking for stability. This is why you can always find a large pool of talented developers for every niche and app category. Flexible Deployment React Native is also widely known for flexible deployment, and web developers can easily find themselves comfortable in a React Native environment. This gives a development company much flexibility regarding resource utilization and cost. Since the Fintech app segment is tremendously cost-intensive, this flexible deployment gives an edge. Faster and Easier Development and Testing with Hot Reloading Fintech app projects built upon React Native get another advanced feature called hot reloading. Thanks to this feature, developers can easily make changes in the code and evaluate the impact in real time and make further changes. The same also helps speed up the testing process. Let’s figure out the Fintech App Development Cost with React Native It is well known that app development irrespective of the niche or category always needs meticulous planning and a dedicated team of expert developers to see the project go through the challenges and come out victorious. How the cost of Fintech app projects is impacted, and what are the key factors? Let’s find out from the standpoint of React Native developers.
Summing It Up We still do not have a perfect clue to assess the Fintech app development cost without knowing the details of all the above-mentioned variables. Though React Native will help you exercise the best controls on app development cost, it is always advisable to embrace an incremental development approach and start with a basic app followed by several value updates with changes and additions based on user feedback.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Carlo R.W. De Meijer Owner and Economist at MIFSA
11 September
Ruchi Rathor Founder at Payomatix Technologies
10 September
Ahmad Almoosa Cofounder & CEO at Mazeed
Alex Kreger Founder & CEO at UXDA
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