Building Financial Mobile App with React Native

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Mobile Applications play an important role in the growth of both small and big businesses. And mobile devices have started to assist people with everything. The financial field is no different. Nowadays, mobile apps are used in all financial aspects like bank transfers, financial wealth management, stock exchange trading, insurance, and more. Fintech app development is something that makes things better for users by enabling them to manage their financial responsibilities with one click.

Fintech app development makes things better by allowing users to manage all financial responsibilities. It ensures security, real processing, interaction, velocity, and more. And to offer all these things in a much better way than before, developers are now using React Native for creating fintech mobile applications. To know why developers prefer React Native and how it is used, let’s go through this blog.

React Native is one of the most popularly used mobile app development frameworks by Facebook. It enables mobile app developers to create native-style mobile apps for both Android and iOS. And this can be done under one common programming language, JavaScript. Initially, React Native was developed for only iOS but now it supports Android as well. To run its applications, React Native uses Node.JS as its run-time environment.

Developers who have basic knowledge of HTML, CSS, and JavaScript can work with React Native and create extremely efficient applications, especially financial apps.

Some of the benefits behind choosing React Native for financial mobile app development are -

React Native is a framework that comes with the ability to smoothly and cost-effectively meet the requirements of the users and this is why the React Native developers are able to update any existing mobile app into a newer version within no time. This feature of React Native makes it the right choice for fintech app development.

2. Compatible

With React Native, developers can easily use a variety of third-party plugins to add in-built aspects like Bluetooth and GPS in the mobile apps. This helps in increasing the user experience that the developers offer to users across various devices.

3. High Coding Standards

Developers choose React Native for fintech development as they want to go with minimal coding. With React Native, they will have to code once for two platforms and this will help in cutting down the development time.

4. Easy Data Storage

With React Native, offline storage of applications is possible. The offline data can later be retrieved as required. This is the feature of React Native that makes it one of the most popular frameworks for creating apps for small and big organizations. Especially for the companies who are dealing with highly-secured data like finances.

Here are some of the things fintech mobile app developers follow while working with React Native -

And when it comes to launching the application, the selection process of technologies that were made, trunks out to be of great benefit. There are libraries in the market for JavaScript that the developers use to create fintech apps but these libraries tend to disappear when there are major changes and they are replaced by other libraries.

The majority of the developers used to work with Redux to store shared states across the financial application and this includes network requests data. But now with the emergence of libraries like React-Query, Redux has become less popular. Besides, if you wish to keep your application to stand still, you will have to migrate or upgrade the dependencies to newer versions. And in the case of the JavaScript ecosystem, developers tend to use many external dependencies. Updating these dependencies is a quite time-consuming process. But at the same time creating everything from scratch will be more time taking. So this is the best option for you.

2. Finalizing App Architecture

When any financial company grows, the business app needs more evolved features and products for the mobile app. This means that developers have to add and change code without any issues. Besides, when the developer is working on a fintech app development process, he will have to create everything in a single binary and then distribute it into different stores.

There is one way to avoid the bad planning of the app’s code-base is to structure the code-base as per the modules and each of them must fall under its own responsibility. This can make everything easy when the constraints are not enough in the app’s architecture. The quality of the architecture can be measured when very little effort is required to move the functionalities. So, when it comes to finalizing the architecture of your fintech mobile app, make sure to use a modular folder structure as it enables you to split the code of the app into smaller business functions.

The fintech app modules can be divided into the following types:

After the technologies are selected and the app code-base architecture is created, the last thing to do is maintain that code-base. For this, taking innovative technologies into consideration is one of the best things to do. They enable the developers to create products with the best tools that can help in tackling problems that might occur. This is why developers prefer React-Native for creating mobile apps, especially apps for fintech companies. Besides, React Native also comes with tools and libraries.

Besides, when it comes to maintaining the code-base of the application, developers keep a check on the third-party dependencies and try to regularly update them as it ensures a healthy code-base. And it also offers bug fixes and performance improvements.

Fintech is a very competitive field with high velocity and this is why developers prefer to use React Native as an optimal option for creating financial apps. With the help of React Native, the developers can accelerate the speed of creating Android & iOS apps. It reduced the fintech app development costs by around 30–40%. This proves that React Native is one of the most desirable technologies for the fintech app.

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