Cost of Building a Fintech App Using React Native
What makes React Native so popular as a front-end development option for fintech app projects? This is a common question that has popped up on Google over the past few years. There are a multitude of reasons behind the popularity of React Native. Yet, when it comes to Fintech app development, technology offers more competitive value propositions than others.
There is no doubt that fintech applications are increasingly becoming a popular niche thanks to the overflowing interest of people from all walks of life. According to
recent statistics, 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 enable users to do more with their financial instruments and tools . There are too many examples of how fintech apps have helped financial firms fully revive their businesses.
People hate traditional and time-consuming transactions, so they are turning to Fintech apps more than ever. But building successful fintech apps requires using the most readable, breathable, and versatile technologies and tools. This is exactly where React Native fits right in. But before you hire dedicated React Native developers for your fintech app project, take a break and consider the cost factors as well.
Are you concerned about the cost of building a Fintech application using React Native? Well, you don’t have to worry. Here we will provide brief but effective tips on the cost of building a Fintech application using React Native.
Main advantages offered by React Native for Fintech application projects
React Native, as we all know, is a modular and cross-platform development framework regarded worldwide for its flexibility, scalability, and excellent features supporting modern application projects. All these qualities and several other attributes always give React Nativ3 an edge over other options for Fintech application development projects.
The world’s largest organizations across niches, such as Facebook, Instagram, Airbnb, and many more, use React Native for their mobile apps. On the other hand, the framework is also very popular for helping startups achieve their mobile app ambitions. No wonder a growing number of financial startups now prefer to use React Native.
Unique reusable code base
Financial services mobile app development projects can target a wider audience by building iOS and Android with the same core codebase. Developers can reuse up to 90% of the core codebase on iOS and Android.
So, if you want to code your Fintech application once and run it on multiple platforms without sacrificing native user experience and performance, this is the framework to choose.
Modular component-based architecture
You don’t need to write the code from scratch when using React Native for the project. You have many readily available components that you can use and speed up your development process. This modular architecture also adds flexibility to React Native-based fintech app projects.
Huge talent pool of expert developers
React Native ranks among the best frameworks for cross-platform development, with a neck and neck battle with Flutter for the top spot over the past two years. Unlike Flutter, React Native is mainly preferred by more mature and experienced companies looking for stability. That’s why you can always find a large number of talented developers for every niche and app category.
React Native is also widely known for its flexible deployment, and web developers can easily feel comfortable in a React Native environment. This gives a development company great flexibility with regard to resource usage and costs. Since the Fintech application segment is extremely expensive, this flexible deployment gives an advantage.
Faster and easier development and testing with hot reloading
Fintech app projects based on React Native benefit from another advanced feature called hot reloading. With this feature, developers can easily make changes to the code and assess the impact in real time and make further changes. The same also helps to speed up the testing process.
Let’s find out the cost of Fintech app development with React Native
It is well known that app development, regardless of niche or category, always requires meticulous planning and a dedicated team of expert developers to see the project rise to the challenges and emerge victorious. How is the cost of fintech application projects impacted and what are the key factors? Let’s find out from the perspective of React Native developers.
- The size and complexity of fintech projects: As the size and complexity of the project increases, the
app development cost. For example, a simple e-wallet application will cost much less than a very complex mobile banking application.
- Fintech app features: As you integrate advanced features such as conversational AI, Blockchain, AI, etc., you end up spending many times more. You must therefore do a balanced job of starting with the basic functionalities and then gradually incorporating the advanced ones.
- Custom Architecture vs BaaS: When you opt for custom backend development, the cost will increase, but it may be necessary if the project requires it. On the other hand, Backend as a Service or BaaS may be cheaper.
- Third-party integrations: To create a user-friendly application, you may need many third-party integrations. As they increase in number, these integrations can incur more costs for the application project.
- Custom UI/UX design from scratch: If you opt for a custom UI/UX design from scratch instead of modeling one of the popular Fintech patterns and integrating too many unique UI/UX design attributes consuming a lot of time and resources for the design cycle , the cost can go up considerably.
- Legacy system integration: Many fintech applications need to work in sync with legacy enterprise software applications and services. The development cost can increase when you have to avoid many compatibility issues to synchronize your application with these systems.
We still don’t have a perfect index to assess the Fintech application development cost without knowing the details of all the variables mentioned above. Although React Native helps you exercise the best controls over application development costs, it is always advisable to take an incremental development approach and start with a basic application followed by several valuable updates with changes and additions based on user feedback.