How has React become the preferred choice to develop banking solutions?

Is your financial institution debating whether to hire a React JS expert and whether React is the best choice for managing your banking app? It is evident that the financial landscape has experienced a massive transformation and breakthrough during the last decade.

There have been 4 billion downloads of banking apps on the iOS and Android platforms in 2020. Meanwhile, actual bank branches are closing all throughout the world. There is an undeniable connection between the two.

As a result of the epidemic, tech-savvy generations prefer to rely on mobile banking solutions and mobile banking applications to complete transactions from the comfort of their own homes. Surprisingly, according to Finances Online figures, around 7,727 banking and financial applications are downloaded per second, for a total of 244.2 billion apps in 2020.

People appreciate the convenience of being able to bank whenever and wherever they choose, and popularity of smart gadgets has made this feasible. As a result, technical expertise in mobile development is in high demand in the financial services business. In this blog, we will look at the advantages of leveraging React JS for the implementation and operation of your banking application.

What Exactly Is React JS?

React JS is a JavaScript library built by Facebook developers to help with the construction of user interfaces. Angular and Vue are the two contenders in this sector, with Vue coming in third. React presently leads the market, with more than double the number of users as Angular.

For a long time, React has been used in a variety of financial apps due to their indisputable advantages in terms of speed, security, functionality, ease, and so on.

Global corporations have leveraged these technologies to construct a solid basis for their goods, websites, services, and apps, and the same is true today as they find their way into international adoption as banking applications

Real DOM

DOM is an abbreviation for “Document Object Model.” As a tree data structure, it represents the whole UI of the web application. When the state of the application’s UI changes, DOM updates to reflect that change. With each modification, the DOM is altered and re-rendered to refresh the application’s UI, affecting performance and slowing it down. As a result, with more UI components and a more sophisticated DOM structure, DOM updates will be more expensive because each change must be re-rendered.

Virtual DOM

The Virtual DOM is a lightweight DOM abstraction. Consider it a clone of the DOM that may be modified without impacting the original DOM. It has all of the same features as the true DOM object, but it does not have the power to alter to the screen. The lightweight nature of the virtual DOM contributes to its speed and efficiency. After each re-render, a new virtual DOM is produced.

React has multiple component-based toolkits that create apps by stacking components into a single programme. For example, a bank app may include components such as Navbox, profile, loan products, money transfer, account details and contact. The fundamental advantage of employing the React method to maintenance is that it employs both a Real Dom and a Virtual Dom. This is the key to React’s ability to keep your website stable while updates are being made.

The developer may make modifications to the Virtual Dom’s individual components without affecting the website’s foundation. When modifications are made virtually, the Real Dom immediately updates the change to that specific component.

Is React suitable for Financial Services Apps?

Another reason for React’s popularity is its open-source nature, which allows for the addition of libraries and the enhancement of the platform in a variety of ways. This has been done expressly to meet the demands of the financial services communities.

React JS has been enhanced to allow for the creation of financial-based user interfaces. As part of the modularized codebase and stunning UI design kits, financial institutions and service providers have used React Native as a popular version of the technology in the building and maintenance of mobile banking apps.

The React Native Finance App Template is an excellent illustration of how this technology has been modified to meet the needs of the banking industry. The FinTech community is increasingly making use of React Native’s multi-purpose features, which are specifically designed for developers of financial services and banking apps. Few examples include expense tracking applications, monitoring budget, crypto apps etc.

How React is helping to develop banking solutions?

React Native apps have proven reliability in the financial industry because of their great features that make the life of financial institutions easier.

The capacity to analyze real-time data, its security, and the simplicity of connecting with other apps has all led to React Native’s widespread acceptance in the banking sector.

Mobile devices are being used to trade stocks, complete bank transfers, manage personal finances, and purchase insurance, among other things.

You save time, money, and energy by concentrating your efforts on the most important components of your product. When your goals are clear and you want a uniform, controlled approach to your user experience, React JS excels. The presets and plugin elements save maintenance and development time, which saves energy and money.

The hype surrounding the React JS platform is justified with the increased usage of this technology every passing day. But still, financial institutions should be careful when experimenting with new technologies and practices.

Benefits of Using React Native for Banking App Development

This technology has been used by major businesses such as Instagram, Facebook and Airbnb for their application development processes. React Native is one of the most popular frameworks, drawing an increasing number of organizations and developers. But what is it about React Native that makes it so enticing to the tech community?

1. There is only one code for IOS and Android

Because iOS and Android platforms account for 99 percent of the mobile app industry, mobile development with React Native provides access to the great majority of the target audience. Correctly designed code can be shared 90 percent to 99 percent of the time between platforms.

2. ready-to-use components

Instead of building code from scratch, you may shorten development time by utilizing the ready-made components provided by financial app development with React Native.

3. Expense Reduction

For a variety of reasons, React Native can help you save money. Reusable code and components, reduced time and development costs, lower maintenance costs, a plethora of ready-made solutions and libraries, a great customer experience, lower UI cost, and seamless integration are the most compelling reasons to use React Native for your next banking application development. This emerging architecture enables you to construct your mobile solution more easily and quickly, while spending the least amount of money and effort.

4. Hot Reloading is available

Hot Reloading is a progressive feature available in React Native app development. It enables the implementation of new versions and the modification of the UI without the need to exit the operating programme.

5. Productivity

React Native in the financial app enables you to create native-live applications that run on par with native-built solutions and provide extremely fluid animations.

6. The Best User Experience

Using React Native optimizes the user experience across both Android and IOS platforms.

7. React Native Developers with Prior Experience

When building applications using React Native, you have access to a diverse set of skills. The React Native developer community is already large and expanding.

Few examples of financial apps that use reactive native include:

1. Novus World

Novus World is a simple and easy-to-use digital banking app. Its goal is to create an exceptional user experience when utilizing intelligent money management solutions. The ultimate purpose is to assist customers with budgeting, saving, and financial management.

2. Spendee

Spendee (more than 3 million downloads) is a personal budget management programme that assists users with tracking cash flows, managing financial habits and expenditures.

3. Mashreq

Mashreq Bank created the Universal Banker App (UB App) utilizing React Native to enable frontline workers operating in branches to support clients across a wide range of queries and trips.

Conclusion

There is a lot to consider when it comes to upgrading and switching technologies; nevertheless, the most important factor is whether the advantages exceed the discomfort of making changes to staffing or technological infrastructure. It should be obvious by now that technology has advanced, and React JS is the best platform in this day and age. When it comes to reliability and efficiency, React JS appears to be the ideal solution for the financial sector.

Like other businesses, if you too are looking to develop solutions with React, Mindfire Solutions can be your partner of choice. We have deep expertise in React Capabilities. With a team of highly skilled and certified software professionals, that have developed many custom solutions for our global clients over the years.

Content Source: Medium