Mobile apps have become paramount for all industries. They have helped automate many tasks that required unnecessary labour and physical movement and brought such services to the accessibility of a user’s fingertips. One of the pioneers to truly adapt mobile apps to transform their businesses was the BFSI industry.
The banking and Finance industry is one of the biggest industries since everyone needs some financial services. Streamlining financial services helped customers manage their day-to-day financial activities with ease. Popular companies like Bloomberg, NerdWallet, and Coinbase use React Native to power their financial apps. Hence, you should hire React Native developer from a reliable mobile app development agency with previous experience developing custom BFSI app solutions for a diverse clientele.
Must Have Features for BFSI Apps
Before we understand the potential of React Native to power your BFSI app, here is a quick list of some of the core features you should include/expect in your BFSI apps –
Security plays an essential and central role in apps that deal with customers’ sensitive and financial data. Hence, it is very important to ensure your banking or fintech app can secure your customer and company’s sensitive information against exploitations, bugs, and other glitches.
Your BFSI app needs to be scalable since the success of your banking app would be the result of more and more customers utilizing your services, and you’d also have to add new features from time to time with updates to keep up with the competition. Hence you need to choose a scalable framework that has the flexibility to add new features and maintain the app run-time when working on the new updates in the back-end.
If your financial app looks like a clustered page with too many buttons and links with no sense of user flow, your potential users will most likely uninstall your app without trying to understand its features. Hence your mobile app framework should have the necessary features and functionalities to create an appealing and user-friendly app design and flow.
Ability to build Complex App Architecture
Banking apps are multi-layered with many authentication and authorization screens allowing users to use their fingerprints and face recognition features to access sensitive data points in their financial app. Hence developing such an intricate and complicated app solution demands a mobile app framework that can keep up with such demands without resulting in app crashes or malfunctioning.
Data Visualization is an essential feature of any BFSI app as it lets customers get a quicker and better insight into their finances and expenditure patterns through charts, pie charts, and other forms of visual representation. Ensure your mobile app framework has support for third-party and animation libraries to provide a seamless customer experience to your end users.
Efficient API Integrations
Even the most top-rated fintech apps depend on other apps or businesses to fetch valuable data to provide full-stack fintech solutions to their users. Hence, you need to ensure your mobile app framework can manage multiple APIs without performance lag.
Why use React Native for your BFSI Apps?
Still not convinced about using React Native for your fintech app? Here are some of the top benefits and reasons that will convince you to –
It has cross-platform capabilities.
Cross-platform app development is one of the greatest gifts of mobile app development. It allows users to develop their custom BFSI app solution for multiple platforms, such as iOS and Android using a single codebase. This means you can formulate platforms for two of the most popular mobile OS platforms at almost one cost.
It also means your app can be developed much faster than separately acquiring a native BFSI app for Android and iOS. Moreover, you can create a uniform app with consistency in app design for various platforms, making your BFSI app stand out as a branded solution amongst other competitors.
Out-of-the-box Developer Toolkit
React Native is an ideal choice for BFSI app development. It comes with many assistive developer tools that help ease the development process and ensure all aspects of your BFSI apps work in the best possible condition. There are tools for debugging, development, designing, and others. If you hire dedicated developers with experience in using the right React developer tools for the right project, your overall app performance can increase by many folds.
Seamless Data Migration
Chances are you already have a BFSI app solution for your business but feel the need to shift to React Native for its benefits. Generally, migrating your existing database from one platform to another is very challenging and generally inefficient. However, React Native as a platform provides seamless data migration services, which allows you to migrate your data from your existing framework to React Native in a safe, secure, and easy-to-follow manner.
Moreover, developers can add code at any stage of the app development process if the client needs to add a functionality that wasn’t previously discussed. React Native can handle large data migrations, making it the ideal framework to power your BFSI apps.
Faster and Cost-Effective Apps
Your app development budget and app time to market are two important considerations when deciding the ideal framework to develop your BFSI apps. React Native is a worthy consideration as it stands out on both these fronts very efficiently.
React Native is an ideal BFSI app development framework, and you can use it to power your banking, cryptocurrency, or any other fintech-based app solution. However, make sure to hire the best React Native developers from an offshore agency with previous experience in developing custom e-commerce app solutions.