Cost of building 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 appeared on Google in recent years. There are a number 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 hardly be 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, as many as 78% of millennials in the US will be digital banking customers by the end of 2022. Fintech apps are making financial transactions easier and simpler and allowing users to do more with their financial instruments and tools. There are too many examples of how Fintech apps helped financial companies to completely revive their business.

People hate traditional, time-consuming transactions, so they are using Fintech apps more than ever before. But building successful fintech apps requires using the most readable, breathable and versatile technologies and tools. That’s exactly where React Native fits in. But before you hire dedicated React Native developers for your Fintech app project, pause and consider the cost factors as well.

Worried about the cost of building a Fintech app with React Native? Well, you don’t have to worry. Here we will provide short 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 cross-platform modular development framework recognized worldwide for its flexibility, scalability and excellent features that support modern app projects. All these features and several other attributes always give React Nativ3 an edge over other options for Fintech app development projects.

The world’s largest organizations across niches, such as Facebook, Instagram, Airbnb and many others, use React Native for their mobile apps. On the other hand, the framework is also popular for helping startups shape their mobile app ambitions into reality. No wonder a growing number of 4 financial startups now prefer to use React Native.

Simple reusable core code base

Financial services mobile app development projects can target a wider audience by building iOS and Android with the same core code base. Developers can reuse up to 90% of the core code base 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 choose.

Modular component-based architecture

You don’t need to write the code from scratch when you use React Native for your project. You have many readily available components that you can use and speed up the development process. This modular architecture also adds flexibility to React Native-based Fintech app projects.

A huge talent pool of expert developers

React Native ranks among the best frameworks for cross-platform development, neck-and-neck with Flutter for the top spot for the past two years. Unlike Flutter, React Native is mostly preferred by more mature and experienced businesses looking for stability. This is why you can always find a large pool of talented developers for every niche and app category.

Flexible distribution

React Native is also widely known for flexible deployment, and web developers can easily settle into a React Native environment. This gives a development company a lot of flexibility with regard to resource utilization and cost. Since the Fintech app segment is hugely cost-intensive, this flexible deployment provides an advantage.

Faster and easier development and testing with Hot Reloading

Fintech app projects built on React Native get another advanced feature called hot reloading. Thanks to this feature, developers can easily make changes to the code and evaluate the effect 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 thorough planning and a dedicated team of expert developers to see the project through the challenges and emerge victorious. How is the cost of Fintech app projects affected and what are the key factors? Let’s find out from the point of view of React Native developers.

• Fintech project size and complexity: As the project size and complexity increases, so does the app development cost. For example, a simple e-wallet app will cost much less than a highly complex mobile banking app.
• The fintech app has features: When you go all the way up to incorporate advanced features like conversational AI, Blockchain, AI, etc, you end up spending several times more. So you have to do a balanced job by starting with basic features and then gradually incorporating the advanced ones.
• Custom architecture vs BaaS: When you go for a custom backend development, the cost will go up, but it may be necessary if the project requires it. On the other hand, Backend as a Service or BaaS can be cheaper.
• Third Party Integrations: To build a user-friendly app, you may need a lot of third-party integrations. When you increase in number, these integrations can entail more costs for the app project.
• Custom UI/UX design from scratch: If you choose custom UI/UX design from scratch instead of modeling some of the popular Fintech templates and incorporate too many unique UI/UX design attributes that require a lot of time and resources for the design cycle to complete, the cost can go significantly up.
• Legacy system integration: Many Fintech apps are required to work in sync with legacy software apps and services. Development costs can add up when you need to avoid many compatibility issues to sync your app with these systems.

Sums it up

We still don’t have a perfect idea to assess Fintech app development costs without knowing the details of all the above variables. While React Native will help you exercise the best controls on your app development costs, it is always advisable to embrace an incremental development approach and start with a basic app followed by multiple value updates with changes and additions based on user feedback.