Cost to Build Fintech App Using React Native

Giuseppe Meazza

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 is a multitude 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 be hardly 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
, a whopping 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 allow users to do more with their financial instruments and tools. There are
too many examples of how Fintech apps helped financial companies revive their businesses completely.

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

Are you concerned about the cost of building a Fintech app using React Native? Well, you don’t need to worry. Here we will provide brief 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 modular, cross-platform development framework regarded worldwide for its flexibility, scalability, and excellent features supporting modern app projects. All these qualities and several other attributes always give React Nativ3
an edge over other options for Fintech app development projects.

The world’s biggest organizations across the niches, such as Facebook, Instagram, Airbnb, and many others, use React Native for their mobile apps. On the other hand, the framework is also widely popular for helping startups to shape their mobile app ambitions
into reality. No wonder an increasing numbe4 of financial startups now prefer using React Native.

Single Reusable Core Codebase

Mobile app development projects for financial services can target a wider audience by building iOS and Android with the same core codebase. The developers can reuse up to 90% of the core codebase 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 opt for.

Modular Component-based Architecture

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

A Huge Talent Pool of Expert Developers

React Native ranks among the top cross-platform development frameworks, with a neck-to-neck fight with Flutter for the top position in the last two years. In contrast to Flutter, React Native is mostly preferred by more mature and seasoned businesses looking
for stability. This is why you can always find a large pool of talented developers for every niche and app category.

Flexible Deployment

React Native is also widely known for flexible deployment, and web developers can easily find themselves comfortable in a React Native environment. This gives a development company much flexibility regarding resource utilization and cost. Since the Fintech
app segment is tremendously cost-intensive, this flexible deployment gives an edge.

Faster and Easier Development and Testing with Hot Reloading

Fintech app projects built upon React Native get another advanced feature called hot reloading. Thanks to this feature, developers can easily make changes in the code and evaluate the impact in real time and make further changes. The same also helps speed up
the testing process.

Let’s figure out the Fintech App Development Cost with React Native

It is well known that app development irrespective of the niche or category always needs meticulous planning and a dedicated team of expert developers to see the project go through the challenges and come out victorious. How the cost of Fintech app projects
is impacted, and what are the key factors? Let’s find out from the standpoint of React Native developers.

  • The Fintech project size and complexity: As the project size and complexity increase, so does the

    app development cost
    . For example, a simple e-wallet app will cost much less than a high-complexity mobile banking app.
  • The Fintech app features: As you go all up to incorporate advanced features such as conversational AI, Blockchain, AI, etc, you end up spending several times more. So, you must 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 can be necessary if the project demands so. 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 going up in number, these integrations can incur more costs for the app project.
  • Custom UI/UX design from scratch: If you opt for custom UI/UX design from scratch instead of modeling any of the popular Fintech templates and incorporate too many unique UI/UX design attributes consuming a hell lot of time and resources
    for the design cycle to complete, the cost may significantly go up.
  • Legacy system integration: Many Fintech apps are required to work in sync with the enterprise legacy software apps and services. The development cost may go up when you need to dodge many compatibility issues for syncing your app with these

Summing It Up

We still do not have a perfect clue to assess the Fintech app development cost without knowing the details of all the above-mentioned variables. Though React Native will help you exercise the best controls on app development cost, it is always advisable to
embrace an incremental development approach and start with a basic app followed by several value updates with changes and additions based on user feedback.

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