Why Would You Use React Native For Banking App Development?

Banking apps were born to make financial activities more accessible, and they are now among the fastest-growing app segments. According to a report by ResearchAndMarkets, the global mobile banking app market size was valued at USD 1.48 trillion in 2021 and is projected to reach USD 5.18 trillion by 2028, growing at a CAGR of 19.8% during the forecast period.

The characteristics of a banking application design revolve significantly around real-time processing, velocity, security, and user-friendliness. React Native banking app development can be very complicated and time-consuming, for it has to meet all these requirements to win customers’ hearts.

There are several popular programming languages that developers use to improve their work quality and reduce the time it takes to create a react native banking app, one of which is React Native for the app frontend. However, before you decide to go all-in with React Native, you should first grasp how it works and determine whether it is the best fit for your project.

In this article from Savvycom, we will explain this framework so you can make an informed decision about whether React Native is right for your company.

1. What Is React Native?

React Native (or RN) is a popular JavaScript mobile app framework that allows you to develop natively rendered iOS and Android mobile apps.

To be more specific, it means you may make use of the major advantages of React.js app development, such as faster time to market, simplicity of use, rapid work, efficient developer tools, and so on. The framework enables you to design applications for several platforms using a single codebase.

• React Native aims at providing a fantastic mobile user experience, making it a good choice for apps that demand high responsiveness and straightforward use, like react native banking apps.
• Facebook released React Native as an open-source project in 2015. Some of the world’s most popular mobile apps, such as Instagram, Facebook, and Skype, are built with React Native.

React Native is an open-source framework for building mobile applications using JavaScript and React, a popular JavaScript library for building user interfaces. It allows developers to create mobile apps that run on both iOS and Android platforms using a single codebase. React native banking apps use native components, providing a native-like user experience and performance. It offers features like hot reloading for faster development, code reusability, and a vast ecosystem of libraries and modules for extending functionality. Overall, React Native simplifies mobile app development by leveraging web development skills while delivering the performance of a native app.

2. Examples of Successful React Native App

React Native has been utilized by numerous successful apps across various industries. Here are a few notable examples:

• Facebook Ads Manager is an app developed by Facebook using React Native. It allows advertisers to create, manage, and track their ad campaigns on the Facebook platform. React Native’s cross-platform capabilities enabled Facebook to streamline the development process and deliver a consistent experience across iOS and Android.

• Instagram: Although not the entire Instagram app, certain features of Instagram have been built using React Native. For instance, the Explore tab, which displays personalized content recommendations, is developed with React Native. This demonstrates the scalability and performance of React Native even for large-scale apps.

• Airbnb is a popular online marketplace for lodging and accommodations that has leveraged React Native for their mobile app. React Native enabled Airbnb to deliver a native-like experience to both iOS and Android users while reducing development time and effort.

• Bloomberg is a renowned financial information and news service that has incorporated React Native into their mobile app. React Native allowed Bloomberg to efficiently develop and maintain their app while providing users with real-time financial news, market data, and portfolio management tools.

• Discord is a popular communication platform for gamers and communities that has utilized React Native for their mobile app. React Native’s performance and code-sharing capabilities helped Discord deliver a responsive and feature-rich experience to millions of users across different platforms.

These examples highlight the success and versatility of React Native in powering applications across diverse industries. The ability of react native banking apps to achieve native-like performance and its efficiency in cross-platform development make it a compelling choice for building successful apps.

3. Examples of banking app created using react native

While I don’t have access to real-time data or an exhaustive list of all banking apps developed using React Native, I can provide you with a few examples of banking apps that have been built using React Native:

• Santander Mobile Banking: Santander, a global bank, has developed its mobile banking app using React Native. The app allows users to manage their accounts, make payments, transfer funds, view transaction history, and access various banking and financial services.

• NuBank is a popular digital bank based in Brazil that has developed its mobile banking app using React Native. The app offers a range of banking services, including account management, money transfers, bill payments, credit card management, and customer support.

• Chime is a mobile banking platform in the United States that provides online banking services. Their react native banking app is built using React Native and offers features like mobile check deposit, peer-to-peer payment solutions, spending insights, and access to fee-free ATMs.

• Kuda is a Nigerian digital bank that offers financial services through its mobile app. The app, built with React Native, enables users to open accounts, send money, make payments, and track their spending. It also provides features like budgeting tools and savings options.

• Monzo is a UK-based digital bank that has gained popularity for its mobile banking app. The app, built using React Native, provides features like instant notifications, budgeting tools, spending categorization, and real-time balance updates. Users can also make payments, set financial goals, and manage their accounts easily.

• Revolut is a digital banking and financial services app that offers various features like money transfers, currency exchange, budgeting tools, and investment options. Their app, developed with React Native, provides a user-friendly interface for managing personal finances.

• N26 is a German neobank that operates across Europe and the United States. Their mobile banking app, built using React Native, allows users to open accounts, manage transactions, set savings goals, and control their finances through various features and integrations.

• Ally Bank is a US-based online bank that provides banking and investment services. Their mobile app, developed using React Native, offers features like mobile check deposit, fund transfers, bill payments, and access to investment accounts.

According to a survey by App Annie, 88% of users prefer to use mobile banking apps rather than websites for conducting banking transactions. The convenience offered by mobile banking apps plays a crucial role in user preference.

4. The pros of using react native in banking app development

5. Drawbacks Of React Native In Banking App Development

While React Native offers several advantages for banking app development, it also has some potential drawbacks to consider:

• Performance limitations for complex functionalities or graphics-intensive tasks.
• Limited access to device-specific features, requiring additional development or integration with native code.
• Larger app size compared to fully native apps, potentially impacting storage and download speed.
• Security considerations: Proper security measures need to be implemented to protect sensitive user information.
• Dependency on React Native updates, requiring compatibility checks and potential additional development.
• Learning curve for developers who are new to JavaScript and React.

According to a survey conducted by Insider Intelligence, about 75% of U.S. adults reported that they use mobile banking services, signifying the significant consumer preference for mobile banking.

Despite these drawbacks, many successful react native banking apps have been developed using React Native. By considering these limitations and applying best practices, it is possible to overcome challenges and build secure and high-performing banking apps with React Native.

6. Mobile Banking Trends and Digital Transformation in Banking

As the landscape of financial services continues to evolve, mobile banking trends are increasingly shaping the way consumers interact with their banks. With the ongoing digital transformation in banking, institutions are adopting advanced technologies to improve customer experience and streamline operations. Investment in technology in banking not only drives this transformation but also enhances security and user engagement across mobile banking platforms.

Takeaway

React Native is an excellent solution for developing apps that operate seamlessly on any platform or system. It’s a popular framework among both corporations and developers. It helps you to save a significant number of labor hours, resulting in a speedier development process that is also cost-effective.

To decide if you prefer using React Native for your react native banking app, you will need advice from experienced developers or mobile banking app development companies. They are the ones who work with this framework, so they are aware that it would be suitable for your app based on the requirements. If you have an idea for your react native banking app and need consultation, don’t hesitate to contact us!