The entire financial market sector is being transformed by FinTech apps. Now, people can send money with just a click of buttons and in a fraction of a minute. It is true that fintech applications support people in conducting transactions in simple, fast and reliable manners. 

The UI/UX of fintech applications requires to operate with high functionality and performance. Now, the question arises which is the most important & secure platform for your fintech apps? In reality, many fintech owners get confused about which should be an ideal framework for the development - such as: React Native or Hybrid?

So, to ease your confusion we have decided to look into this matter. In this article, we have covered an extensive discussion to help in knowing whether you need React Native or Hybrid apps for your Fin-tech business. 

As, most early-stage applications incorporate the use of client-server architecture. You need to opt for a stable platform that should offer highly secure operations as well as improved user satisfaction. 

Overview of the Global Fintech Market 

As, the global fintech market brings out various opportunities for growth in the market. According to the official report of GlobeNewswire, the global Fintech-as-a-Service market size is forecasted to effectively react at $ 681.6 billion by the year 2028. This market will continue to grow at a CAGR of 16.9% during the forecasting period. 

The provider of the technology are solely accountable for the platform’s creation, upgrades, security requirement and many more. Here, it is important to understand that almost the majority of the fintech companies are turning towards fintech application development. So, it can be analyzed that there is ample opportunity for growth in this market. 

Selection between Hybrid & React Native Fintech App Development 

If there is a selection between Hybrid & React Native app development then we recommend selecting React Native technology. The fact is that React Native is a revolutionary technology option for developers to create advanced business solutions. So, while incorporating fintech app development services you can choose React Native for optimum performance. 

Thus, for cross-platform development, the majority of financial institutions choose React Native framework because of its security operations. From the fintech app developer's point of view, the cost of building a hybrid application is generally lower than the cost of building a React Native application. However, there are specific functionalities that can only be proceeded with React Native applications. 

After conducting various studies it can be analyzed that React Native apps are effectively faster and completely well-optimized. Not only this, these applications can be developed quickly which eventually results into cost-saving measures. 

Prime Reasons to Select React Native for Fin-tech App Development 

There are some prime reasons which effectively make React Native application a prime choice for fintech application development. 

1. The single codebase nature

The single codebase nature of React Native apps signifies that writing code for once can be used to deploy it into multiple platforms. For example: probably, you want that your fintech application should be featured on the iOS platform as well as in the Android platform. So, React Native offers you a single code base nature facility to deploy the application on both platforms with the single code. 

2. Supports third-party integration

There are the following third-party integration available in React Native. These demos are as follows: GraphQL, Material UI, NextJS, Redux Form, Redux Undo, SharePoint and many more. As, the use of these integrations enables developers for accessing various other functionalities. It also helps in faster app development which results in a higher level of client satisfaction. 

3. Reusable native component

The primary benefit of React Native is that it allows developers to build an application that runs cross-platform. It also offers a reusability code that can be used to deploy on different platforms. This also helps in saving development time and effort - because all the developers are not required to add the same logic or efforts. 

4. Offers third-party plug-ins

To make your custom fintech mobile app development process more streamlined, React Native offers various plug-ins tools. The React Native third-party libraries include the following listed tools such as: “AntDesign”, “Entypo”, “Feather”, “FontAwesome”, “FontAwesome 5” and more. It is entirely dependent on the developer which library they want to utilize for their React Native project. 

5. Hot reloading function 

In software development, this feature is considered as one of the most crucial features i.e. hot reloading function. With this hot-reloading function now developers can tend to re-evaluate their code in real time. This provides ease for developers to check their codes in real-time. 

Apart from the Fintech companies, there are some successful business companies that are developed on React Native. These companies are as follows - Uber Eats, Pinterest, Instagram, Facebook and more. So, from the company’s point of view, React Native offers them options like easy migration, upgradation of existing apps, cost-effective solutions and more. 

Following 4 Issues Associated with Hybrid App Development 

For the Hybrid app development, there are the following key issues that act as a hindrance in your growth. These issues are as follows: 

1. Poor UX

One of the challenges with hybrid app development is delivering a seamless and native-like user experience. While frameworks like React Native or Ionic aim to bridge the gap between web and native apps, it can still be challenging to match the performance, look, and feel of truly native applications. Native apps are specifically built for each platform, taking advantage of the platform's design guidelines, animations, and interactions. 

Hybrid apps often rely on web views or wrappers to render the UI, which can result in slower animations, unresponsive gestures, or inconsistent behavior across different platforms. Achieving a polished and intuitive user experience requires careful optimization and fine-tuning to address these limitations.

2. It offers weak performance

Hybrid apps can suffer from performance issues compared to their native counterparts. Native apps have direct access to device-specific APIs and hardware acceleration, allowing them to leverage the full potential of the underlying platform. In contrast, hybrid apps rely on web technologies and JavaScript engines to render and execute the application, which can introduce overhead and impact performance. 

Graphics-intensive tasks, complex animations, or processing large amounts of data can be particularly challenging for hybrid apps. While efforts are made to improve performance with techniques like pre-rendering, caching, or using native components, hybrid apps may still struggle to match the smoothness and responsiveness of native apps.

3. More time-consuming into debugging 

Almost each fintech app development company often looks for innovative measures to save time in handling the error process. In such a case, the multi-layered nature of hybrid apps can make it more complex to pinpoint the source of a problem, leading to longer debugging cycles.

Since hybrid apps use a combination of web technologies and native wrappers, developers need to consider multiple layers when identifying and fixing bugs. Issues can arise in the web code, interactions between the web code and native components, or in the native layer itself. 

Additionally, different platforms may have their own set of quirks and inconsistencies, which further adds to the debugging challenge. Developers need to thoroughly test and debug across multiple devices and platforms to ensure a stable and consistent experience for users.

Read more: Unveiling the Cost to Build a fintech App: Factors, Types, & Challenges

Conclusion 

It can be concluded that for fintech mobile app development React Native can be a great choice. As, React Native offers an ample amount of opportunities which are as follows - the single codebase nature, it supports third-party integration services, reusable native components, it also offers 3rd party plug-ins and more. 

Moreover, hybrid applications are also a considerable choice and due to some issues it is better to specifically select React Native instead of Hybrid app development. For example: hybrid apps incorporate poor UX, offer weak performance and consume more time in debugging.