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Advancing technology has started influencing the BFSI sector, and we witness innovative app solutions in financial services. These solutions fall under the fintech category and contribute to improving services.
Mobile wallets, banking apps, and cryptocurrency-related apps are some of the most popular examples of fintech apps. In this blog, we are going to understand the role and benefits of cross-platform app development for a fintech firm.
But before moving forward, let’s have some interesting numbers related to fintech startups. As a Statista report has mentioned, there were over 10000 fintech startups in the Americas alone as of February 2021, which makes the region with the most number of startups in the world.
The EMEA (Europe, the Middle East, and Africa) region has over 9000 startups in the same period.
As per the forecast, the fintech sector’s revenue was expected to grow at an average rate of around 12% to reach a value of 188 billion euros by the end of 2024. Fintech app development is one of the key reasons for the phenomenal growth of this sector.
User-friendly and intuitive financial apps can facilitate customers to understand complex financial information and ensure secure online transactions.
One of the major objectives of fintech app development is data security. Another important objective is to establish a seamless integration with external services like payment systems using an API. Here, the cross-platform apps work wonders.
Let’s dig deep into the key benefits of cross-platform app development services in building fintech applications. The cross-platform approach can cover multiple operating systems with only one codebase.
Simply put, a cross-platform app is a digital project that can flawlessly work on multiple digital platforms and environments.
A Flutter development company, AngularJS development company, and ReactJS development company can build such apps. Out of several advanced frameworks available, Flutter and React Native are the two most important frameworks for developing cross-platform apps.
This is the first and foremost benefit of cross-platform apps for the fintech sector. Developers can build apps for several platforms using a single codebase.
The fintech app can be easily downloaded across all major platforms right away and thereby addressing a large audience.
Be it a React Native or Flutter development company, a single code enables developers to come up with a user-friendly app in a short time.
As per an estimate, cross-platform apps can be built 30 to 50% faster than native app development. Readymade components of cross-platform frameworks are also useful in MVP development.
Pre-written pieces of code and other developer-friendly features in various frameworks can reduce app development time significantly without compromising on features and functionality.
The entire BFSI sector is one of the most vulnerable sectors for cyber attacks. Therefore, it is imperative for fintech firms to ensure the security of confidential financial data of customers.
Here, cross-platform app development platforms lend a helping hand. For example, Dart, Flutter’s programming language, offers basic encryption functions and multiple authentication plugins to ensure the protection of the user’s data.
React Native app development, on the other hand, enables developers to build native modules including the fingerprint authentication feature.
It makes fintech apps more secure for customers and financial companies alike. What’s more, cross-platform apps can provide safe data storage thanks to advanced frameworks.
Be it Flutter app development or Reactjs app development, cross-platform apps need only one code to run on multiple platforms.
In other words, cross-development apps take a short development time and as a result, fintech startups can save big on the development cost. Also, cross-platform apps require a small team of developers because such apps work on a single code base.
There is no exaggeration in mentioning that the cross-platform app development concept is still in a nascent stage. Still, these frameworks have simple learning curves for developers.
React Native, Flutter, and Ionic- all major frameworks are based on easy-to-learn programming languages, and as a result, startups can readily find developers for customization and modification of cross-platform apps as and when necessary.
All cross-platform development frameworks offer high flexibility and scalability with up to 90% code reusability. When you hire cross-platform developers, they can make quick updates to the existing apps with high customization.
Be it adding new features or modifying the existing ones, cross-platform frameworks make it possible for fintech companies, and as a result, your company can stay firm amid intensifying competition with excellent user experience.
Even new developers can easily understand the code as such apps have only one codebase for all the platforms.
A secure and seamless user experience can be a game-changer for fintech companies. A widespread myth about cross-platform app development is, it is not suitable for developing fintech apps due to inferior UI as compared to native counterparts, but nothing could be further from the truth.
Cross-platform app frameworks have many customizable components and widgets that enable developers to come up with excellent UI and UX with a native-like look and feel.
For example, Flutter supports neuromorphic interface elements while leaving space for custom solutions.
Similarly, React Native has a huge community of active developers who can assist developers to ensure a flawless experience for users.
In a nutshell, cross-platform app development frameworks can contribute to ensuring the success of a customized fintech app.
However, it is necessary to analyze business needs and technological advancements before selecting the right framework for developing a customized application with desired features.
We are one of the most reputed cross-platform app development companies in USA and India. With a state-of-the-art development facility and advancements of cross-platform app development frameworks, we can come up with advanced and user-friendly apps.
We also integrate excellent features based on emerging technologies like AI, AR, and ML in customized business apps and meet all the requirements of our clients across the world.
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