The document discusses the growing importance of mobile banking apps and the advantages of using React JS for their development, highlighting its popularity due to speed, security, and efficiency. React JS enables financial institutions to create user-friendly apps using a single codebase for both iOS and Android, thus reducing development costs and time. It also emphasizes how React Native's features support the evolving needs of the financial services sector, providing a solid technological foundation for various banking applications.

2. Is your financial institution debating whether to hire a React JS
expert and whether React is the best choice for managing your
banking app? It is evident that the financial landscape has
experienced a massive transformation and breakthrough during
the last decade.
There have been 4 billion downloads of banking apps on the iOS
and Android platforms in 2020. Meanwhile, actual bank branches
are closing all throughout the world. There is an undeniable
connection between the two.
As a result of the epidemic, tech-savvy generations prefer to rely
on mobile banking solutions and mobile banking applications to
complete transactions from the comfort of their own homes.
Surprisingly, according to Finances Online figures, around 7,727
banking and financial applications are downloaded per second, for
a total of 244.2 billion apps in 2020.

3. People appreciate the convenience of being able to bank
whenever and wherever they choose, and popularity of smart
gadgets has made this feasible. As a result, technical expertise in
mobile development is in high demand in the financial services
business. In this blog, we will look at the advantages of leveraging
React JS for the implementation and operation of your banking
application.
What Exactly Is React JS?
React JS is a JavaScript library built by Facebook developers to
help with the construction of user interfaces. Angular and Vue are
the two contenders in this sector, with Vue coming in third. React
presently leads the market, with more than double the number of
users as Angular.
For a long time, React has been used in a variety of financial apps
due to their indisputable advantages in terms of speed, security,
functionality, ease, and so on.

4. Global corporations have leveraged these technologies to construct a
solid basis for their goods, websites, services, and apps, and the same
is true today as they find their way into international adoption as banking
applications
Real DOM
DOM is an abbreviation for “Document Object Model.” As a tree data
structure, it represents the whole UI of the web application. When the
state of the application’s UI changes, DOM updates to reflect that
change. With each modification, the DOM is altered and re-rendered to
refresh the application’s UI, affecting performance and slowing it down.
As a result, with more UI components and a more sophisticated DOM
structure, DOM updates will be more expensive because each change
must be re-rendered.
Virtual DOM
The Virtual DOM is a lightweight DOM abstraction. Consider it a clone of
the DOM that may be modified without impacting the original DOM. It
has all of the same features as the true DOM object, but it does not have
the power to alter to the screen. The lightweight nature of the virtual
DOM contributes to its speed and efficiency. After each re-render, a new
virtual DOM is produced.

5. React has multiple component-based toolkits that create apps by
stacking components into a single programme. For example, a
bank app may include components such as Navbox, profile, loan
products, money transfer, account details and contact. The
fundamental advantage of employing the React method to
maintenance is that it employs both a Real Dom and a Virtual
Dom. This is the key to React’s ability to keep your website stable
while updates are being made.
The developer may make modifications to the Virtual Dom’s
individual components without affecting the website’s foundation.
When modifications are made virtually, the Real Dom immediately
updates the change to that specific component.
Is React suitable for Financial Services Apps?
Another reason for React’s popularity is its open-source nature,
which allows for the addition of libraries and the enhancement of
the platform in a variety of ways. This has been done expressly to
meet the demands of the financial services communities.

6. React JS has been enhanced to allow for the creation of financial-
based user interfaces. As part of the modularized codebase and
stunning UI design kits, financial institutions and service providers
have used React Native as a popular version of the technology in
the building and maintenance of mobile banking apps.
The React Native Finance App Template is an excellent illustration
of how this technology has been modified to meet the needs of the
banking industry. The FinTech community is increasingly making
use of React Native’s multi-purpose features, which are
specifically designed for developers of financial services and
banking apps. Few examples include expense tracking
applications, monitoring budget, crypto apps etc.
How React is helping to develop banking solutions?
React Native apps have proven reliability in the financial industry
because of their great features that make the life of financial
institutions easier.

7. The capacity to analyze real-time data, its security, and the
simplicity of connecting with other apps has all led to React
Native’s widespread acceptance in the banking sector.
Mobile devices are being used to trade stocks, complete bank
transfers, manage personal finances, and purchase insurance,
among other things.
You save time, money, and energy by concentrating your efforts
on the most important components of your product. When your
goals are clear and you want a uniform, controlled approach to
your user experience, React JS excels. The presets and plugin
elements save maintenance and development time, which saves
energy and money.
The hype surrounding the React JS platform is justified with the
increased usage of this technology every passing day. But still,
financial institutions should be careful when experimenting with
new technologies and practices.

8. Benefits of Using React Native for Banking App Development
This technology has been used by major businesses such as
Instagram, Facebook and Airbnb for their application development
processes. React Native is one of the most popular frameworks,
drawing an increasing number of organizations and developers.
But what is it about React Native that makes it so enticing to the
tech community?
1. There is only one code for IOS and Android
Because iOS and Android platforms account for 99 percent of the
mobile app industry, mobile development with React Native
provides access to the great majority of the target audience.
Correctly designed code can be shared 90 percent to 99 percent
of the time between platforms.
2. ready-to-use components
Instead of building code from scratch, you may shorten
development time by utilizing the ready-made components
provided by financial app development with React Native.

9. 3. Expense Reduction
For a variety of reasons, React Native can help you save money.
Reusable code and components, reduced time and development
costs, lower maintenance costs, a plethora of ready-made
solutions and libraries, a great customer experience, lower UI cost,
and seamless integration are the most compelling reasons to use
React Native for your next banking application development. This
emerging architecture enables you to construct your mobile
solution more easily and quickly, while spending the least amount
of money and effort.
4. Hot Reloading is available
Hot Reloading is a progressive feature available in React Native
app development. It enables the implementation of new versions
and the modification of the UI without the need to exit the
operating programme.
5. Productivity
React Native in the financial app enables you to create native-live
applications that run on par with native-built solutions and provide
extremely fluid animations.

10. 6. The Best User Experience
Using React Native optimizes the user experience across both
Android and IOS platforms.
7. React Native Developers with Prior Experience
When building applications using React Native, you have access
to a diverse set of skills. The React Native developer community is
already large and expanding.
Few examples of financial apps that use reactive native
include:
1. Novus World
Novus World is a simple and easy-to-use digital banking app. Its
goal is to create an exceptional user experience when utilizing
intelligent money management solutions. The ultimate purpose is
to assist customers with budgeting, saving, and financial
management.
2. Spendee
Spendee (more than 3 million downloads) is a personal budget
management programme that assists users with tracking cash
flows, managing financial habits and expenditures.

11. Mashreq Bank created the Universal Banker App (UB App)
utilizing React Native to enable frontline workers operating in
branches to support clients across a wide range of queries and
trips.
Conclusion
There is a lot to consider when it comes to upgrading and
switching technologies; nevertheless, the most important factor is
whether the advantages exceed the discomfort of making changes
to staffing or technological infrastructure. It should be obvious by
now that technology has advanced, and React JS is the best
platform in this day and age. When it comes to reliability and
efficiency, React JS appears to be the ideal solution for the
financial sector.
Like other businesses, if you too are looking to develop solutions
with React, Mindfire Solutions can be your partner of choice. We
have deep expertise in React Capabilities. With a team of highly
skilled and certified software professionals, that have developed
many custom solutions for our global clients over the years.

12. Content Source: Medium
Contented by: Mindfire Solutions