ReactJS App Development

How Developers are using ReactJS to Simplify E-Banking Maintenance

Developers are always looking for simple and practical tools to develop high-end E-banking apps. Are you wondering whether ReactJS Reactjs in Enterprise App Development is genuinely the innovative solution for your needs? This article will tell you exactly why ReactJS is the best tool for developing and maintaining banking apps.

We are all dependent on banking apps to provide us the freedom to conduct financial transactions from anywhere. And, the internet, smart devices, and top-notch banking apps have facilitated this trend. This move has made it mandatory for software developers and experts to cater to the growing financial service industry.

According to Statista Research, nearly 1.9 billion users actively used online banking services in 2020. By 2024, this number could touch the 2.5 billion mark. Among these figures, East Asia and China are the dominating markets worldwide.

Another interesting statistic shows that the banking and finance apps were downloaded faster during the pandemic. In 2020, about 7727 banking apps were downloaded every second. It has taken the total downloads to a whopping 244 billion app downloads in the year.

There are several options available for developers in terms of framework and tools for app development. However, most of them rely on ReactJS, and not without good reason. Before seeing the reason for the overwhelming patronage, let’s understand the basics of ReactJS.

What is ReactJS?

Developed by the experts at Facebook, ReactJS is a practical JavaScript library used to create interactive UI. This tool is used to build high-end reusable user interface components. And, this front-end component-based library is only used to create the view layer of the app. 

ReactJS ranks number one as the most used web framework globally, with over 40% of surveyed developers reported using ReactJS and a little more than 34% using jQuery.

When we consider banking apps, we need to understand that these apps might contain elements such as:

  • My Profile
  • Account Overview
  • Transfer Money
  • Statement
  • Loans
  • Invest
  • Cards
  • Contact

These can be viewed as the essential components of an e-banking app. Since changes are constantly made to the banking applications, it has to maintain stability throughout the process. 

Using ReactJS for app maintenance is the best solution as it uses Real DOM and Virtual DOM. This virtual representation of the actual UI is maintained in the memory and is reconciled with the real DOM, keeping the declarative aspect of React intact.

Using ReactJS for Simplifying E-Banking App Maintenance

One of the main reasons for using ReactJS to develop and maintain e-banking apps is its virtual DOM. The stability and flexibility provided by ReactJS are almost unparalleled.

Another reason for the popularity of ReactJS is it is an open-source framework developed and maintained by Facebook. As such, it is easy to add numerous libraries and improve the performance in several ways. 

Being open-source has its benefits, and ReactJS has made good on its open-source nature. Many specific financial services features are added to the toolset to make it more useful for the industry.

Also Read : How Fintech is Automating the Insurance Industry

React Native Brings Many Benefits to App Development

ReactJS has been enhanced to cater to the specific needs of the financial sector. It’s declarative and flexible. React Native, an iteration in the same technology set is a hybrid framework that focuses on developing Android and iOS. This hybrid framework can reuse about 95% of the entire code, making it an ideal candidate for app development as it reduces the time and effort spent on building the app.

The difference between ReactJS and React Native is purely technical. React Native renders components using native APIs, while ReactJS uses Virtual DOM. React Native comes with a modularized codebase and has onboard several attractive UI design kits. It makes it perfect for developing and maintaining financial apps.

By using React Native, it is possible to create several financial app types. Some are:

  • Stocks trading
  • Crypto trading
  • Investment portfolios
  • Budget tracking apps
  • Banking apps
  • Market News apps
  • Personal Net Worth tracking app

ReactJS helps developers save a lot of time, money, and energy on developing various application components. The good idea is to have a clear plan and a well-thought-out strategy in mind before starting the development process. Once the objectives are clear, ReactJS is capable of delivering the goals in less time. Since it comes with several presets and plugins, the cost of maintenance and development cuts down considerably.

Other frameworks that work on Real DOM lag behind in the speed element. However, ReactJS uses both Virtual DOM and Real DOM, making it immensely fast for updating. Even if the changes are superficial and minimal, the changes happen more quickly. Additionally, since developers use several components, they should have the freedom to reuse them effectively. 

ReactJS gives them the advantage of reusing assets without altering stable elements by making changes in one element. That is because ReactJS components work almost in isolation, making them virtually independent of one another.

Wrapping Up

The immense popularity of ReactJS is not without reason. As a popular library for developing financial and banking services applications, now is the right time to leverage the power of this tool.

It might be true that as a financial institution, you might want to be careful when using relatively new technologies to develop sensitive applications. The benefits of an interactive UI, ease in development, control in maintenance, and the solid infrastructure of ReactJS far outweigh any challenges it might throw up down the line.