Why The Native App Is A Good Choice For Fintech App Development
by Arnab Dey Technology Published on: 07 October 2022 Last Updated on: 31 August 2023
FinTech is an umbrella term for all technological solutions employed in the development of software for financial services. The FinTech industry aims to automate and improve financial methods for both businesses and customers.
Services covered by FinTech range from mobile banking, investing and borrowing to digital cryptocurrencies and insurance apps. Thanks to FinTech applications, people can effectively manage their budget, borrow and land money online, make SWIFT payments, track spending, and many more.
The global value of investments in FinTech companies climbed from 127.7 billion in 2020 to 226.5 billion US dollars in 2021. With such a rapid growth of mobile banking, the demand for FinTech software development is now greater than ever. Check more: https://crustlab.com/services/fintech-development/
If you want to invest in a financial application, you should first find a suitable FinTech development company. Then you must decide whether to build your app in native or cross-platform technology. But how to assess which solution is right for your FinTech software? Read this article to find out
Native VS. Cross-Platform
You probably wonder how is a native app different from a cross-platform one. Well, native software is developed for one particular platform, usually Android or iOS, whereas a cross-platform app can operate on multiple platforms. Based on this comparison, you may conclude that cross-platform is a more flexible and, thus, better option. Yet, is it actually true for FinTech applications?
Let’s break down this issue.
Native:
Given that native apps are developed to work on one operating system, they may seem quite limited. However, it turns out to be an asset in relation to FinTech apps, and here are the reasons why.
1. High level of security
Native technology provides a FinTech application with the high level of security such software requires. It’s mainly because it can leverage all of a platform’s and device’s built-in security features, like faceID or biometric authentication.
2. Better User Experience
Moreover, dedicated apps make the most of system capabilities, offering a far better User Experience. Thanks to native technology, your FinTech application may be less prone to the supervention of bugs, lagging, or other problematic issues.
3. Great performance
Since native apps are dedicated to operating on one particular platform, they are characterized by excellent performance. It is crucial for currency exchanges, complex calculations, and other financial operations for which fast data processing counts.
Cross-Platform:
Although cross-platform technology attracts clients by its price and the smaller amount of time required for the development process, in our opinion, it is not the best choice for financial applications.
1. Insufficient security and stability
Despite a number of great functionalities, cross-platform app protection may be unsatisfactory concerning the requirements made by financial institutions. The security deficiency may result in confidential data leakage.
2. Inadequate performance
As cross-platform software code suits multiple operating systems and devices, it does not run as efficiently as a native app. Possible incompatibilities may cause bugs and errors, which are unacceptable in a FinTech app.
3. Lack of some native features
The functionality of cross-platform technology is quite extensive, but due to the lack of some vital native components, a cross-platform solution might be insufficient for financial applications.
The Best Solution For A Financial Application
The FinTech market is flourishing, and new applications spring into existence constantly. If you have decided to develop a financial app, you have to make smart choices prior to the start of the project. Finding the right FinTech software development company for your project is one thing, but selecting the technology is yet another.
Choosing the appropriate approach to FinTech development may contribute to the success of your product. Although a native solution is more expensive and demanding in terms of development, it is a better choice for financial applications. So if you wish to meet the high expectations of your clients, go for native.
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