Why are fintech companies increasingly relying on React developers?

Financial technologies are among the most innovative and disruptive ventures on the web. Every year, we get new fintech unicorns that vow their users and investors with unique ideas that change the way we handle money, all packaged in smooth and user-friendly interfaces that prioritize end user’s needs. What makes it possible? Learn about a match made in (dev) heaven – React developers and fintech.

It doesn’t take that deep of research to notice that React is one of the technologies found most frequently in the stacks of top fintech companies. Why is that?

Fintech loves React development

In 2020, the global fintech market is valued at over $110 billion. A lot of that value is generated by the so-called unicorns – companies valued over $1 billion each. Those include well-known brands such as Stripe or Robinhood. You can easily find more complete lists of fintech unicorns online and then continue to study components of their technology stacks. You will find that regardless of the company’s specialization, be it payment gateways, corporate finances, accounting or even cryptocurrencies, React is one of the most popular choices. The evidence is there – fintech loves React. But why?

What’s the secret behind React’s popularity?

Of course, a big part of the reason why are popular React benefits, which are universally enjoyed by all React users, regardless of the industry. Those include:

• Improved speed of web applications thanks to the use of the virtual DOM,
• React’s ability to save developers’ time, for example by giving them ready-made components with predictable behaviors,
• the ability to save even more time by using React Native and sharing much of the same codebase between your web application and a number of hybrid mobile apps.

React benefits for financial technologies

Those benefits alone would go a long way to convince fintech organizations – after all, they value great user experiences, speed and development productivity like hardly anyone else. Except that React has some unique benefits for financial organizations. For example:

• React’s component-based nature is uniquely useful for fintech applications. Those isolated components make it easy to add radically innovative experimental features without breaking your app and compromising its long-term scalability.
• React’s ability to easily integrate with other applications is also very important. Fintech apps often choose to increase their value by adding extendability, including by means of third-party applications.

Summary

React developers are going to continue to enjoy the demand of fintech organizations. But it is important to remember that those devs are not made equal. It’s vital to dedicate a lot of time to analyzing your options and getting some really skilled and driven people on board. Otherwise, you run the risk of creating a poor product. After all, as great as it is, React is just a tool. To actually succeed in the game, you need the right tools and the right people. Well, at the very least you can rejoice in the fact that the team behind React did half of the job for you for free.