Without a doubt, the finance industry has undergone massive changes in the last decade or so. From clients having to go to the bank to deal with their finances, now, we can basically handle transactions, pay bills, and arrange finance options with a few simple clicks and taps on our phones.
And the sophisticated ease that we now take for granted in banking and the finance industry as a whole wouldn’t be possible without the latest technical advancements in web development. The finance industry is a pretty high-risk niche where clients leave not only their monetary assets but their personal information as well. As such, clients are most likely to do business with financial institutions that have secure and easy-to-use web applications that won’t let their information be exploited.
Because of this, FinTech website development should be a top priority for every company in the industry that wants to add a reliable digital platform/app to their arsenal to grow their operations and to make their clients’ lives easier.
To help finance industry experts make a more intelligent choice when developing a cutting-edge platform, we will talk about modern web technologies that are making waves in the FinTech industry: ReactJS and Laravel.
We’ll explore the advantages of these frameworks and help you determine whether you should opt for custom Laravel development services or custom React development services.
About Laravel
This open-source PHP framework intends to offer advanced functionality and security in comparison to other PHP solutions on the market. Opting for Laravel development services will mean that site owners will get a web app or website that performs excellently, is flexible enough to tackle any site changes with ease and is secure enough to keep the financial info of your clients safe.
Custom Laravel development focuses on creating a web app that feels less like a cutting-edge platform but a handy tool that’s secure and intuitive enough to handle any-finane related issues or processes fast.
Laravel is a capable platform, enabling developers to create flexible systems that perform exceptionally well even under heavy traffic while keeping app integrity and security intact.
About ReactJS
These open-source JavaScript libraries are for font-end development, responsible for designing intuitive and optimized user interfaces or UIs.
Created by the developers at Facebook, their main aim with React was to create a front-end system that is both responsive and dynamic, delivering a pleasant user experience.
The use of the Virtual Document Object Model (DOM) can immensely enrich the user experience, enabling faster updates even in the case of minimalistic changes.
Laravel and React JS in Fintech Website Development
The finance industry relies on two basic things: its customers and security. This means that clients, whether they are looking for a cryptocurrency trading platform or a bank app, want a fast-performing system with an easy-to-use interface where their data is safe.
Out of the box, both systems seem to fit these characteristics, but let us take a closer look at what each of these frameworks can bring to the table.
Custom Laravel Development
Those FinTech site owners who choose to work with Laravel will get the following:
Outstanding flexibility and performance
Performance is a crucial aspect of running a successful site or app. Sluggish, crashing apps simply don’t do well nowadays, as customers are looking for fast and convenient solutions. Custom Laravel development can help site owners to avoid these pitfalls as the lightweight framework is known for its exceptional performance, database indexing, caching, and memory use reduction features.
Speed is a crucial factor not just for users but for search engines as well. A fast-loading Laravel website may also help site owners improve overall website visibility
Excellent at Handling Increased Traffic
Many frameworks face difficulties when they have to handle several website requests simultaneously. This might not be such a massive problem in another industry, but when it comes to finances, people don’t really tolerate timed-out pages and crashing sites.
Laravel is renowned for having a stellar message queuing system making it more efficient at processing requests and helping you improve the user experience at the same time.
Stellar Security
There’s no good fintech website development without security. These apps deal with sensitive monetary and personal information, and a data breach on a weak system can leave your customers and yourself ruined.
Regarding security, Laravel can bring a lot of positives to the table. With its powerful ORM called Eloquent, your app is protected from unwanted SQL injections, and the improved mechanism to save passwords ensures that user credentials will never be stored in the site’s database.
Automated Testing
When it comes to the financials of your customers, they don’t tolerate system bugs very well. This is why it’s highly recommended to use a system that constantly tests for any bugs or vulnerabilities that may compromise performance.
Simple Maintenance
And last but not least, let’s not forget that you want a system where ongoing maintenance isn’t a daunting task but a routine process. The model-view-controller architecture of the framework keeps the code clean and can save you from a lot of headaches in the long run.
Custom ReactJS Development
After discussing the potential of Laravel, let’s look at what React offers by taking a closer look at the technology’s development possibilities.
The React Library
The rich features of React’s library enable fintech companies to implement many features and functions that make the app convenient while the application remains intuitive, fast, and clean.
Open-Source Architecture
Using an open-source framework means that developers and fintech site owners can edit code scripts with ease and modify everything to meet their requirements.
Open source enables experts to add several modules, APIs, libraries, and other systems in different combinations, creating a smooths and flawless system that might also be able to stretch the capabilities of React as developers previously knew it.
Community Support
A supporting online community might not be something that fintech site owners look at as a massive advantage. Still, a helping community can help your developers expand on your existing platform, improving its features even further.
React has a vibrant developer community where experts are always aiming to push the functions and possibilities of the framework to the limits. This means that fintech companies who use React can easily pick up on the latest elements that are of use to their web apps and integrate it into their solutions with ease.
Cost-efficiency
React is well-known for code reusability and the ready-to-use components it boasts. Developers don’t have to write custom code for every functionality and feature but easily use an existing line of code and modify it to their needs.
Also, most components are ready to use out of the box, which means that money can be saved on the development cycle, but the result will still be a well-performing and intuitive platform.
The more streamlined the code, the more features there are on a site, and the better the chances that customers will be more eager to engage with the platform, helping your company build trust and proof
Easy Maintenance
Solutions and products built with React are straightforward to optimize and maintain, thanks to the connection between the Virtual and Real DOM connection. This provides a seamless experience not just for the developers working with the platform but for the users as well, who expect a seamless and flawless experience every single time they log in.
Possible Drawbacks
No matter whether we’re talking about fintech website development or any other industry, no single framework and system are bulletproof.
For starters, ReactJS may have a steep learning curve, and if you are working with developers who are new to the framework might make costly mistakes during the development cycles. Still, this is easily avoidable when you’re working with professionals. On the other hand, the constant React updates and often poor documentation may also cause problems for developers who lack the necessary experience with the system.
React may also pose some challenges regarding SEO. Still, the user-friendly interface, if set up correctly, will also avoid the problem that crawlers used to have with indexing dynamic content.
Regarding Laravel, some experts will point out that while the lightweight framework has the capacity and flexibility to build robust web apps, the work involved can become complex and tedious, relying on experienced hands to carry out the processes.
Also, Laravel might not be the most preferable option for those companies who are working with a tighter budget. The modules used, the work involved, and the developer experience can all drive costs up. Still, in terms of functionality and security, Laravel is one of the best platforms to work with. Security and functionality are both crucial to fintech web app success, and Laravel is able to turn both of these into ROI prerequisites.
Lastly, development with Laravel may take a bit more time when compared to other frameworks. Still, this shouldn’t be a drawback if fintech companies are looking for a platform that will always be reliable and secure.
Beauty’s in the Eyes of the Behider
All in all, finding the best fintech website development platform will mostly boil down to the needs and requirements of the fintech company. Based on their wants and needs, an experienced team of web developers can recommend Laravel and React.js, and they might even advise using the two systems in conjunction with each other for the best results.
Finding the best platform takes time and knowledge. As such, future site owners should always consult with experts to find the best solutions that would fit all their needs.
