How to Build a Team for React Native Banking App
The FinTech market is really taking off. Set to grow from $340 billion in 2024 to $1.2 trillion by 2032, it’s changing the way we see financial services. Mobile apps constitute a large portion of it — all given their convenience, accessibility, and helpful features.
A cross-platform framework, React Native, is a prominent tech in this field. It lets developers build performant, native-looking apps for iOS and Android. Even more, it offers an excellent user experience, reduced costs, and faster development.
However, building a successful React Native banking app requires more than just choosing the right technology. Building the right team is equally important. That’s exactly what we’ll discuss today.
Why Reach Native Is a Top Choice for FinTech Apps
Before we start, let’s look at the facts that prove React Native is perfect for FinTech app development:
- As stated in Stack Overflow Developer Survey 2022, React Native is a highly sought-after framework, with over 13% of professional developers already using it and another 11% considering learning it.
- According to recent stats by AppBrain, React Native holds an 11.85% market share within the finance app development space.
Overview of the React Native Platform
Let’s say you want to build a FinTech app that will operate on both iOS and Android. There are several options on how to approach that.
The first is developing separate native apps for iOS and Android. This requires creating and maintaining different codebases — a complex and, typically, costly process.
Another option is using a cross-platform framework like React Native, or RN. It lets you build apps for both platforms using the same code, mostly written in JavaScript. Compared to native app development, it’s a time- and cost-saving alternative.
Here are some quick facts about React Native so you know what you’re dealing with:
- It’s based on JavaScript, a well-known programming language.
- It uses React, a JavaScript library for building user interfaces.
- It lets your apps achieve near-native performance, owing to the communication between the JavaScript and native components.
Given the above features, React Native is a decent fit for FinTech app development. It makes your applications look and feel like they’re built with native tech, ensuring an intuitive experience for users on iOS and Android.
Advantages of React Native for FinTech Apps
Using React Native for finance apps is highly beneficial. Here are just several advantages you get:
- Cross-platform development. That’s the core benefit. With RN, you build your app once with a single codebase and deploy it easily on different platforms. The cross-platform approach shortens dev time and, most importantly, saves you a pretty penny.
- One-time coding. As we just said, you need to write code only once and then use it on iOS and Android. Ultimately, your React Native engineers maintain and update your app quickly and easily.
- UI focused. React Native pays a lot of attention to user-centricity, which is critical for FinTech apps. The framework offers numerous tools so that developers can build intuitive user interfaces.
- Community support. Released back in 2015, RN has gathered an extensive and active developer community. This means you can access various resources and libraries as well as get answers to your questions on dedicated community forums.
- Proven reliability. Facebook, Instagram, Airbnb, and other large companies use React Native in their apps. If that doesn’t demonstrate its reliability, then what else does?
- Data integration and migration. With RN, it’s easy to migrate your data from older technologies and integrate it into your existing infrastructure. Besides that, the whole process is secure.
How to Build a Team for React Native Banking App
Now that you see how promising it is to build a React Native finance app, let’s discuss the main point. How do you gather a suitable team for your project? The process takes a few steps:
1. Understanding Your Project Requirements
Before searching for remote dedicated FinTech app developers, define your project’s scope and needs:
- Outline the features you want in your banking app. Consider user interface, backend integrations (payment gateways, banking systems), security measures (multi-factor authentication, encryption), and any other desired functionalities.
- Establish your project timeline and budget. Set realistic timeframes for development and launch and make sure your budget covers team size, dev time, and potential ongoing maintenance costs.
2. Considering Essential Roles and Expertise
When assembling a team, you not only hire React Native developers but various other experts as well. Here are the specialists a successful team should consist of:
- Project Manager. A person who manages the entire development process and ensures that deadlines are met.
- React Native Developers. The core developers who will build your app using React Native. They should be skilled in JavaScript, React, and native iOS and Android technologies.
- Backend Developers. These experts are responsible for building the robust backend systems that power the app’s functionality. They must be proficient in Node.js or Python.
- UI/UX Designer. This expert creates your app’s interface and ensures it’s intuitive and user-friendly. Understanding a finance-centric user experience is a must-have skill.
- Quality Assurance Engineers. These specialists test your app to make sure it’s bug-free and secure. They find and fix issues throughout the dev process.
- Security Specialist. It is a dedicated expert who works on ensuring compliance with regulations relevant to the FinTech sector (GDPR, CCPA) and data protection standards (PCI DSS).
3. Recruiting the Team
Now that you know which experts you need and what your project requirements are, it’s time to source the candidates. Here are some tips:
- Use online job boards that offer FinTech talent.
- Attend tech meetups and conferences to find potential candidates.
- Partner with recruitment agencies that source FinTech app developers.
When hiring, you can opt for one of two approaches: local and remote developers. The local team offers closer collaboration and easier communication, but the talent pool might be limited and hiring more expensive. Remote devs typically charge lower rates and have extensive skill sets, but they require clear work hours and communication tools.
4. Managing the Development Process
When approaching the dev process, choose Agile methodology for managing your project. It offers flexibility through convenient tools like sprint planning, daily stand-ups, and retrospectives.
Besides that, it’s also crucial to monitor your team’s performance. You can do this through code reviews, feedback loops, and by tracking relevant KPIs.
5. Scaling the Team
As you move further with your project, you may require additional specialists. Here’s how to scale your team effectively:
- Monitor project progress to determine areas that require additional resources. Consider factors like new feature development, bug fixes, and ongoing maintenance needs.
- Hire additional team members with specific skill sets for your needs (for example, building new features or integrating AI technology).
- Outsource less critical tasks to remote agencies or freelancers.
- Use automation tools to handle repetitive tasks.
Mobilunity’s Case Study
Recently, Mobilunity received a recruitment request. Our FinTech client from London needed an expert in React Native to improve their mobile banking app.
The sudden departure of a key client’s developer had left a gap that needed urgent filling. That meant we had to deal with tight deadlines and source the right candidate ASAP.
The candidate requirements were strict as well. The developer must have been familiar with the European financial sector’s regulatory and security standards and, of course, with React Native itself.
Our recruitment process included:
- Using our talent database and professional networks.
- Handling technical screenings.
- Assessing for cultural fit.
- Conducting client interviews.
We approached 20 candidates, interviewed 10 of them, and hired the best expert. All of that was just within two weeks.
Owing to tailored HR support, our custom native mobile app development firm for FinTech onboarded the candidate quickly and provided the developer with continuous training opportunities.
In case you’re facing similar challenges in candidate sourcing, count on Mobilunity to do the job.
How Our Recruiters Approach the Search
Our successful hires are the result of our extensive expertise. Here’s how Mobilunity finds the best React Native banking app developers:
- Understanding client needs. We thoroughly study your project and team requirements.
- Skill mapping and market analysis. Our experts map out the skills and experience required for each team role. Then, we look for the best talent pools.
- Sourcing candidates. We use professional networks, job boards, and other means to locate the perfect candidates for you.
- Screening and initial assessment. We thoroughly review CVs and portfolios to identify candidates with relevant skills.
- Technical assessments. Our recruiters check the candidate’s knowledge in-depth with practical coding assessments.
- Cultural fit and soft skills assessment. Besides technical knowledge, we evaluate the candidate’s soft skills and cultural fit.
- In-depth interviews. We conduct interviews with shortlisted candidates.
- Client interviews. Then, we handle interviews with you so you can make the final hiring decision.
- Offer and onboarding. Mobilunity prepares an offer and onboards the best candidate.
Hire React Native Developers with Mobilunity
Since 2010, Mobilunity has been successfully locating the top FinTech React Native developers for our clients worldwide. We can source and hire candidates in any location, whether Eastern Europe, Asia, or beyond.
Join over 40 of our satisfied clients and recruit React Native developers with us. Enjoy our flexible services that include:
- Dedicated teams of experts for large-scale projects.
- Part-time consultants for short-term or small-load projects.
As you’ve seen in our case study, any hiring challenge is not really a challenge for Mobilunity.
FAQ
- What are the key roles needed in a team to develop a React Native banking app?
The main experts your development team should include are a project manager, React Native developers, backend developers, a UI/UX designer, QA engineers, and a security specialist.
- How do I determine the right size for my React Native banking app development team?
Your team’s size depends on the project scope, complexity, and desired timeline. It’s best to start with a basic team setup: 1-2 React Native devs, a backend developer, and a project manager.
- What specific skills should I look for in a React Native developer for a banking app?
Hire React Native developers with strong JavaScript, React.js, and React Native knowledge. Consider candidates with relevant experience in FinTech and a fundamental understanding of iOS and Android platforms.
- How can I ensure the team aligns with the banking industry’s security and compliance requirements?
To ensure your team follows banking security and compliance requirements, hire a security specialist. This expert has relevant knowledge of regulations and data protection measures.
- What are some effective strategies for recruiting React Native developers?
You can use job boards and attend conferences to find and hire React Native developers. Additionally, partnering with a recruitment agency is a nice way to employ the best candidates.
Want to build a performant React Native banking app? Consider partnering with Mobilunity to locate the best candidates for your team!
