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Are you ready to get into the bandwagon of digital transformation to deliver exceptional customer experience through mobile apps?

According to research, the global mobile app market size is projected to reach $407.31 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.

The mobile app development market has no look back due to the cutting-edge technologies, ever-changing consumer demands, and innovations that directly impact the mobile app trends.

To take your brand to the next-level with next-gen apps, you need to stay updated with the latest trends in mobile app development.

Let’s check them out.

Internet of Things

IoT has a great future ahead due to its significance in domains such as connected appliances, smart home security systems, farming, wearable devices, industrial equipment, wireless inventory trackers, and many more. IoT is crawling towards tremendous growth with loads of reviews and support from the users.

Some of the future trends of IoT predicted are:

Healthcare

AI-powered IoT Devices

Smart Home & Cities

Self-driving cars

5G Technology

Today 5G has a major impact on the mobile domain and will continue to rule the market in 2021 as well. 5G promises to bring a wave of digital transformation that changes the way the apps are created and used.

With 5G, mobile app development companies will be able to offer mobile apps that are highly efficient and fast with a 10X decrease in latency and increase in traffic handling capacity.

5G penetration into mobile application development is all set to boost the functionalities of mobile apps.

Artificial Intelligence & Machine Learning

Today Artificial Intelligence has become a major attraction for mobile apps. Whenever we talk about AI-based applications on smartphones, the first thing that runs through our minds is Siri, Google Assistants, and chatbots.

Recently, AI-based photo filtering apps like Face App, Prisma were trending and you could find them on major social platforms. But 2021 is more than these AI-based apps. It will impact our day-to-day lives by enhancing existing applications with tools like AI-based cameras, voice translations, user predictions, and many more.

Wearable Technology

Though wearable devices haven’t seen a staggering jump every year, the growth is steady. The wearable trends will change the landscape of mobile app development by creating enormous opportunities for app resellers and content creators.

2021 is about developing mobile apps with wearable technology where the users can easily download tens of thousands of apps directly from their wrists.

Wearables will bring a new technological wave in mobile app integration in the coming years in an exceptionally progressive way.

Mobile Commerce

Mobile commerce is a dominant trend since 2019 and will continue to thrive in 2021 and beyond.

Every business around the globe is embracing the power of mobile apps for boosting revenue. Mobile commerce is a great way for retailers from SMEs to large enterprises to make a good amount of bucks in this space.

Today, mobile commerce is too competitive as every person and business wants to build their brand presence online. To stay ahead in this competition and replicating top eCommerce giants like Amazon, you need to first get a mobile app. As per research, by the end of 2021, mobile devices will drive 72.9% of total eCommerce sales.

Like every day a business is looking to launch an app to drive sales, pitching the brand at the top requires the feature of mobile commerce as a prime functionality in your business app.

Mobile Wallets

The way the customers pay using their mobile devices, especially during this pandemic, this pattern is evolving rapidly. There are popular mobile wallets like Apple Pay, Google Pay, and Samsung Pay that are already ruling the market.

Mobile wallets have been always trending and are predicted to reach $13.98 billion worth of transactions by 2022.

Mobile wallets are dominant and must be considered during mobile app development in 2021. Today, wallet integration has become a vital feature for every app to process secure transactions. The mobile wallet penetration in apps will significantly grow in the upcoming years.

Augmented Reality (AR)

With this pandemic, AR has seen an upward growth last year and is predicted to grow in 2021 as well. Mobile apps have a lot of scopes to incorporate AR technology in multiple use cases.

Whether mobile gaming apps like Pokemon Go or Styling apps like L’Oreal Style My Hair App, AR has penetrated many businesses to offer consumers an optimal level of experience.

Today, AR can develop workspace apps for AR-based training programs for employee learning. There are other ways where AR can be incorporated in mobile apps to serve all the industry purposes and caters to your business requirements.

2021 is all about embracing the power of AR in mobile app development.

Chatbots

2021 will be about chatbots and their advancements and evolvement. You can find chatbots on websites. This is a popular trend today due to heavy consumer demand. Chatbots are today’s new standard of customer service.

Though the number is small that uses chatbots out of the millions of apps available on the Apple App Store and Google Play Store, 2021 will see a drastic change in the figures as Chatbots are AI-driven and provide more human-like responses.

Cloud Computing Integration

Mobile app development will see a new transformation with the penetration of cloud computing in the mobile app industry. 2021 is all about how cloud computing will be further explored for leveraging its wide range of benefits in mobile app development.

Cloud has the potential to improve the mobile app performance at the users’ end. Mobile apps can store data on the cloud and also carry out complex tasks. Also, the cloud offers a streamlined workflow with a cost-effective development solution.

As per research, 83% of the enterprise workloads will be managed by the cloud. 2021 is the right time to build business apps using Cloud technology, and therefore, you need to stay updated with cloud computing trends.

On-Demand Mobile Apps

Are you planning to build apps like Airbnb and Uber to rule the market like them?

On-demand mobile app development is a trend where users are spending $57.6 billion per year. Some of the popular apps that can transform mobile app development:

Laundry service

Doctors on-demand

Virtual tutors and coaches

Food delivery

House cleaning

Maintenance services

Fitness on-demand

Pet care

Barber and beauty salon

On-demand services are serving people globally and the opportunities are seemingly endless. Leveraging the on-demand capabilities for your business has a lot of opportunities to widen your customer base and skyrocket sales, increasing profits.

Wrapping it up!

Mobile app development trends in 2021 are going to revolutionize the mobile industry with cutting-edge and disruptive technologies. Partner with a trusted mobile app development company to leverage the full potential of these trends to offer feature-rich, scalable, robust, and exceptionally secure apps for your business.

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Why is ReactJS an ideal choice for SaaS product development?

ReactJS for SaaS will see major adoption in 2021 and is set to become a trend this year though brands like Netflix, Dropbox, Shopify, MailChimp have already sworn in.Fortunesoft is a leading ReactJS development company that holds expertise in crafting high-end and robust SaaS applications for your business catering to your requirements and goals. If you have an idea and are looking to build a high-performing SaaS app for your business, get in touch with us today!React is an open-source, front-end, JavaScript library used for developing engaging and  interactive user interfaces.  Released in 2013 by Facebook, this front-end library is basically used for creating stateful and reusable UI components. ReactJS helps in creating UI interfaces specifically for SPAs.

ReactJS is popular due to its potential to build the most engaging, efficient, and fast web apps with minimal coding. React is the most preferred front-end framework for building interactive user-interfaces. Its simplicity and focus on user-experience have made React the most-loved framework with over 47,20,492 live websites globally.

Due to its flexibility, faster development process, elevated performance, and simplistic nature, ReactJS has become a trend for SaaS product development in 2021.

Key features of Reactjs that are worth your attention

With ReactJS, the web development process becomes simple and efficient. Check out the top 5 features of ReactJS that lead to a faster app development process.

1.  Virtual DOM

Virtual DOM plays a major role in boosting the performance of modern ReactJS web applications. When the state of an object changes in a React application, the Virtual DOM is updated and then compares with its previous state. Only those objects are modified in the real DOM that was the outcome of the comparison between the two states. This feature made things move faster as compared to other front-end technologies.

2. JavaScript Syntax Extension (JSX)

JSX is a syntax extension to JavaScript that is used with React to describe the look and feel of the user interface.  It is neither a string nor an HTML. Instead, it embeds HTML into JavaScript code. React with JSX helps in writing HTML structures in the same file that contains JavaScript code. Thus, JSX is responsible to understand and debug the code easily by avoiding the complex JavaScript DOM structures.

3. One-way data binding

A single-way data flow keeps everything modular and fast. On-way data flow means while developing a React app, the developer nests child components within parent components. This helps the developer to track the error, having a better control over the web app.

4. Component-based architecture

Any ReactJS application consists of building blocks known as components, and a single app has multiple components. Each component owns a specific set of logic. Basically, a component is a piece of user interface. The user interface is splitted into independent, reusable parts that are processed separately.

5. React Native

React Native helps in creating native apps with optimal user experience. It creates platform-specific apps that use a single, shareable codebase. React Native offers native components like view, text, and image that map directly to the platform’s native UI building blocks. React is the base abstraction of React Native with all the benefits that are offered by ReactJS.

Due to the similarities between React Native and ReactJS, it results in a seamless transition from web to mobile. Therefore, to validate the app ideas, SaaS companies use React Native to build and launch a quicker MVP.

Business benefits of using ReactJS for developing SaaS products

Let’s dive into the details of how using ReactJS for SaaS product development  benefits your business.

ReactJS is a performance booster

While developing SaaS products, it is essential to remember that your SaaS app should carry out multiple functions simultaneously with minimum lag time. Therefore, to improve the SaaS user-experience, the time-saving re-rendering approach is one of the methods that help in reducing the lag time.

Virtual DOM plays a major role in the speed optimization of modern web applications.

Virtual DOM helps in the logical tracking of components that require re-rendering as per the user’s interaction. This further leads to a systematic and efficient allocation of resources leading to a much-reduced lag time.

Virtual DOM eliminates the usage of JQuery and other bootstrapping libraries. With the elimination of code-heavy frameworks, SaaS applications deliver enhanced performance.

Moreover, React helps in creating fabulous and user-friendly front-end designs.

React’s superfast rendering capabilities with such awesome front-ends lures businesses to utilize its services for SaaS app development.

Seamless SEO Integration

The most undeniable fact for online businesses is ‘content is king.’ To boost traffic on your website, SEO is vital. React’s faster-rendering speed reduces the page load time and adapts its performance in real-time based on current user traffic.

Reduction in page loading time is essential as it welcomes more traffic to your website. The more traffic on your website, the more the revenue of your business.

Thus, effective use of Search Engine Optimization (SEO) will boost the app’s ranking on Google search.

Simplified Migration

When developers and project managers decide to migrate their existing technological infrastructure to a new one, certain concerns arise regarding the task. The time to migrate, the effort, and the cost required in this process are the major areas of concern.

React is a lightweight framework with JavaScript standards wrapped around, making the life of ReactJS developers easy. Incorporating React code anywhere into the existing infrastructure is quite easy. It doesn’t require shutting down of the system for maintenance and has less dependency.

Faster SaaS application development

The biggest challenge for SaaS application developers is writing the code from scratch with every new project. This hassle of rewriting the code from scratch is resolved with ReactJS’s code reusability feature.

ReactJS has small building blocks called components. When you consult a leading ReactJS development company or hire a ReactJS developer, they can beautifully carve a complex yet efficient and robust SaaS application for your business by mixing and matching these blocks in a stipulated time period.

These components are holding an independent logic. Each component owns a separate set of actions. These components are reusable and avoid the “domino effect”. Domino effect is a term used when codes from different sections get affected by each other.

With such reusable components, SaaS application development becomes quite easier using the ReactJS framework. Another benefit of using ReactJS for developing SaaS products is less expensive and hassle-free app maintenance.

Eases the transition from web to mobile

To gain higher engagement rates, a mobile app is an absolute necessity, even for SaaS applications. To experience a smooth transition from single-page web applications to mobile apps, React Native is well-suited for this purpose.

React Native platform uses JSX syntax. ReactJS developers seamlessly implement mobile-optimized JS components in the native version and continue to develop on them as the foundations of both React Native and ReactJS are the same.

SaaS app development with ReactJS is cost-effective as ReactJS is simpler and lightweight, unlike other complex JS frameworks. Thus, ReactJS leads over its competitors wherein web and mobile app developers require complex knowledge of various syntax for the transition.

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Introduction

The potential of Blockchain technology has caught attention worldwide. It has a huge crowd around it that are looking for opportunities to adopt and leverage the benefits of this disruptive technology in their business.

The BFSI sector is taking the lead for adopting this technology for gaining the benefits in the near future. The main focus of setting up banks was to create connected groups of people together and allow transparent and secure communication between them through trade and commerce. Blockchain is a tool that helps to accomplish these things on a global scale.

Facts and Figures

The Blockchain market is forecasted to grow at 62.73% CAGR through 2026 reaching $52.5 billion

By 2026,  the largest North American Blockchain tech will be the Hybrid blockchain worth $6.7 billion.

The largest revenue will be derived from Blockchain-as-a-Service, Cloud computing, and System Integrations.

These figures clearly portray that the blockchain market is envisioned to have a higher revenue by 2026 and the growth in banking and finance will continue to grow. Though now we know that Blockchain technology is responsible for bringing in major transformation in the BFSI sector, you must be aware of the areas where the technology will streamline the process. Let’s dive into the use cases of blockchain technology in the banking sector.

1. Payments

One of the areas where Blockchain penetration is fastest is payments in banking. Payments are crucial as people primarily use their bank accounts for transactions.

Banks have been on the bandwagon of digital transformation for quite a long time that motivated them to adopt disruptive technologies for seamless payments and issuing their own digital currencies.

With Blockchain, banks will leverage benefits such as:

High-level of security while transferring money

Quick and safe transfers

Operating in real-time

Ability to serve round the clock instead of being time-specific

Feasible and faster cross-border payments

Some popular examples include Australia’s Westpac and Estonia’s LHV banks that have successfully integrated blockchain technology into their processes.  

2. P2P transfers

The concept of Peer-to-Peer (P2P) payments is simple where it involves a transaction between two parties. The money is sent from someone’s bank account to the receiver’s account using net or mobile banking.

But P2P payments have some major concerns such as:

No international money exchanges

Refunds are difficult to initiate or are non-existent in most cases

Prone to human errors such as sending the money in a wrong account

Fraud and security

Adopting blockchain technology for P2P payments brought a promising transformation by replacing cash, credit cards, vouchers, checks, and gift cards with digital wallets that offered:

Instant transactions globally

Inexpensive money exchanges

Elimination of fees and chargebacks

High-level security by preventing frauds and data alteration

Offers both cryptocurrency and fiat transfers through Blockchain

Mobile app developers are looking to embrace the potentials of blockchain technology in building robust and exceptionally secure P2P mobile apps as:

P2P networks are faster and reliable

It has a little chance of downtime

P2P networks are simple and cost-effective

Easy to establish and maintain

Highly secure

One of the popular examples of P2P apps that uses Blockchain technology is Bitwala that focuses on facilitating seamless money transfers mostly on cryptocurrencies such as Bitcoin.

3. Clearance & settlement

Currently, as per the traditional financial infrastructure, a bank transfer takes a couple of days for the settlement. With the decentralized blockchain technology, banks could settle directly and keep track of the transactions in a much better way than the existing protocols such as SWIFT.

One of the logistical challenges that numerous banks face is moving the money globally. A bank transfer has to undergo various complex processes and bypass intermediaries such as custodial services before it reaches its destination. It is mandatory for the banks to reconcile their bank balances across the global financial systems that involves a wide array of funds, asset managers, traders, and more.

The SWIFT protocol has the role to only process payment orders. The actual process has to bypass intermediaries that come with associated costs and time.

With Blockchain technology, banks can track all the transactions transparently and publicly. Blockchain enables banks to simply settle the transactions directly on a public blockchain. They don’t need to rely on any kind of custodial services and regulatory bodies such as SWIFT.

4. KYC and Identity Verification

Every bank account holder wants their money to be safe from cybercriminals and fraudsters. But, the authentication and the authorization process is so typical that banks suffer a lot on the efficiency front.

Blockchain technology adoption is paving a way for the banks to remove these tedious steps by registering once with the blockchain and avoiding repeated verification for other services if they too are using this decentralized hyperledger.

KYC is benefited with this adoption. The typical onboarding process of the customers is quite expensive and consumes a lot of time. KYC includes a lot of verification right from financial background to other personal data. With Blockchain, customer databases are automatically updated with relevant information and facilitates sharing between loan officers and banks in a secure manner.

Leading Fintech development companies can help banks with their world-class fintech services to employ better and cost-effective solutions that serve their client purposes and relieve them from spending hundreds of millions of dollars on KYC procedures.

5. Fundraising

Today the current scenario of fundraising through venture capital is quite complicated.

The typical fundraising process has the following steps:

Business owners put decks together

They carry out a lot of meetings with their partners

They get into negotiations over valuation and equity

Waiting for the results

Blockchain accelerates fundraising process by providing several alternatives such as:

Initial Exchange Offerings (IEOs)

Equity Token Offerings (ETO)

Security Token Offerings (STOs)

For fundraising, STO is the most popular model and is legally protected. It needs to pass a due diligence process. To get a robust, legalized, and secure crowdfunding platform, it is recommended to consult a leading crowdfunding platform development company.

Examples:

The pioneers of STOs are Switzerland and Malta and leading companies are Scerri and Concise offering such services.

Neufund is a popular ETO trading platform.

6. Trading

In the finance domain, most of the trading activities are still practiced on papers such as credits, bills, invoices, and more. Though there is an online order management system available, the process consumes a lot of time for accomplishing the tasks.

With blockchain, this traditional trading process will be digitized and results in less time consumption in a manual process, bureaucracy, and paperwork.

The adoption of Blockchain technology in trading brings in:

Transparent pricing

Alternative markets

Faster and seamless payments

Immutable transaction recordkeeping

Real-time updating

Seamless integration of users through a consensus

Accessibility

7. Hedge Funds

Hedge fund comprises a group of investors and a fund manager with limited partners. These people in Hedge funds involved are usually traders instead of ordinary investors.

Hedge funds focus on increasing investor returns and reducing the possibilities of losses.

From the past couple of years, hedge fundraising has doubled due to cryptocurrencies. A decentralized hedge fund offers an open platform for investors and fundraisers that is more transparent. This blockchain-based hedge fund is based on crypto.

The reason to adopt blockchain-based hedge fund model is:

Sovereignty of fund managers over money

Enable fund managers to work within single entity

In a nutshell

Undoubtedly, blockchain has the potential to bring in a major digital transformation and technology shift in the banking and finance sector to disrupt their traditional financial processes.

Today, the market is witnessing blockchain wallets that are seamlessly and securely carrying out money transfers digitally and there is more to come in the coming years. Blockchain wallets will be leveraged by large enterprises, SMEs, and startups to offer the potentials of blockchain to customers globally.

Blockchain has become the  most significant trend in the banking sector and is expected to offer digital experiences with ease, making it one of the top desired tech to adopt by banks and fintech for money transferring and purchasing.

To start with Blockchain, you need to know where this tech can be embraced in your process. You can consult a leading Blockchain development company and start with Blockchain today!

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Developers are debating over the best frontend development framework for their product development. Check out the poster that offers a comprehensive comparison of the best frontend frameworks and will help you to pick the best-suited one for your business needs.

https://bit.ly/30KCrRt

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Open Banking is a revolutionary technology in the digital world that forces banks to reinvent their traditional business models. Banks leverage open banking to collaborate and partner with fintech and third-party providers to stay ahead of this competitive curve. This rapidly evolving ecosystem is highly driven by Open Banking API as it changes the way incumbents interact with third-party providers. Open Banking not only transforms this but also revamps the way a consumer interacts with them.

Let’s explore more about open banking API and how leveraging open banking API will create an impact on banks and its customers.

What is Open Banking and how it works?

Open Banking enables sharing of customer’s financial information securely with the customer’s approval.

API permits third-party providers like Fintech to access the customer’s financial information that, in turn, helps to craft fintech apps and services for enhanced digital experiences. The fintech products that are built are not only for customers but also, for SMEs and startups to boost growth and revenue.

As open banking enables sharing of information to a regulated third-party provider, for your consent for sharing the information, you need to use your online banking credentials to log into your account and approve the third-party to access the information. The login credentials are always handled by the customer’s bank and not the TPP. Moreover, when the customer approves to access his information, TPPs have only “read-only” access, and therefore, TPPs can’t carry out a transaction.

Benefits your financial institution will leverage from Open Banking API

Open banking helps banks to enable higher customer engagement. Moreover, open banking API offers new insights that helps businesses and customers to make decisions about their financial assets. Let’s checkout the top benefits of Open Banking API.

Customer Engagement: Enables customers to engage with their financial data in a secure, agile, and future-proof method with the changing financial ecosystem and customer demands.

Payments: Boosts digital revenue by allowing customers to pay through digital and mobile wallets via their smartphones for almost every purpose

Banking-as-a-Service(BaaS): Promotes an effective Open Banking API strategy through API-led connectivity by ensuring speed, agility, and innovation

Remittance & Currency Exchange: Supports international money transfers and remittances through a simple, faster, and less expensive process with Open Banking API

Customized Product Offerings: Benefits customers immensely by allowing financial firms to offer personalized products and services with greater transparency

Things to remember while implementing Open Banking

While implementing your own open banking, banks, fintech, and other regulators should keep in mind these initiatives:

Time frame:

You can’t have an aggressive schedule to implement transformational modifications to complex financial systems. A financial system includes a lot of stakeholders. Therefore, you should have a flexible and properly planned time frame that will help in coordinating and implementing all the tasks and elements in a hassle-free manner.

Smooth interaction and cooperation of open platforms

The financial ecosystem has already owned a plethora of APIs and world-class solutions that have delivered amazing customer experiences. To gain a frictionless adoption of open architectures, you need to accept open technologies to better flourish.

Flexibility

Today, the pandemic has resulted in the revamping of financial models. Financial solutions that offer limited offerings are outdated. Consumers need personalized services. To plug in these new services in your fintech apps, you need to choose the best technological framework that can quickly adapt to the changes and also abide by the regulations.

Preach the public

If you’re planning to make a significant change in banking services, your consumers have the right to know about those modifications and require knowledge to become aware of those services. Offer consumers the time to get acquainted with these changes and leverage the benefits of the same for higher engagement.

Top use cases of Open Banking

Open banking has gained huge popularity and has amplified due to the global pandemic and the surge in demand for online services.

A prediction by PwC states that by 2022, 71% of SMBs in the UK will adopt open banking, and two-third of adults in the UK will opt for open banking, resulting in a £7.2 billion revenue

To embrace open banking, you should know where exactly you require to integrate these APIs and drive value for consumers. Explore the top open banking use cases as below.

KYC process automation: Open banking offers a streamlined process to fetch and verify customer information necessary for the customer due to diligence procedures.

Customer onboarding: Open banking offers a simplified customer onboarding process by fetching hard-to-access financial information seamlessly. The customer onboarding process involves account and identity verification, auto-filling forms, income verification, and affordability checks.

Financial management: Open banking API offers an optimal digital customer experience by allowing aggregation of financial information from different accounts and banks for easy money management. Moreover, open banking API allows easy finance management by offering finance dashboards, auto-saving, and smart budgeting. Also, open banking APIs play a major role in managing SME finances by offering seamless account aggregation, automated accounting, and affordability checks.

Transaction monitoring: Open banking offers enhanced methodologies to improve customer profiles and make it easier for abnormal activity identification or any kind of anomalies in the data.

Insurance: Open banking API offers unparalleled visibility of customers’ spending behaviors that results in better decisions for lending and insurance.

Payments: Open banking allows a direct account to account payments, eliminating costs incurred by card processors. It further allows the customer to carry out the transaction from a single place.

Product comparisons: Open banking platforms and advanced data analytics offers product recommendation service to the customer based on their spending behavior.

Top Open banking Trends in 2021

The modern and fast-growing consumer demands for financial services have led to vigorous competition between banks and fintech. Open banking offers incumbents an opportunity to handle this pressure by partnering with fintech. Open banking APIs are responsible for building and transforming relationships between financial institutions and their consumers by offering ownership to the consumers of their financial data.

As open banking has become a crucial theme for digital growth in the BFSI sector, it has paved the way for many trends that can be observed in 2021.

The rising adoption of Open Banking APIs by SMEs and Millennials:

Open banking will enable banks to offer services to SMEs with the help of third-party financial providers. Open banking will allow easy management, cross-border payments, seamless multi-currency transactions, and checking accounts in a short period of time.

The transformation of fintech:

Today fintech has touched payments, lending, wealth management, and insurance services to offer a world-class digital experience to customers. With the help of open banking, fintech can seamlessly integrate banking services with banks. This provides fintech a good platform for business expansion.

A big take on Accounting Firms:

One of the popular trends of open banking APIs, SaaS-based accounting organizations leverage the power of open banking API to manage banking and accounting from the same platform.

The emergence of Open Banking Platform:

Open banking platform plays a major role in offering seamless integrations on the plug-and-play model for banks and fintech to offer world-class banking services to customers.

Tech giants to roll on Open Banking:

Tech giants are all set to partner with banks and platforms to launch full-fledged financial services for the customers with the help of open banking API.

The requirement for API Standards and Operability:

This year there will be a lot of push on API standards and operability with the increase in adoption of fintech services and the emergence of Neo and challenger banks across borders.

Top Open Banking Examples

Some of the top examples of open banking are given below.

1. Barclays: Barclays is a popular name in the open banking market. As it claims, it is the first UK bank that has enabled account aggregation inside its mobile banking app. Barclays’s open banking feature offers customers smooth account operability where the customers are allowed to view their accounts using their Barclays mobile app.

2. BBVA: BBVA had launched its BaaS, open platform in 2018 in the US. This open platform leverages the potentials of APIs that allow third parties to serve customers with their financial offerings without the need to offer a full suite of banking services.

3. HSBC: In response to the UK’s open banking regulations, HSBC had launched its Connected Money app in 2018. The Connected Money app provided customers a way to control their financial data and allowed them to view bank accounts, mortgages, credit cards, and loans with other banks, all in a single place.

Open banking challenges that regulators need to combat with

Open banking is rapidly impacting banks globally. This global phenomenon enables banks to increase customer engagement by offering new services and products. Though regulations are driving these changes, there are some market-led modifications that are posing a challenge to the regulators to keep pace with. Let’s explore these challenges.

Instability of APIs:

One of the biggest challenges that third-party providers face is the unreliability of payments. Open banking faces issues with its technical infrastructure most of the time. The instability of APIs further creates friction that results in a negative payment experience.

Unresponsiveness of APIs:

As per research by Open Banking Implementation Entity, UK had more than 5.7 million failed API calls in November. PSD2 enforces testing on their APIs during a surge in calls so that they can easily handle thousands of calls per minute. But, somewhere this process is overlooked and a high volume of calls causes high-reliability issues. Usually, the bank returns an error message when an API goes down. But, most of the time, banks shoot unclear messages such as different types of error code and vague messages.

Lack of standards

To accelerate progress towards a truly open environment, there should be a universally adopted reference model or taxonomy. Right now every bank is crafting its own API with the help of a leading fintech development company that holds expertise in API development and deployment. But, this limits the openness and defeats standardization that holds PSD2 and Open banking together. This creates an issue for the banks to visualize multiple flows.

So what is next for banks?

With these huge challenges of open banking for banks, open banking platforms should smoothly enable intermediaries for accessing data securely and develop intuitive applications for customers.

In a nutshell, banks have to deal with their legacy system with the help of fintech. They can resolve this issue by providing a lightweight, robust, responsive, and agile ecosystem as a new emerging core.

This ecosystem will definitely bridge the gap between banks and Open Banking APIs by providing a platform for high-speed Open banking requirements. This ecosystem will have next gen capabilities for storage and messaging such as API, microservices, cloud, etc.

Wrapping it up!

Open banking allows third-parties to access financial information that is required for app development and services. Moreover, Open Banking API offers account holders greater financial transparency that offers optimal customer experience. This helps in acquiring new customers globally. Open Banking has a promising future by creating a greater impact on end-to-end digital experience for all the stakeholders in this process

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Businesses can’t afford to miss their presence on platforms such as Google Play or Apple App Store. As per this report, the global market share of mobile was valued USD 154.05 billion in 2019 and was forecasted to grow at a CAGR of 11.5% annually from 2020 to 2027.

Businesses want to penetrate deeper in the markets through highly intuitive and engaging mobile apps as the apps can easily connect businesses to users through portable devices at any time. With the increase in the adoption of variable devices and customer base for the multiple domains, the mobile market saw a drastic change with maximum growth.

But businesses look for optimal, pocket-friendly solutions. Therefore, organizations opt for native apps. This gave cross-platform apps a reason to emerge as a vital and unrivaled choice for mobile app development on Android as well as iOS.

Let’s check out the top 5 cross-platform app development frameworks in 2021.

1. PhoneGap

PhoneGap, an open-source, cross-platform app development framework, enables mobile app developers to code in a hassle-free manner. It offers the flexibility to use different languages without any hardware restrictions to the developers. PhoneGap is developed by Adobe and it offers cloud-based solutions that allows mobile app developers to craft mobile apps directly in the platform.

Background

1. Open-source cross-platform application development framework with Apache License 2.0

2. The latest version of PhoneGap is 10.0.0 on 4th August, 2020.

3. PhoneGap is available for Android, iOS, Windows, and Electron platforms

4. Programming languages used are JavaScript, HTML, CSS, Java, HTML5, Objective-C, C#, C++

5. PhoneGap allows the mobile app developers  to get access to Native APIs so that your mobile app can use all the native features such as camera, geolocation, accelerometer, contacts, and many more.

6. PhoneGap is best-suitable if you’re looking for a simple mobile application with a native look while saving a few bucks in development.

Pros of PhoneGap

Robust backend: Offers faster development process while reducing developers efforts.

Flexibility: Offers mobile app development with  JavaScript, HTML, CSS, Java, HTML5, Objective-C, C#, C++

Multi-platform: Offers mobile app development for multiple platforms with native look and feel

UI libraries: Offers a vast UI libraries that helps in improving the viewing experience for different target viewers

Faster development: Offers a quick development process due to the suppleness and flexibility it offers

Large community base: Offers a large community base with adequate support

Taps onto the device hardware: Offers complete utilization of device features such as camera, geolocation for better user-experience

Cons of PhoneGap

Not suitable for app that will have a lot of graphic elements

Lacks descriptive documentation that may be crucial for app development

Not suitable for gaming apps

Lack support for plugins that have hook

Popular PhoneGap Applications

2. Ionic

Now hybrid app development is easier with Ionic app development framework. If you are looking for faster development of your business app, Ionic is best-suited for you. Ionic uses a single code base. It has a huge library of tools and consists of the latest components. Ionic inherits a few iOS and Android design elements that allows it to build native-like hybrid apps and progressive web apps. Hire Ionic app developers for crafting hybrid apps that would seamlessly work on multiple devices.

Background

1. Open-source cross-platform framework for hybrid app development

2. Ionic was Max Lynch, Ben Sperry, and Adam Bradley of Drifty Co. in 2013

3. The latest version is 5.5.4 on 4th February, 2021

4. Ionic is built on AngularJS and Apache Cordova

5. It consists of MIT license

6. Ionic uses front-end technologies such as HTML, CSS, JavaScript, and Angular for application development

7. Ionic is mostly used for developing PWAs and native apps. If you want to target both web and mobile, Ionic is suitable.

Pros of Ionic framework

Faster development and shorter time-to-market: Ionic crafts your mobile app in a shorter period of time for both the platforms as compared to apps built natively. If you build apps for each platform, it not only consumes a lot of time but also results in delayed time to market and increased costs.

Browser support: Ionic offers browser support, proving beneficial for both developers and entrepreneurs. Ionic experts offer mobile application development with Angular using web-views in the browser. They don’t need any complex IDEs or editors but only browser web-views for building the application layout.

Programming languages: Ionic uses front-end web technologies such as JavaScript, HTML, CSS, and Angular. It utilizes HTML5. As a startup, you may need to consult a leading mobile app development company that would guide your application development aligning your business needs for both the platforms with new technologies.

A wide array of UI components: Ionic offers a wide range of plugins and UI components to enhance Ionic experts productivity and to reduce the development time and cost.

Native plug-ins: Ionic has a lot of native plugins that help developers to get access to native device APIs. This offers an optimal experience to the application users for both iOS and Android platforms.

Cons of Ionic framework

Consists of unstable native plugins

Debugging is difficult with Ionic framework

Applications with lot of graphics and animations aren’t suitable for Ionic development

Popular applications built with Ionic

3. React Native

React Native is a popular cross-platform app development framework for both iOS and Android. React Native is undergoing constant improvement and is supported by a large community. React Native is based on React and doesn’t involve the use of WebView and HTML technologies. React Native has platform components in JSX and CSS–like polyfills. Also, React Native has no DOM API. It has the potential to combine the best features of JavaScript and React.JS.

React Native is best suited for apps that are required for Android and iOS. If you are looking for a mobile app that requires a custom design, then React Native can serve this purpose. React Native is a good candidate for applications that require shorter time-to-market and reduce production costs.

Background

Open-source mobile app development framework

Officially released by Facebook in 2015 for hybrid mobile app development

Originally developed in 2013 as a web-interface platform

The latest version is 0.63

React Native offers native-like experience with more stability

React Native is used for developing applications for Android, Android TV, iOS, macOS, tvOS, Web, Windows and UWP

React Native uses JavaScript, Java, C++, Objective-C, and Python programming languages

It supports Android, Android TV, iOS, macOS, tvOS, Microsoft Windows platforms

Pros of React Native

Shorter time to market: Offers faster development as it has the potential to build applications for multiple platforms with the same codebase. It shares the codebase for iOS, Android, and the Web (with ReactXP and React Native for Web)

Cost-effective: As a single codebase is used to develop applications for multiple platforms, mobile applications built using React Native are cost-effective as it saves time and money.

One team for multiple platforms: As only a single codebase is required, you can have your app developed with a single development team that is familiar with JavaScript. This reduces the mobile app development cost. You don’t need to employ different teams for every platform.

Rich ecosystem: Offers an accelerated software development process due to its access to a plethora of libraries and tools that increases developers’ productivity.

Ensures stable growth: Offers a set of components that know how to display the app on a particular platform. React Native’s potential of app development without going in-depth of the platform, allows the developers to focus purely on application development. This results in the process of stable and resistant app development features and an organized release of features.

In addition to the above pros of React native app development, some other benefits that React native offers are:

Seamless integration with the native application

Easy setup

Simplified usage of styling components

Hot/live reloading feature

Low app development cost

Supported by external tools

Cons of React Native

Requires new solutions to develop from scratch

Requires documentation upgrade

Due to use of Javascript, Objective-C, Java, and C / C ++, debugging is difficult

It’s not a native solution as React Native is a cross-platform app development framework and to give it a native feel, it has to create a communication between the native world and JavaScript.

React Native is sometimes slower than its native counterparts and takes more space

React Native apps face slow testing time

The team should be well versed with web technologies and native technologies as React Native is cross-platform

Applications using React Native

4. Flutter

Flutter is an open-source mobile app development platform created by Google. It is an object-oriented language and contributes in app development for platforms such as Android, iOS, Linux, Mac, Windows, Google Fuchsia, and the web from a single codebase.

Background

Flutter was initially released by Google in 2017

Latest version of Flutter is 1.22.6. It was released on 26th January, 2021.

Flutter is written in C, C++, and Dart.

It is an application framework with the new BSD license.

Flutter is used to develop applications in Android, iOS, Google Fuchsia, Web platform, Linux, macOS and Windows.

The main components of Flutter are Dart platform, Flutter engine, foundation library, and design-specific widgets.

Flutter is best suited for MVP, especially if you are a startup.

Pros of Flutter

Speed: Faster development and saves a lot of time, effort, and money due to single codebase for iOS and Android platforms

Hot reload: Helps in making changes to the code and immediately view the results without recompiling the code. This simplifies bug fixes and experiments with various UI elements.

Customization and fast rendering: Due to Flutter’s layered architecture, Flutter gives you control over the pixels on the screen and allows seamless integration and use of overlays and animated graphics, videos, text, and controls.

Less testing: Due to the use of same code for different platforms, flutter app development requires less testing.

Same UI: Flutter allows sharing of both UI code and UI on all platforms.

Similar to Native app performance: The application performance is best in case of Flutter as it doesn’t depend on any intermediate code representations or interpretation. The Flutter app is developed into the machine code that eliminates any performance bugs of the interpretation process.

Cons of Flutter

Immature framework

Lacks advanced features

Not entirely stable

Many features aren’t yet supported

Dart is comparatively new

Dart includes fewer features and existing ones aren’t well-refined

Flutter apps require a lot of space and takes longer to download and update

The look and feel of Flutter apps aren’t 100% same as that of native solutions

Frequent changes in Dart language makes the code difficult in long run

Popular Applications built with Flutter

5. Xamarin

Xamarin  is a tool used for developing cross-platform yet native applications for iOS, Android, and Windows. Xamarin uses .NET and C# and it shares 90% of the code on other platforms for crafting intuitive and engaging mobile apps.

Xamarin backs up Android and iOS apps with the help of C# bindings to native Android and iOS APIs that results in native user interface, notifications, graphics, animation, and other device features.

Xamarin uses a single codebase that contributes in faster development of mobile apps across all platforms. If you’re looking for giving your mobile app a consistent look across all platforms or provide a native look and feel, then Xamarin.Forms, an opens-source mobile UI framework will serve this purpose.

In a nutshell, Xamarin has the potential to offer modern, futuristic, fast, and high-performant native mobile apps with .NET and C# across all platforms.

Background

Latest version of Xamarin is 5.0 Release 3

It is based on Microsoft technology stack

Shares 90% of the code over major platforms

Xamarin uses C# language and is based on .NET framework

Xamarin supports Android and Apple wearables

Pros of Xamarin

Same stack for all platforms: It uses C# with .NET framework for mobile app development for any platform. You can use Visual Studio or Visual Studio Code for Xamarin app development.

Performance is close to native: Xamarin apps are considered as native as it’s performance is continuously improved to match the native development standards.

User experience: Xamarin offers optimal user experience due to its use of platform-specific UI elements.

Hardware support: Xamarin eliminates hardware compatibility issues and has the capability to work with common devices across the platforms

Maintenance: Xamarin has maintenance and updates easier due to its cross-platform nature. It simplifies easy deployment of changes and updates for both iOS and Android apps.

Resources: There is a lot of learning resources available on Xamarin to help people develop technical skills on this framework.

Support: Xamarin supports portable versions for many platforms for TVs, wearables, and IoT

Cons of Xamarin

It faces compatibility issues with third-party libraries and tools

Xamarin apps are large as compared to their native counterparts

There is a requirement for basic knowledge of native languages

Xamarin offers limited access to open source libraries

Applications built using Xamarin

In a nutshell

Cross-platform app development offers enough mileage to startups, SMEs, large enterprises in the mobile market. As Android and iOS are the two major platforms in the mobile app development world, cross-platform app development is paving the way towards advancement and innovation. To choose the best cross-platform app framework for your project, you need an expert consultation from a leading cross-platform app development company to make an informed decision. With the right technology framework, you will get a business app that’ll provide a rapid growth in your business.

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Undoubtedly, Angular, Vue, and React are the top JS frameworks, but to choose the best and most suitable one for your project requires a lot of factors to consider.

This blog serves as a guide for the startups that are looking to launch an industry leading product or developers who debate on the pros and cons of Angular, React, and Vue for their projects.

Let’s get started and dive deep into each of these frameworks

Angular

Angular is a front-end open-source JavaScript framework that is best utilized for advanced, large-scale projects with the help of a seasoned Angular developer. Angular belongs to the MEAN stack, one of the trending tech stacks for startups. This web application development framework is based on Type-script. Angular is capable and is primarily used to build single page web applications or SPAs.

Background

1. Developed by Google

2. First released in 2010

3. TypeScript-based JavaScript framework

4. Latest stable version is Angular 11.1.1, released in January 2021

5. Quickly established itself as a mainstream technology

6. Downloaded by millions of developers

7. Currently 127,663 live websites use Angular

Performance highlights

Offers a robust collection of components resulting in simplified art of writing, altering, and using code

Reduces the initial load time of a webpage by splitting tasks into logical chunks because of MVC structure

MVC model helps in reducing queries in the background by allowing separation of views

Angular offers full customizable designs giving more power to the developers and designers

Offers seamless third-party integrations to improve the functionality of the product

The ‘ahead-of-time-compiler’ offers faster load times and enhanced security

During the development, Angular compiles HTML and TypeScript into JavaScript resulting in faster compilation of the code even before the browser loads your web app.

With Angular, dependency injection can be used as external elements decoupling components that make them reusable, easier to manage, and test.

Pros of Angular

1. Offers incredible structure

2. Easy two-way data binding

3. MVC architecture

4. Initial reduction of loading time of the webpage

5. Built-in module system

6. Large community and ecosystem

Cons of Angular

Limited SEO options

Weak accessibility for search engine crawlers

Quite difficult to learn

Complex SPAs lag and underperform

When to use Angular?

If you are thinking of betting on Angular for your next project, some instances are listed below where this framework is best-suited.

You can use Angular if you are planning for:

Developing Progressive Web App (PWA)

Large enterprise application with complex infrastructure

Dynamic content-based websites

Upgrading website application design

Improving the user-experience of large websites by redesigning

Popular Applications of Angular

React

React is an open-source, front-end, JavaScript library used for developing user interfaces. MERN stack, one of the most popular stacks for building high-end business applications, have React.js for building interactive user-interfaces.

User interface plays a crucial role in web development where the user sees and interacts with your application through it. Because of its simplicity and focus on user experience, React has become one of the most-favored frameworks.

Background

1. Developed by Facebook

2. Initially released in 2013

3. Front-end library used in creating stateful and reusable UI components

4. Latest stable version is React 17.0.0, released in October 2020

5. Out of the total websites developed using React, 59.3% of websites uses React v16, 19.1% uses v15, 17.5% uses React v0, and 4.1% uses React v17

6. Creates UI interfaces specifically for SPAs

7. There are approximately 38,11,542 live websites that are using React

Performance highlights

Virtual DOM offers efficiency and optimized performance for complex applications that require frequent changes. Virtual DOM allows you to make changes and update to only the portion where it is required. This causes the browser to re-render only a small part of the page rather than the entire thing.

React supports bundling and tree-shaking. These features are used for reducing the end users’ resource loads.

React offers better control over the project by supporting one-way data binding.

React is easily testable and monitored, making the whole development process better.

Pros of React

Key benefits that React offers and helps to stand out in the pool of front-end development:

Increases the speed of the development process by allowing react web developers to write individual parts on both client-side and server-side without changing the logic of application

React code is flexible due to its modular structure saving a lot of time and cost

The React code is easier to maintain

Offers high performance of complex apps

React offers mobile app development by supporting mobile native applications for both Android and iOS platforms

Cons of React

React doesn’t implement MVC which pushes you towards using extra libraries for state and model implementation

React’s constant updates and the usage of companion libraries to support it results in poor documentation

Fast acceleration of React technologies results in writing improper instructions due to lack of time

Constant updates are difficult to pace up for the React experts at times due to fast evolvement of React technologies

When to use React?

As a React developer, you may want to implement this library in your project, but every project doesn’t need React. React, if used in conjunction with Redux or MobX or any flux patterned library, becomes a high-powered tool.

If your application is quite simple, you can directly write in JavaScript.

React is best-suited for projects that involve many components with active/inactive states, navigation items, expanded/collapsed accordion sections, dynamic inputs, active/disabled buttons, and user login and access permissions. Managing such changing states and presenting different views to the users based on the state, is hassle-less with React.

If your application has the chance to grow in scale and scope, React is a best fit for such applications as it’s declarative nature of components makes it easy to handle around such complex structures.

Popular websites using React

Vue

An open-source Model-View-View-Model front-end JavaScript framework, Vue.js is used to develop user-interfaces and Single Page Applications(SPAs).

This progressive JavaScript framework is approachable, high-performant, and versatile. Vue.js contributes to optimal and dynamic user experience on the web.

Background

1. Developed by Evan You in 2014

2. Initially released in 2014

3. Vue.js is built to be incrementally adoptable for users

4. Latest stable version is 3.0.5, released in December 2020

5. 12,92,620 live websites built with Vue.js

Performance highlights:

Vue is an exceptionally fast tool. Vue.js accords with high-end features, easy learning curve, highly-efficient, fast, and sophisticated single-page application, making it one of the most-starred JS frameworks on GitHub.

Pros of Vue

The size of the framework is quite small that makes it easy to download and install

Requires less optimization from the Vue.js developers due to its size

Due to the size of the framework, it stimulates the Vue.js web app development and allows Vue.js experts to separate template-to-virtual DOM from the compiler

The virtual DOM in Vue.js allows updating of elements in a web page without rendering the whole DOM

Vue.js provides easy access to all its functions that supports customization

Vue.js is compatible and flexible as Vue.js uses HTML to render objects and a template system for seamless integration with existing applications

Vue.js is reusable if it is properly harnessed

The code base doesn’t get heavier as the application scales

Cons of Vue

Vue.js is comparatively new and will need some time to grow its community. Vue.js has a small community to back.

The market adoption of Vue.js isn’t broad as compared to React and Angular. It requires time to see a high demand in jobs for skilled Vue.js developers

Vue.js can’t be used for large-scale projects as it lacks scalability

Vue.js has fewer plugins as compared to React and Angular

Vue.js applications have performance issues with older versions of Safari and iOS mobile browsers

When to use Vue?

You can use Vue.js framework if:

Your app is full of animations and interactive elements

Your app requires seamless integration with multiple apps

You want to prototype without advanced skills

You want to launch your MVP fast

Top web and mobile apps built using Vue framework

In a nutshell

We have analyzed all the three front-end frameworks Angular, React, Vue.js.through their background, performance highlights, pros, cons, when they can be used, and popular web and mobile applications built using these top open-source, front-end frameworks.

Whether you are a startup or a leading enterprise and looking to start a new project, you may face some innumerable different situations. The technology that you choose for your business application must cover all your requirements and should have the potential to work in every situation. While partnering with a leading web development company take your best shot on the basis of the scope of your project and the performance requirements.

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Why do you need a framework for software development?

Frameworks aim to automate the software development overheads. Leveraging the benefits of frameworks such as time-saving, scalability, robustness, security, integrations, frameworks have become an integral part of web development with the rising standards and complexities associated with it.

Usually, web development is thought of as client and server. Users directly interact with the clients through websites and apps. The client sends a request to the server and the server serves back the requested content to the client. In other words, the backend provides logic for your website’s functionality and sends the appropriate data to the client. Also, the backend has a database that stores the application data.

To embrace the power of frameworks for building rich and interactive web applications, you need to know the best-suited framework for your project.

Let’s dive into the details of the top 5 backend frameworks for web development

Django

Based on the Python programming language, Django is a leading open-source backend framework that follows the MVC pattern. Django’s popular use cases include sophisticated and feature-rich database-driven websites and applications such as Instagram, Pinterest, and Coursera.

With Django, you get a host of benefits such as optimized pluggability, less coding, greater reusability, and quicker development to leverage. Django uses Python for all its operations including build, read, modify, and delete. Some popular websites such as The Washington Times, Mozilla have Django’s contribution.

Pros of Django

Speed: The entire development process is fast due to Django’s low learning curve and ease of use.

Feature-rich: Django offers a broader array of features to users to help in tasks such as user authentication, content administration, sitemaps, and many more.

Enhanced security: Django offers optimal security solutions against cross-site scripting, clickjacking SQL injection, and request forgery. It offers a user authentication system that helps them with a secure password and account storage and management.

Scalability: Offers a high-level of scalability, attracting some of the world’s top websites for seamlessly catering to their changing operational demands.

Versatility: Django framework is versatile and is used in building applications from domains like social networking, CMS, computing platforms, to name a few among others.

Cons

It lacks conventions

It’s not suitable for smaller projects

It has a monolithic framework

Features of Django

Open-source

Simple to use

Reliable

Simple syntax

MVC core architecture

Object Relational Mapper

HTTP libraries

Middleware support

Owns a web server, a framework, and components

Popular websites and applications that use Django

Disqus

YouTube

Instagram

Spotify

Mozilla

DropBox

Laravel

An open-source PHP web framework, Laravel follows an MVC architecture and is used to build Symphony-based web applications. Laravel offers a modular packaging system equipped with a dedicated dependency manager. Laravel offers multiple ways of accessing relational databases in addition to application maintenance and deployment utilities. Also, Laravel has an MIT license and a source code that is hosted on GitHub. All these factors make Laravel an ideal choice for PHP web application development.

Pros

Quick development cycle: Offers faster development due to quicker integrations and huge community support.

Documentation: Each version of Laravel was released with precise documentation with clear and easy descriptions of classes, approaches, and code types making it developer-friendly.

Caching: Laravel supports popular cache backends such as Redis, Memcache, enabling you to create and set up multiple configurations.

Artisan: It allows developers to build skeletal codes, control the database, and generate and maintain simple MVC files with their respective settings.

Managing queues: Shorten the user response time by removing the tasks that are irrelevant or unnecessary.

Reverse routing: This allows the creation of links within the structure to named routes

IOC container: This allows the creation of new objects without the need of bootstrapping outside libraries.

Eloquent ORM: A built-in ORM implementation that allows you to work with the database objects and relationships with an eloquent and expressive syntax

Seamless integration with mail services: Laravel supports integration with mail services and offers drivers for SMTP, Mailgun, Mandrill, Sendmail, Amazon SES, and SparkPost. It supports sending of email through local or cloud-based services

Security: Offers robust security facilities with the salted and hashed password modalities. Laravel uses the Bycrypt Hashing algorithm for generating encrypted passwords. Also, Laravel helps in reducing injection attacks by utilizing prepared SQL statements.

Cons

Less in-built support

Possibilities of problems with certain upgrades

Require some experience to start with

Features

Easy authentication

Automatic testing

Configuration error and exception handling

MVC architecture support

Caching

Modularity

Namespaces

Overloading

Anonymous functions

Interfaces

Shorter array syntax

Popular website and applications built using Laravel

Koel

Creative Spaces

Neighborhood Lender

Morgans Hotel Group

Invicta Watch Group

Deltanet Travel

Ruby on Rails

Ruby on Rails (RoR) or Rails as popularly known, is a server-side web application framework that has an MIT license. RoR is an MVC framework that offers database default structures, web pages, and web services.

Rails use CSS, JavaScript, and HTML for interfacing, and XML or JSON for data transfers. Software engineering patterns namely active record pattern, convention over configuration (CoC), and don’t repeat yourself (DRY) are prioritized by Rails.

Rails has some popular use cases to its credit such as Dribbble, GitHub, Airbnb, Basecamp, to name a few among the others.

The graph below shows the top industry verticals where RoR is used. RoR is used by over 394,361 websites today. Fig. Graph of Ruby on Rails usage by top industry verticals

Pros

Efficiency: Accelerates and simplifies coding experience due to its dedicated and growing community and efficient tools.

Wide range of tools and libraries: Offers a plethora of tools and libraries for simplifying debugging, testing, and optimization tasks.

Community: RoR consists of a huge and active community on GitHub where you get “gems” with specific functions and can be utilized in your projects.

Adherence to standards: As mentioned at the beginning RoR follows software design paradigms such as “coding by convention” (specifying the unconventional app features), “don’t repeat yourself” (Preventing code duplication and support for creating abstractions instead) and “active record pattern” (A defined way of accessing data in the database).

Faster development: Shorter time to market your web app if RoR is used for development as RoR comes with a lot of plugins and modules making reading, writing, and modifying codes much faster.

Consistency: Ruby on Rails offers structural consistency and readability of a project by providing developers the ability to use standardized file storage systems and programming conventions while saving a lot time

Cost-effective: Users can acquire the potentials of RoR without paying as Ruby on Rails is open-source and offered under the MIT license. With Gems, adding features is hassle-less and requires no development from scratch.

Quality development: Achieve bug-free software development with Ruby on Rails. It leverages the power of Minitest tool that provides testing features such as mocking, expectation syntax, and test benchmarking. Behavior-driven deployment (BDD) and test-driven deployment (TDD) approaches are used for reducing cost of development and RoR supports both.

Scalability: Ruby on Rails is well-suited and popular for websites that service a high volume of customers.

Cons

Slow runtime speed

Difficult to scale

Lack of flexibility

High cost incurred to cover development mistakes

Features

MVC architecture

Open-source

Automated deployment

Simple programming language

Secure and scalable

Huge library

Easy learning curve

Simplified testing

Active Record for effortless database interaction query design

Follows a “Convention over Configuration” approach for automatic assignment of value without user intervention

Websites and applications built using RoR

Etsy

Bloomberg

Shopify

Airbnb

Twitch

GitHub

Express.js

Express or Express.js is an open-source Node.js web application framework that is used for building APIs and web applications. This framework is available under the MIT license.

Express is a standard Node.js server framework and is a MEAN and MERN stack backend component.

Express.js is a boon for the developers who are looking to build efficient web apps in a shorter period of time. Node.js has the potential to handle thousands of client requests at the same time.

Pros

Learning curve: Easy learning curve as front-end developers are familiar with JavaScript, thus requiring less time and effort

Single programming language for both front-end and back-end: Web developers use JavaScript as a single programming language for both front-end and back-end development.

Faster development: Quick and easy implementation of code as JavaScript code is interpreted through Google V8 JavaScript Engine by Node.js and enhancing performance

Customization: Express.js framework can be easily customized tailored to your business needs.

Middleware: Offers a flexible middleware module for doing extra tasks on response and request and organizes different functions of Express.js

Cons

Not recommended for larger projects

Not suitable for highly-scalable apps that are performance critical

Features

Quicker development at the server-side

Systematic organization of different functions with Middleware

Offers a highly advanced routing mechanism

Offers templating engine to build dynamic content on the web page

Easy debugging

Websites built using Express.js

MySpace

LearnBoost

Klout

PayPal

Groupon

Secret

CakePHP

A widely used open-source framework, CakePHP is written in PHP and is based on the Ruby on Rails concepts. It follows the MVC architecture and is available under MIT license. It is a  popular choice for leading web development companies  due to its advanced features that it offers. CakePHP uses popular software design and engineering concepts like active record, MVC, convention over configuration approach, data mapping to name a few among the others.

Pros

Support for different models: Support for a wide range of software development models including MVC. Also, with CakePHP, large web applications can easily be maintained and updated.

Code generation and Scaffolding: Supports rapid creation of prototypes and reusable code, supporting rapid creation of new PHP applications using existing code in different projects

Code reusability: This helps the developers more productive, reducing overall development time

Database management: Feature automation affects database management and simplifies the database setup and begins application development without using complex XML or YAML files.

Templating: CakePHP offers a fast and flexible templating system to enhance application look and feel with custom templates.

Easy defining of functions: CakePHP offers web developers direct access to Core and App directories making it easy to define the functions of each class in a much simpler way

Built-in tools: CakePHP offers innovative built-in tools that make web applications safe and secure by preventing web applications from SQL injection and cross site scripting (XSS) attacks. Also, they help web experts to validate user input, and prevent form tampering and CSRF.

Cons

Non-comprehensive documentation

No support for default routes for fancy URLs

Difficulties in migrating from version 2.x to 3.x

Features

Open-source framework

MVC architecture

Built-in ORM

Code reusability

Scaffolding

Reverse routing

Multiple language support option

Caching configuration

Popular websites built using CakePHP

Education Unlimited

MapMe

Followmy TV

Elite performance and fitness

MyGasFeed

In a nutshell

Here we have listed the top 5 backend frameworks each with their pros, cons, features, and popular applications. To choose the best backend framework for your project, you need to go thoroughly on factors such as project scope, documentation, learning curve, libraries, security, and scalability. This list of top 5 backend frameworks to consider in 2021 will definitely help you to narrow your search in the available pool of choices irrespective of you being a startup or SME or a leading enterprise.

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As the future of eCommerce is vibrant and ever expanding due to ease in use and convenience, having an eCommerce store becomes a mandate for your global presence. To stay ahead in this competitive curve, you must know the top eCommerce trends that will rule 2021 and boost your online sales. Check them out today!

https://www.fortunesoftit.com/au/ecommerce-development-company-australia/

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The finance space is experiencing a positive acceleration post pandemic. Technological advancements in this industry with some cutting-edge technologies aim to help financial service companies and their clients to manage finances seamlessly.

Right from digital-only banks to contactless payments, let’s check out some of the hottest trends in the fintech software development that would turn your fintech app into a high-end fintech product.

Digital Banking

One of the trends that has no looking back is the growth of digital banking or digital-only banks. Digital banks don’t have a physical branch that has to deal with loads of paperworks and long lines. Flexibility, convenience, innovation, and cost-effective services are some of the strengths of digital-only banks that are competing head-to-head with the legacy systems.

With the advent of digital banking, consumer visits to the banks have seen a drop of 36% from 2017 to 2022. Moreover, there is a commendable 121% rise in the mobile transactions within 2017 to 2022 timeframe. The figures are loud enough to show an accelerated shift towards digital banking and a threat towards the traditional banks.

Digital banking is a result of innovation by next-gen fintech startups that aimed to provide an exceptional customer experience with industry-leading financial services through fintech apps. Digital banking platforms like Monzo, Revolut, Monesse, Ally continue to create a wave in the financial ecosystem.

Digital banking is an absolute treat for younger, tech-savvy, and internet users who find simple and secure ways to manage their finances. With the technological advancements in Artificial Intelligence, biometrics, open banking, and cybersecurity, digital-only banks are ready to offer consumers a wide range of financial services with convenience at par.

Biometric security systems

Today, mobile banking is widely adopted as the services are literally available at your fingertips. As customers want to access services at their convenience, innovations have led to amazing achievements in the finance ecosystem, but invited a lot of security-related concerns. As cybercrime is on the rise, leading fintech app development companies are intensely trying to develop fintech apps that follow all the regulatory compliances and have top-notch security measures.

The biometric market is witnessing a major technological shift as it promises to take security to the next-level. COVID-19 has fueled the growth in the adoption of biometric security systems as it provides consumers the assurance that their data is secured.

The biometric market has seen a lot of innovations right from identity verification to contactless solutions, including contactless financial cards. There are two types of biometrics, physiological and behavioral. Physiological biometrics include systems that use facial recognition, iris pattern, fingerprint technology, hand geometry, retina pattern, and biological biometrics. Behavioral biometric includes systems that use written signature, keystrokes, voice, gesture sequences, and gait-related features.

There is a lot to look out for the latest technology advancements in biometric security. There is a high probability that contactless biometric systems like facial recognition, iris scanner, retina pattern, voice, hand vein capturing, and many more will emerge powerful in protecting user data and applications.

Autonomous finance

Do you know why fintech apps are known as the fundamental building blocks of autonomous finance?

Fintech apps help people to engage with financial services of their choice and reshapes the entire process through seamless communication, intuitive user-experience, and personalization.

Due to the various benefits of finance technology such as lower rates and fees, wide range of features and functionalities, easy set up and onboarding of customers, 24X7 availability of services, and compatibility and flexibility, the drive to explore further developments in autonomous finance has increased. Autonomous finance has the idea of self-driving funds where the technology helps to make decisions on the basis of the customer about their finances. These decisions may be about investment, loan, or about any information that the customer may require about his account.

One of the biggest achievements in Autonomous finance is Robo-advisors. Robo-advisors are programmed to do financial planning of the customer, mutual fund management, automatic saving applications, investment, loan approval at favorable interests, and many more.

Autonomous finance is all about how finance is backed by disruptive technologies like AI and machine learning to manage users’ money and make instant decisions on the basis of their spending behaviors. 2021 will be all about how the technology shift will skyrocket the growth of Autonomous finance globally.

Embedded Finance

With a whopping figure of $230 billion by 2025, embedded finance is a significant promoter of finance democratization. Embedded finance is on the rise with the emergence of digitization. The changing patterns of consumer purchasing behaviors have led to a consumer-centric digital platform economy that became a new norm for the younger generations.  

Over the years, embedded finance has seen a tremendous willingness of the consumers to avail themselves financial services from a non-financial provider. With the help of BaaS, both fintech companies and non-financial institutions offer highly targeted integrations to solve customers’ specific needs

Embedded finance is worth your attention as it offers convenience, a seamless payment experience, a user-friendly interface, higher engagement, greater visibility, higher conversions, and revenue.

Embedded finance holds a lot of innovative opportunities in areas such as specialized SaaS, marketplaces, eCommerce, mobility, and other wide range of business verticals. Embedded finance offers business opportunities for startups, SMEs, and large enterprises by embedding financial services with the help of BaaS providers.

Digital currencies

2020 has witnessed a surge in the cryptocurrency space after a two-year steady graph. With the outbreak of COVID-19, digital payments caught the limelight and forced many governments and customers to conduct transactions digitally reducing the risk of the spreading of the virus.

The pandemic made many eCommerce store owners and other online delivery platforms improve their online offerings as they experienced a rapid surge in the traffic. This resulted in banks to improve their financial offerings. One of the popular examples was in Kenya where the central bank waived the transaction fees of transactions completed via mobile banking.

The shift in payment preferences gave rise to the use of digital currencies as an alternative in this digitalized world. Digital currencies like cryptocurrencies are decentralized. The value of these cryptocurrencies are determined by the market and not by any monetary balance like the Central Bank Digital Currencies (CBDCs). Some of the popular cryptocurrencies are Ethereum, Litecoin, Cardano, Polkadot, Stellar, to name a few among the list.

COVID-19 prompted the rise in digital payments in the emerging markets. Cryptocurrencies are becoming a crucial investment tool to reduce the risk of foreign currency exchange. Digital currencies is set to engage customers globally and flourish as an asset class that has a great opportunity to grow in 2021.

Voice Technology

Most of the tech trends depend on what the customer demands for in the market, specifically the tech-savvy, internet users. This set of consumers often look out for a simple, fast, and convenient way to pay on a day-to-day basis. They prefer apps that would serve the purpose within a few clicks and taps. Here comes AI-powered voice technology that focuses to enhance customer experience in the banking sector.

Voice assistants are already playing good in the market where they are offering optimal experience to customers. Whether today’s weather forecast or requesting to play a song, voice assistants have emerged as a revolutionary technology that uses voice recognition, speech synthesis, and Natural Language Processing to answer your query appropriately through an application.

In banking, voice assistants act as an automated support agent that provides basic details about the user account and card balance. Voice assistants serve customers by replying to common queries, setting up recurring payments, call categorization, and directing customers to the right place.

Another use case of voice technology is using it as a biometric data for payment authorization. Voice payments as popularly known, is a convenient option for the customers for rerouting funds between accounts or sending money to friends through apps like Venmo, PayPal, and so on.

With convenience, voice comes with the fear of security breaches. The demand for voice technology is on the rise and fintech development companies are striving hard to combat security issues by leveraging the power of cutting-edge technologies to make banking experience better without compromising on security.

RegTech

Regulatory technology  enables companies to leverage the benefits of technological advancements to simplify the regulatory compliances that drive the finance ecosystem.

Regulatory technology solutions include identity management, regulatory reporting, transaction monitoring, risk management, and compliance software. RegTech helps banks and other financial institutions reduce administrative overhead and ensure financial stability for all. RegTech ensures speed, agility, integrative power, and analytical capabilities.

RegTech relieves you from regulation requirements using automation, powered by big data and machine learning. The patterns gathered from large pools of historical data are examined and analyzed to easily pinpoint frauds or any kind of issues.  

Contactless Payments

The global pandemic has resulted in a major shift from cash to cashless transactions giving rise to contactless payments. Contactless payments are rising from just an option to an essential service. As per Forrester Research and National Retail Federation, May 2020 witnessed contactless digital payments for the first time made by 19% of the US consumers.

The contactless payment arena involves contactless options like credit or debit cards, smartphones, smart devices, and smart cards. Tech giants such as Square, Apple, Samsung, to name a few among the others, will see a huge surge as these companies offer contactless payments. Contactless is emerging as a favorite in many countries including the UK, France, Spain, Australia, and many eastern European countries.

Contactless payments are gaining popularity due to speed, secure, and effortless transactions, all resulting in an optimal customer experience.

In a nutshell

The financial trends that we have discussed above are highly influenced as per the demands of the customers in the financial ecosystem. Factors like financial information, transparency, speed, security, and reliability all lead to accelerate the financial service industry development to create seamless customer experience.

These trends will be major drivers in revolutionizing the financial space by leveraging cutting-edge technologies and will aim to align with the needs of the businesses

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On-demand mobile solutions are becoming popular each day in this era of technology. The on-demand services offer the ease of availability and accessibility with a few clicks, making it a comfortable choice for the consumers to opt for availing services.

Everyday businesses are trying new ways to engage their customers with their brand. With the dominance of smartphones, technology is introducing various ways to engage them through their mobile devices and on-demand service is such technology disruption.

Every year, the on-demand economy is fetching 22.4 million customers with a spending of about $57.6 billion.

This amazing figure is definitely an indicator to your business for getting an on-demand mobile app at the earliest! Why? Here are the reasons. Let’s dive in.

The business benefits of on-demand mobile apps

Today, the on-demand mobile app development has its presence in more than 80% of businesses. So what is an on-demand mobile app? Let’s check out.

An on-demand app services provide a platform to connect users to different businesses. On-demand mobile apps have their presence in various sectors like healthcare, fintech, BFSI, eCommerce, real-estate, entertainment, travel, and many more. Consumers prefer on-demand app solutions because they get an opportunity to handle multiple services. These services range from  grocery, laundry, food delivery to car rentals, personal health services, and many more.

Therefore, leveraging the benefits of on-demand mobile app development results in increased sales and ROI with a greater brand reputation. Some of the business benefits of having an on-demand mobile app:

1. Investing in mobile app development

The number of mobile users has increased by 4.68 billion between 2015-2020 as per the reports by Statista. These figures are enough to prove that every business should invest in mobile app development and must include mobile strategy in their marketing plans as well. One of the best ways to attract your target audience is incorporating custom features in your mobile app for a particular niche.

2. Efficiency

Partnering with the right on-demand mobile app development company for on-demand mobile app development increases the chances of getting higher ROI for your business. An on-demand app builder from a leading on-demand app development company will help you to walk through the entire journey of on-demand app development and provides you with the road map to reach your business goals. Your business app will have custom-built features, user-friendliness, and usability as major traits. Afterall, a successful business application focuses on increasing the productivity of the business solving the purpose of the intended customers who would use the app.

3. Security

Businesses aim to keep their data safe and secure without compromising on quality. Developing a secure mobile app requires to follow standard security compliances for data protection across major platforms such as Android, iOS, and Windows. Mobile apps have access to  huge amounts of data. Therefore, it is essential to restrict unauthorized access to data. Various methods like encryption, tamper-detection technologies, session handling, and many more are employed to make your mobile apps secure.

4. Scalability

The market is continuously evolving. The consumer demands are increasing each day. To stay ahead in the competitive curve, your app needs to meet all the demands of the customers and adapt to the market changes. Therefore, your mobile app should be scalable enough to incorporate all the changes to have a competitive edge with other niche-specific mobile apps.

5. Unlimited business opportunities

With a mobile app for your business, you get to explore to a massive amount of data of your customers that gives you opportunity to:

Analyze data and stay updated

Improve your business through analyzing buying patterns

Invite audience for upcoming offers and sales

Effectively use email marketing for your products

Customer retention through personalization

Offer personalized support to customers

Establish a connection between your brand and customers

Boost conversions to unattainable levels

6. Affordability

As a business owner, you need to figure out your spending. If you think to choose a generic solution for your business, you will land up to spend more in the long run. Generic solutions are too common in the market and won’t give you the limelight that you are looking for. A customer-centric product that focuses on offering value to the customers will help you to get an increased ROI for your business, justifying your investment.

The customer benefits from an on-demand mobile app

Dive into the details of the customer benefits that they would get from your on-demand mobile app in 2021 and beyond.

Ease of selecting a provider: With an on-demand mobile app, the customer gets to select a service provider. The user can choose a provider for service repeatedly. The service provider that is being chosen repeatedly, gets added to the favorite list and both the customer and the service provider will be notified about the same.

Tracking facility: With on-demand mobile apps, customers are offered with GPS tracking where they are updated about their order. Live location facilities help the customers to locate the delivery agent and their orders along with the notifications.

Multiple payments: There are multiple payment options in the market ranging from digital wallets to cash on delivery. Customers have their preferred choice of payments and providing them with multiple payment options opens the door of higher sales for you. Multiple payment options encourage your customers to pay as they like without any hassles.

Customer rating & review: Your mobile app success depends on what your customers say about your app. Client testimonials, ratings, feedback, reviews are important to know the success of your app. These ratings are given during the delivery of a service or product or when a service is offered. Such reviews will create a positive impact on your business and enhance the user experience and app quality.

To leverage the benefits of on-demand mobile apps, you have to develop an highly extensible mobile app for your business that accommodates the right features. Let us check them out.

Top 10 must-have features in on-demand service apps

For an on-demand app development, the most crucial thing that comes to your mind is the list of features that your app must-have. Undoubtedly, the best mobile app development company offers you the crucial features that define your business perfectly. Still, we have come up with a checklist of some must-have features in your mobile app. Check them out!

Security

One of the most crucial factors for the survival of your mobile app is security of your app. Whether data or payments, whenever you download an app from the app store, you check out the security features of the app. Some of the apps have various trust symbols that prove their authenticity and ensure the safety of your transactions and data.

Notifications

One of the most convenient marketing strategies is notification. If you have any upcoming offers or sales, you can simply reach out to your customers with notifications.

Live Tracking

This feature is essential as every user wants to be assured about their orders. For example, if your app is an on-demand grocery delivery app, GPS tracking will help your customer to check the status of the delivery agent. With a live tracking feature in any on-demand mobile app, your customers will be linked to the live status of their orders, delivery agent, and the exact location. Your customers will continuously get updates about their product or the service they have opted for.

Multiple payment facilities

This pandemic has resulted in a surge in online payments globally. Therefore, restricting your customers to a particular payment option isn’t a sound idea. A customer may have his/her preferred choice. They may be skeptical to accept any other payment option, leading to abandonment of your mobile app. It is beneficial for your business to provide multiple payment options like credit cards, debit cards, net banking, virtual wallets, and cash on delivery.

Intuitive user interface and experience

If you have a mobile app that has a complex UI and cluttered content, how long would you have been using the app? You give a fair reason to your mobile app user to abandon it if you fail to provide an intuitive user interface. An optimal user experience on your mobile app is conducive for your business. An ideal mobile app should be easy to use and fulfill the customer needs. Your mobile app should have the potential to engage your audiences and define their customer journey.

For a customer, using your mobile app shouldn’t be a herculean task. Your customers should be able to play around your app. They should be comfortable in adding or removing products from their cart. Customers should easily filter and sort the things they are looking for. In a nutshell, customers should find what they are looking for.

Round the clock customer support

Your mobile app should provide efficient customer support via chat, messaging, email, and call. All the channels should be active and provide a minimum time to resolve the issues raised by the customers. It will be ideal if your app provides a helpline SOS number in case of emergencies. Another option is employing a chatbot on your app to answer basic queries regarding shipping and delivery.

Feedback, ratings, and reviews

Your app should facilitate customer reviews and feedback. A customer’s feedback provides a certain level of authenticity. When your app has customer ratings on a particular service or product and has shared their experience with other buyers, your sales increases by 10X as it helps your app users to make a wise decision.

Wishlist

There are multiple occasions when you choose to buy later or the item that you are looking for is out of the stock. In such situations, the wishlist feature is important for your on-demand mobile apps. The wishlist feature will help your customers to make a purchase when the product is available or when they have made their minds to buy.

Booking & cancellation

Many times a customer wants to cancel their booking for some reasons. Your on-demand mobile app should have this feature that helps the customer to cancel the booking without hassles. It should also allow the customer to reschedule the booking as per their time and comfort.

Past order history

With disruptive technologies like AI and ML, today on-demand apps have become a treat for the users. The more the customers get a personalized experience, the more they get engaged with your brand. Recent search activity features will help them to find the products that they were earlier looking for. The past order feature will give them the facility to refill the past order.

Industries that are greatly impacted by on-demand mobile apps

Some of the verticals have been greatly impacted by on-demand mobile apps. Check them out.

Home & Cleaning Service Industry: On-demand mobile apps for home and cleaning services helps in managing the customers and staff. The customers can book and cancel a service. The service provider can assign the task or can cancel the services as per the availability of their staff. Both the stakeholders have access to the dashboard and can manage through it.

Foods & Restaurant Industry: The on-demand food delivery apps like Uber, Zomato helps the user to browse to multiple dishes, restaurants, and cafes. They can simply select and place their order. The on-demand mobile app manages restaurants, automates order management, delivery, real-time order and delivery tracking, and many more. You can create a great impact and reach audiences with online food delivery apps, restaurant apps, food delivery apps, and many more.

Taxi booking services: The on-demand taxi booking apps like Uber brings a lot of opportunity for commuting business. It provides users to connect with the taxi drivers to avail best taxi services.

Healthcare Industry: On-demand healthcare apps connect patients with doctors. It helps to manage appointments, staff, request for medical device repairs, manage shifts, and many more. It is one of the booming sectors where mobile app development has a lot of scope for technological innovations and rapid discovery.

Tours & Travel Industry: On-demand travel apps like Travelport, Airbnb provide high-quality travel services on mobile devices to users.

Wrapping it up!

Are you a startup who is focusing on the on-demand economy? Or are you an enterprise who is planning to expand your business online through mobile presence? Whatever business you are in, on-demand services are going to flourish in coming years and have no look back for a long time.

On-demand services are changing the customer ecosystem and modernizing the way the services are offered. On-demand mobile apps aim to offer customers effective and efficient services  quickly. Customers like to get services within a few clicks and within their comfort. At this current market situation, the role of on-demand is undeniable and there is more to witness in the coming years.

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