As a financial startup, if you plan to shape your mobile presence with a brilliant app, you must be concerned about the cost and other challenges. For a financial company, the challenges are even more prominent because they cannot compromise on the security, app performance, and user experience. This is why choosing the right technologies and developer resources is so essential for fintech apps.

How to keep your development cost to a minimum level without compromising on the quality, security, and app performance? Among many other measures, hiring a full stack developer who can build the entire app from start to finish is one important one. If you hire full stack developer in India you can further bring down the cost as the country is well known for its huge developer talent pool and competitive rate.

MERN has a sound reputation for its glitch-free performance, robust backend, and excellent data security among all the advanced technology stacks. No wonder, MERN stack is widely preferred by fintech app projects worldwide. Let us explain the key value propositions of the MERN stack for fintech apps. 

What Exactly is the MERN Stack?

MERN refers to a technology stack combining multiple technologies required to build a web app from start to finish. The term MERN stands for four constituent technologies: MongoDB for database, ExpressJS for middleware, ReactJS for frontend, and NodeJS for backend development.

Let's have a quick look at these four technologies and how they fit into fintech app development requirements.

• MongoDB: MongoDB is an open-source database technology with cross-platform capabilities and document-oriented nature. MongoDB can save data in web-friendly JSON format and is known for faster scalability. The ease of data transmission and faster scalability made MongoDB ideal database technology for fintech apps.
• ExpressJS: ExpressJS in the MERN stack works as a highly modular and low-footprint middleware framework to develop fast-paced, scalable, and secure web apps.
• ReactJS: ReactJS in the MERN stack comes as the frontend development technology. It is widely acclaimed as a robust JavaScript library with a modular and component-based architecture for developing lucid and high-performance web user interfaces. The reusability of the code, faster performance, and high scalability made it ideal for the frontend development of fintech apps.
• NodeJS: NodeJS in the MERN stack is the core backend technology for running JavaScript code on web servers. Widely known for its secure and scalable architecture and fast-paced runtime environment, it provides everything that the backend of a fintech app needs.

Why do Fintech Startups Prefer the MERN Stack?

MERN stack in fintech app development provides an array of advantages. From reduced app development cost to unparalleled data security to scalable performance, the MERN stack provides everything typical fintech app startups need.

Let's explain how the principal value propositions of the MERN stack that make it popular for fintech app startups.

MERN is Open-Source and Free

All the technologies in the MERN stack are open-source and free. Naturally, for your startup project with budget constraints, this technology stack at least can save a considerable amount on license fees. On the other hand, all these technologies are already famous and widely used across many web projects of all niches. You can access ready to use components from publicly accessible online resources without spending a dime.

It Only Relies on JavaScript

Except for the MongoDB database, all other three technologies for backend, frontend, and middleware are JavaScript-based. This gives you the advantage of dealing with a single language for all coding tasks. Because of the use of JavaScript as the single language for the whole technology stack, both initial development and subsequent maintenance and updates become much easier for the developers. Most importantly, JavaScript is already considered to be a trusted web development language running across too many apps.

Unparalleled Developer Community

Just because MERN stack is a free and open-source technology having popular support from developers all over the globe, it boasts of a large developer community. Because of the support of Facebook developers for React and the popularity of the other three technologies, MERN stack enjoys continuous inputs to deal with various development issues as and when they appear. There are several credible and popular web forums where React and NodeJS developers continue to offer help for MERN projects. This continuously accessible and robust community support made MERN popular for fintech app projects.  

Highly Scalable App Development

Maintaining scalability is a key requirement for all fintech app projects. Since every fintech app venture starts small and grows over time in traffic footprint and business queries, scalability remains a key aspect. This is one area where the MERN stack just perfectly fits in. MERN stack allows building highly scalable and performance-rich apps that the fintech industry needs. Most importantly, the component-based architecture of React frontend also helps MERN apps update features and make value additions easily.

MVC Architecture Support

Another technical strength of the MERN stack is its support of MVC architecture. Thanks to the use of MVC architecture in apps based upon the MERN stack, the business logic and the presentation layer of the app remain separate all through the programming process. This separation of logic ensures optimum performance for both the front and backend of the app. The fintech apps, because of their high demand for speed and performance, mainly find MERN stack a perfect fit.  

Conclusion

Over the years, MERN stack has earned the reputation of being a tried and trusted technology stack for all app projects that need to deliver scalable and fast-paced app performance without spending a fortune. No wonder an increasing number of fintech app projects in their quest for cost-efficient full-stack development prefers MERN stack.