Although fintech is a rather new industry, the field keeps growing fast. The financial sector is changing and requires modern solutions for payments, investment, online banking and everything that can simplify money operations.
Today, fintech startups have the opportunity to create flexible and tailored apps thanks to development companies that provide custom approaches for their needs. Essentially, delivering solutions for financial startups is more complicated due to the specific nature of the sector. Any system that involves money assets requires security, responsibility, and self-sufficiency.
The first step for creating a workable and attractive product is choosing a tech tool on which your project is going to be built. In the diverse world of software, it may be confusing to pick the right one, especially if you’re diving into your first ever fintech venture. Ruby on Rails may be the viable option for your fintech startup.
Why Ruby on Rails?
Ruby with Rails framework can tackle all the challenges of fintech startups, as it has all the required tools. It allows having high-quality code for a short amount of time, and for a much more reasonable price. If that’s not convincing enough, consider the fact that giant apps such as Kickstarter, Airbnb, Fiverr and many others were built on RoR.
Kickstarter is the largest crowdfunding system in the world. Developed in 2009 on Ruby on Rails, now it serves thousands of investors and funders, which create a back-and-forth running money machine. Kickstarter itself supports the Ruby community and gives life to RoR projects on their platform. With a well-organized system of microfinancing, Kickstarter allows funders to supply different startups with volume money amounts in a form of a social network. Essentially, such systems suggest the highest level of security. Apart from that, it’s a framework that has a lot of in-built plugins and other features. Let’s take a close look at Ruby’s most compelling benefits for fintech projects:
Security
Security is a top priority for financial applications. The products of the fintech field involve banking, investment, private payments and suggest a high level of responsibility. Delivering secure software is an essential goal, and Ruby has capabilities to assure the highest security level. RoR is stable, consistent, and supported by a vibrant community, which is a determining factor for fintech startups.
Quality
Since Rails has a lot of implemented modules, plugins, etc., you won’t have to build everything from scratch. Due to development speed, using Ruby ensures fast solution delivery, clean code, and various gems. Ruby is one of the most favorable solutions due to its capabilities to build complex apps, and fast prototyping for a reasonable cost and time.
Cost-effectiveness
You don’t have to break the bank to leverage the Ruby capabilities. It is an open-source framework so you don’t need to pay for a license. Also, since development time is much shorter than when using other programming languages, the overall spend on programming is reduced.
Testing capabilities
Dealing with other people’s money is not a joke, so every single feature must be thoroughly tested. Ruby provides easy and accessible testing to address any bugs and issues. What’s more, with its hybrid approach lets you use implemented modules with adding and developing custom features, which makes testing easier and faster as well.
Summary
Mobile enables numerous opportunities for tech startups in the financial sector. Ultimately, Ruby can be a one-stop-shop for building your fintech startup. It has a robust code, is easy to use and navigate, has many plugins and built-in capabilities. It is a perfect balance of time, cost and delivered efficiency.
COAX Software has extensive experience in building applications for financial tech projects. We can deliver custom solutions by your specific needs.
