Although fintech is a rather new industry, the field keeps evolving fiercely. The financial sector is changing and requires modern solutions for payments, transactions, investment, online banking and everything that can simplify and bring new ways to 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 robust 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 for your project, especially if you’re diving into your first ever fintech venture. Ruby on Rails may be the viable option for your financial startup.
Why Ruby on Rails?
Ruby with Rails framework can tackle all the challenges of financial tech startups, as it has all the required tools and features. 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, which is, apparently, the largest crowdfunding and investment system in the world, was developed in 2009 on Ruby on Rails. Now, it serves thousands of companies, investors and funders, which all create a back-and-forth running money machine. Kickstarter itself passionately supports the Ruby community and gives life to numerous RoR projects on their platform. With an advanced and well-organized system of microfinancing, Kickstarter allows funders to supply different startups and projects with volume money amounts in a form of 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 beneficial features. Let’s take a close look at Ruby’s most compelling benefits for fintech projects:
Security is a top priority for financial applications. The products of the fintech field involve banking, investment, private payment transfers and suggest a pretty high level of responsibility. Delivering secure and reliable software is an essential goal, and Ruby has capabilities to assure the highest security level. RoR is stable, consistent, supported by a vibrant community, which is a determining factor for many fintech startups when choosing a software solution.
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. Despite Ruby is not a newcomer in the development area, yet it’s one the most favorable solutions among tech community due to its capabilities to build complex apps and fast prototyping for a reasonable cost and time.
You don’t have to break the bank to leverage the Ruby capabilities. It is an open source framework, which means 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.
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.
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 and clean 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 in accordance with your specific needs.