Ruby on Rails for FinTech Startup
Ruby on Rails powers 417,245 websites all around the globe. It is an open-source framework for building top-notch web applications that enable companies and startups to step into digital transformation. Ruby on Rails has been in usage for the past 15 years, and its use continues to grow as companies move towards digitising their enterprise. Ruby on Rails development services are still one of the best service offerings for startups as it gives them more time-to-market the product and provides a competitive advantage.
FinTech app development is one area where Ruby on Rails witnessed a lot of movement. The technology has been used by a lot of companies in the sector. And being a startup-friendly framework, a FinTech startup can benefit greatly from it.
There are a lot of opportunities in the FinTech space right now. As people move more towards convenience, digital Finance is becoming the need of the hour. Everyone wants to transact online and eliminate the hassle of physically visiting any financial institution or facility to understand and manage their money. Therefore, hiring a FinTech app development company is a good decision for startups who want to quickly launch their financial products.
Checkout Top 7 Global FinTech Trends in 2021
This article will focus on the reasons why Ruby on Rails is perfect for FinTech startups. We will highlight a few FinTech companies that use Ruby on Rails web development for their digital products. Let’s understand that in detail.
Why Ruby on Rails is Perfect for FinTechs Startups in 2021
FinTech startups need quick products that can help them achieve a competitive advantage. Ruby on Rails web development services reduce the application development time by 25% to 40%. The best FinTech app developers with expertise in Rails can help companies launch their products rapidly in the market, get immediate feedback, and bring back the best version with ease.
Here are a few reasons why Ruby on Rails is perfect for FinTech startups in 2021:
- Readily Available Plugins
There are readily available plugins available in Ruby on Rails called RubyGems, which simplify the process of development. Gems reduce the hassle it takes to write the code from scratch, enabling developers to add features without going through the lengthy procedure of writing code. Since they can add functionality in a short amount of time, it also reduces the development time. There are plugins for payment gateway authorization, testing, and more. There are hundreds of modules that will replace the manual code writing process.
- Rapid Prototyping
FinTech startups need rapid products and releases so that they can understand whether the product will work in the market or not. Since there is so much competition, faster products mean the company gets a better chance of being adopted by the market. Using Ruby on Rails for web development, companies can actually reduce the development time by 25% to 40% and stay on top in the industry by reaching faster to their competitors.
- Secure Applications
FinTech software development companies focus heavily on security because of the nature of the industry. Ruby on Rails offers in-built security features that provide complete authentication control and protection from data theft and security vulnerabilities. Using the Rails security guide can help achieve the best results when it comes to protecting data and keeping the financial records in check. Ruby, the programming language used to build in Rails, also offers amazing security features that offer an added level of data protection.
- Performance and Speed
Another advantage of using Ruby on Rails for FinTech applications is that it offers a great amount of speed and performance. There is so much that Rails can do with ease — from adding features and functionalities to reducing the amount of time it takes to build the application. Since there is less coding, and the framework in itself is a highly productive technology, the speed offered is relatively much more than other frameworks in a similar category.
- Cost-effective Development
The cost of hiring a FinTech application development company depends upon the time it takes to finish the product. The more hours it takes, the higher the cost will be. However, Ruby on Rails takes less time for development due to the simplicity of the code, RubyGems, and the productive development process. Therefore, hiring a custom software development company for FinTech products using Ruby on Rails is something that won’t cost a lot of money because the development process is quickly complete. On top of that, companies can hire such companies on a project basis and let the developers go when the work is done.
- Powerful, Error-free Development
Ruby on Rails offers extremely powerful and error free development to the maximum extent. There are highly sophisticated testing tools and gems that can enable developers to easily find bugs in the code and build an error-free application. There are automated testing tools that can enable the company to reduce bugs in the FinTech application and build a trustworthy and reliable solution without any lags. Companies can quickly build the product and launch it in the market for getting rapid feedback.
- High-quality Applications
Last but not the least, Ruby on Rails offers high-quality applications because of its amazing, readable code and the capability to deliver applications with maximum possibilities. Today, more and more companies prefer Ruby on Rails because it offers applications that exceed the expectations of the enterprises and go beyond today’s noise. If the FinTech startup wants to make its mark and stand out from the clutter, then Ruby on Rails is the right way to go.
Read more: 8 Awesome Benefits of Ruby on Rails Application Development
Some of the top startups in the FinTech space include Square, Fundera, Coinbase, among several others that use Ruby on Rails for their application development. There are several FinTech app ideas that are still in process, and are using Ruby on Rails in their technology stack.
Today, if a FinTech company wants to get faster products, more time-to-market and reduce their app development time, then Ruby on Rails is the perfect choice. A custom software development services provider offers Rails expertise to FinTech startups and develops top-notch digital products to meet their requirements.
BoTree Technologies is a leading Ruby on Rails company that offers robust Rails-based applications to startups and enterprises.