Financial technology (fintech) is a dynamically growing market based on new technologies, aimed to improve financial activities. Nowadays we can witness a real boom of interest in this market through startups. One of the main challenges is to choose the appropriate technology to ensure product development.
It turns out that the Ruby language and its Ruby on Rails framework (ROR) are frequently chosen by startups, especially those that have a need in creating web applications. You may wonder why? Though Ruby is not one of the most popular programming languages, in case of fintech startups, it appears to become one. Web applications are a natural environment for Ruby on Rails as this framework works pretty well in their development. There are several key features that distinguish RoR among the others. They determine the choice of RoR by fintech startups.
Ruby on Rails provides prepared plugins and modules that allow developers to create any web application without writing a code. Such application can be created up to several dozen percent faster than when it is written with a different programming language. Significant progress in the application development is primarily visible at the very beginning when the client counts on developing the first functionalities in a relatively short time.
Ruby on Rails is an open source framework, which means that from the very beginning you do not have to pay the costs connected with working with this language. Another plus is the fact that it allows you to add features without developing from the scratch.
Ruby, in combination with its framework Ruby on Rails, provides mechanisms that affect application security. It is a built-in protection against XSS, CSRF and SQL Injection attacks, which are considered to be one of the most frequent attacks on web applications.
Products manufactured in Ruby on Rails are characterized by their high quality due to a much lower risk of possible bugs. This affects application’s reliability, and the client does not have to worry about efficiency.
This is another advantage of Ruby on Rails. Have you ever heard of MVP? If not, then you can read this article. However, there is no doubt that RoR will be a perfect tool in this approach. This framework guarantees creation of a basic product functionality in a relatively short time. Thanks to this, the client can launch their product on the market and, at the same time, test solutions. A complete product is developed much faster, which is demanded by the customers. Then, you can proceed with the scaling stage without any problems.
Creating products for the fintech industry requires the highest quality and usage of the best practices. Only an efficient product will be able to achieve market success. Undoubtedly, Ruby on Rails is the perfect support for the development, which is proven not only by the above-mentioned features. The recommendations of the customers themselves are the best prove, as they have had an opportunity to make sure of its high reliability.