Financial technology which is also known as FinTech, is defined as the industry which is composed of companies that use new technology along with innovation using the available resources in order to compete in the marketplace comprising of traditional financial institutions and intermediaries involved in the delivery of financial services.
For an easier definition, FinTech in short refers to the financial technology which almost is the digitization process and also the change brought in the financial industry.
The Fintech Market broadly comprises of three things basically as follows-
- Digital Payments
- Business Finance
- Consumer Finance
Nowadays, Ruby on rails is widely used by the developers working in the startups and to be precise, the fintech startups. There are many ruby on rails development companies which help the startups to deliver their product with maximum efficiency and also cost effective.
Let us get to the insight on the topic to know whether we can use ruby on rails for the fintech startup
What is ruby on rails?
Ruby on rails which is also called as rails, can be explained as the server side web application framework written with the help of ruby under the MIT license.
Can we use ruby on rails for the fintech startup?
Though in recent times, elixir/phoenix are used as an alternate with elixir having the capability to fix many issues that are created through using the ruby on rails for the development, Ruby on rails haven’t failed yet to charm the developers for the usage.
Let us list out the features which makes the ruby on rails the best to be used by the fintech startups.
- Time efficient:
Ruby on Rails has ready-made plugins and modules which allows developers to start building a web app without writing the code. Ruby on Rails team builds applications at an average rate of 30-40% faster than the teams which use other programming languages and frameworks.
- Cost efficient:
Ruby on Rails is cost efficient because of two reasons. One is the fact that it is an open source framework which is distributed under the MIT license, which means that we need not spend a penny on it and another reason is because of the selection of gems which allows to add features without developing from the scratch.
Ruby on Rails framework is the best to be used when the security concern kicks in.The security features are built and enabled by default.
As a startup, quality is a feature that helps it to stand unique among a number of other startups in the same field. With quality in mind, Zero bugs are the important feature that must work. Ruby on rails holds a special place in building a bug free development environment.
With the most prominent features in its kitty, Ruby on rails prove to be the best and popular one among the startups. With its popularity beyond the imagination, the rate of ruby on rails development companies are growing with the principle of providing the ruby on rails services according to the needs of the customer.