Why Your Next Fintech Startup Should Be Built Using Ruby on Rails?
Posted on July 12, 2018 By Vishal Virani
The Fintech industry has advanced with the arrival of mobile apps and advancements in technology. How you transact, how you invest and even the way you seek loans has altered and become more efficient and convenient.
Fintech is slowly becoming one of the most sought-after industries, especially by the investors. The growth of this segment can be attributed to the investors too.
Let’s take a quick look at how far Fintech has come since inception.
- The industry is a mature one as on date. About $28 Bn has been invested in this segment since January 2008. The investment has been a part of several rounds, and of this total investment, $7Bn has been invested in the segment in the period between Jan 2017 and now.
- Global investors are invested in this segment. There is a constant increment in the investors led by the angel investors, venture capital and private equity.
Reasons to Launch Your Fintech Startup Now
Here are a few reasons you should enter the segment, and launch your startup finally. It’s the now or never situation for your idea.
- The advancements in the mobile banking and the evolving methods of completing transactions are offering a whole new world of opportunities to the startups. Mobile has changed the way we buy or invest. The processes are transparent and efficient and cost-effective too. If you are looking to build your startup in the mobile banking segment, the time is now.
- Investment technology is also gaining traction, and it is just a matter of time before a lot of players are working their way around this segment. If you have a startup that is focused towards investment technology either as a portfolio manager or investment advisor, then you should start following up on your idea and building it now
- Loans are a huge market, and there is a lot of potential in this segment. If you want to leverage to actual wealth of the Fintech industry, the loan segment ideas need to be converted into a startup solution now. There is a whole range of opportunities and models that you can use leverage upon.
If you are planning a Fintech startup, the choice of technology stack is as important as the idea validation. You will need to zero in upon a technology that suits your needs perfectly.
Most of the finest Fintech startups in the world are moving towards adopting Ruby on Rails. It is not just an efficient platform but also one of the best languages to develop Fintech startups on.
Here are a few reasons that will help you understand why.
Why RoR for Fintech?
Plug-ins (Ready and Available):
When you convert your idea into a viable startup solution, by developing mobile apps and web solutions as necessary, there are many things that you will need add and create. Building each module from the scratch can be quite a tedious task. There is a way to avoid it if you are using Ruby on Rails to function. With the ready-to-use plugins and the modules available, you can start developing the web application without working on the coding. This allows the development of the startup and deploying it faster. You can deploy it 40-50% faster than before.
With Ruby on Rails as your programming language, you don’t have to spend money on licensing the software. The open-source software comes with a clean source code and allows you to add the features with easy coding and programming methodology. Overall, you don’t have to spend a lot, considering you are already spending money into coming up with a Fintech startup.
The impressive security:
When you are developing a solution for a Fintech idea, it is important that you include the best security conditions into the platform. It is necessary that you lock in every program to match the high levels of security. When you are working with RoR, you don’t have such concerns haunting you. The inbuilt security of this programming language can help you overcome all security challenges, and is pretty secure in every way.
Your fintech solution needs to ensure complete quality, considering it is the money that is at play here. You cannot play around with other people’s money, and every feature needs to be tested twice, and you need to ensure a bug-free platform. With Ruby on Rails development, you can have a clean code and a quality development environment, which will make it possible for you to quickly test the applications and launch them early to the market, without compromising on the quality.
The Fintech startups are all gearing to improve the way people work with financial institutions and banking systems with their mobile. Every construct in this system needs to be full-proof in order to keep the transactions private and assure the user of the security. Ruby on Rails framework is the perfect choice as it fulfills all your needs in a single go.
Coruscate is efficient with both RoR language and developing Fintech ideas into solutions. Connect with us to give your idea a validated solution.
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