Is Ruby on Rails appropriate for FinTech startups? Industry of financial technologies demands companies to use new technology along with innovation for being able to compete in the marketplace comprising. It also needs to be secure enough.
The Fintech Market broadly comprises of three things: Digital Payments, Business Finance, Consumer Finance.
Nowadays, Ruby on Rails is widely used by the developers working in the startups and, to clarify, the FinTech startups. This approach brings maximum efficiency and cost reducing.
Lets look closer on the list of the features which makes Ruby on Rails the best to be used by the FinTech startups.
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.
Ruby on Rails is cost efficient because of it is an open source framework which is distributed under the MIT license, which means that we need not spend money on it. Another reason is 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 matters. Its security features are built and enabled by default.
Ruby on rails holds a special place in building a bug free development environment.
With its most prominent features, Ruby on Rails prove to be the best solutions among the FinTech startups.
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