Financial technology (Fintech) relates to the concept of using technology to drive investment, banking and other financial services forward. This often is done using various software and a strong web presence. Today, companies can create solutions that will be accessible to the greatest number of users across all devices and browsers.
Ruby on Rails (Rails), a Ruby framework, is a great method for web development, including interactive web apps, and thus a perfect fit for Fintech ventures. It focuses on server-side operations and is easy to get into. If you are thinking of getting into Fintech or run a company that lacks a good Fintech solution, Ruby Development services are available for companies to take advantage of.
Fintech is a thriving and lucrative field that will continue to grow in software market share. There are many programming languages that can be of use in this market, but Ruby with its Rails framework comes highly recommended. It is particularly a great choice for startups or companies that want to get software quickly onto the market with high compatibility.
Mobile & Web App Development for Fintech
Fintech development today consists of making finance more mobile, faster to process and convenient. Development of efficient web and mobile applications is a strong way to gather Fintech interest.
For instance, if a bank has a good online presence, it will attract millennials to set up accounts. Likewise, if it has a strong mobile presence, younger users will want to use it. Millennials and teenagers today are being brought up with technology in hand. Thus, the stronger the tech support, the more comfortable they are using it.
Mobile apps are convenient because everyone has a phone on them and today we can pay for anything from our phones. We can also use our devices as wallets and swipe directly onto terminals to pay for goods. This was unheard of just a decade or so ago.
In fact, not too long ago users would have to rely on the PC for online banking. The web apps or sites that banks ran for customers were cumbersome and clients were still routinely expected to make a trip to their local bank for most transactions.
This has all changed now with the development of Fintech solutions related to mobile and web apps. Ruby has also seen much advancement over the years in the way it can implement changes to such software.
It is worth noting that mobile and web app support are often intermingled. Square is a perfect example of a Fintech company that relies on Rails framework for much of its platform. Although Square is known to provide strong support for mobile apps and a payment system for mobile devices to accept credit cards via external readers, it has many underlying web apps as well. These web apps provide various financial services to Square users and sometimes run in the background. Examples are inventory and analytics.
Another thing worth noting is that web apps can be built to run on mobile devices as well as on PCs. Thus, the greatest number of users and customers can access similar content regardless of device or hardware.
Ruby’s server-side nature makes it a great choice for backend Fintech support. Server-side applications running alongside other apps related to things like analytics are a great example of Ruby support.
SaaS Is a Good Model for Fintech
Software as a Service (SaaS) solutions, such as invoicing and billing software, are another example of how Ruby can benefit Fintech when utilized for SaaS development. SaaS apps run entirely via browsers and are cloud-based. They generally require clients to input personal data. Thus interactivity alongside analytics and other backend support should be present. The Rails framework specializes in such software solutions.
Ruby is a very easy to read language overall and it fosters collaboration due to its self-documented nature. SaaS often need to be constantly updated and Ruby is quick to implement changes and able to do so collaboratively.
Ruby is also a dynamic language. Developers will not need to know the type of every object at compile time. There is less worry about compiling the code and getting errors as a result. Getting errors to fix at compile can be beneficial for some programmers, but at the expense of flexibility.
Ruby is generally known as a flexible language and this is due to its interpreted nature. Many implementations of Ruby do not rely on compilers, thus the code is flexible to be transferred between machines. Instead of waiting for the code to compile every time changes are made, most tasks in Ruby are done at runtime.
This works well for Fintech because it speeds up development and benefits the environment of web apps. Scripts can be run to do simple tasks and alleviate the need to rewrite the code every time. It also means the code can be run across browsers and operating systems without worrying about recompilation when it is moved.
Fintech Offers Economic Opportunities for Both Startups and Established Institutions
Fintech is a very hot topic these days for companies to get into as it represents technology merging with financial software to create new business opportunities. Blockchain technology is being utilized as well as cryptocurrencies to drive ventures within the Fintech market. There are even new digital currencies competing for market space. Facebook’s recent rumored foray into the market shows how much interest there is in Fintech from startups and tech giants alike.
However, it is much bigger than just combining investment opportunities and the ability to use cryptocurrencies for purchasing power. Fintech is being embraced by entire financial institutions and banks to digitize their own operations. This may include the ability for users to pay by phone and implement digital wallets like Apple Pay into their operations. It may also include robust mobile and web apps that will allow bank clients to transfer currencies with new deposits and check readers just like they do when using an ATM machine.
Some other reasons to use Ruby for Fintech is security and fraud protection. Rails offers various built-in security options. It also has additional gems for security if needed. Because Rails is a framework that has been designed to simplify repetitive tasks, it speeds up development. It is also easier to learn due to its self documented and easy-to-follow nature.
Finally, Ruby is an object-oriented language. This alone makes coding easy to define and showcase. This, in turn, is another good reason for its collaborative use. Because Ruby is object-oriented, Fintech operations can be described in detail with objects and developed to mimic real-life transactions at the bank.
Ruby is being used today to build the Fintech apps of tomorrow such as digital wallets, asset management systems and analytics. It’s flexible and collaborative nature with an object-oriented and scripted coding style is great for a wide range of Fintech operations. It can be used for server-side support or to create entire Fintech software all on its own. Scripts can be run in the back-end to speed up front-end operations.
Do not be left behind and learn to implement this language into your Fintech solutions. Outsourced development is always an option for startups and companies that do not have reliable Ruby developers onboard.