Ask any individual about the hottest topic in technology – Blockchain will be the most common answer you will hear, and it is indeed. Bitcoin has undoubtedly succeeded because of Blockchain and many enterprises and organizations have recently begun figuring out how to unlock the potential of Blockchain’s ledger like capabilities.

On the other hand, banking and finance are the obvious targets for Blockchain’s disruptive potential and there are various industries who will leverage the advantages from widespread adoption. Transportation, gaming and logistics along with Agriculture are in Blockchain’s sights.

FinTech- widely known as Financial Technology is defined as the industry that is composed of corporations that make use of new technology along with innovation in order to compete in the marketplace comprising of intermediaries and traditional financial institutions in the delivery of financial services. To make it easier for you, FinTech refers to the digitization process and the change that has revolutionized the financial industry.

The Fintech Market comprises three significant things as follows-

  • Business Finance
  • Consumer Finance
  • Digital Payments

Ruby is one of the most demanding programming language specifically for the startups and to be precise for the FinTech startups. Ruby on Rails is one of the most viable technology to deliver the product with maximum efficiency along with cost-effectiveness.

Let me get you through the insight like, how you can use Ruby on Rails for your valuable FinTech startup.

Ruby on Rails also known as rails, can be explained as the server-side web app framework written with the help of Ruby under the MIT license

Elixir and Phoenix are used as an alternative. The elixir has the capability to fix the issues that are generated using ROR for the development and fortunately Ruby on Rails haven’t failed to appeal the programmers for its usage.

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Features that make ROR the best framework for fintech startups.

Ready to use plugins and modules:

ROR has ready-made plugins and modules that let the developers start building a web app without writing the code. Ruby on Rails developers have the capability to build an application at the average speed of 40 to 50% faster than the other programming languages and frameworks.

Cost efficient:

ROR is cost efficient because of two reasons. It is an open source framework and another reason is the selection of gems that let the developers add features without creating from scratch.

Security at its best:

ROR framework is the first and foremost choice when there is an issue of security. The security features are enabled and built by default.

Assured quality:

Assured quality is the key feature that helps to stand out from the herd. With zero bugs in mind and assured quality – ROR holds a special place in creating a bug-free development environment.

Ruby on Rails is becoming the first and foremost choice amongst the FinTech startups and the popularity of its selection is going beyond the imagination. If you are planning to start your own FinTech startup, then you should undoubtedly get in touch with our developers. Bacancy Technology is a top-notch Ruby on Rails development company based on USA. We have a dexterous and seasoned team of ROR developers who have accumulated unrivaled expertise in working with AngularJS, ReactJS and/or BackboneJS.

Hire Ruby on Rails developers from Bacancy Technology to drive customer engagement and boost innovation in your FinTech startup idea. So, if you are agreeing with the ROR virtues and wondering how Ruby on Rails fit into your FinTech idea, then get in touch with us at to talk to our expert.

About the Author

Storyteller, Marketer, Developer, Writer, Thinker, Enabler, Rescuer, Wordsmith. I see myself as a Content Strategist. I love to write about anything and everything that pertains to the digital world, as I believe it’s an ever evolving space creative in its own way. I love facing challenges, Blogging and sharing technologies