When it comes to the FinTech industry, consumers have exceptionally high expectations for web platforms and the FinTech solutions they opt for using. If you wish to ensure that your platform or web app meets every expectation, you need the essential features, and you also need to use the best framework for FinTech website development.
In this article, we’ll take a closer look at the renowned Laravel framework and how can custom Laravel development services help financial businesses create web apps that will raise the standards in online finances.
What Is Laravel and Why Use it?
Why opt for custom Laravel development when there is a myriad of other frameworks out there that have proven to serve as excellent bases for any intricate platform?
In essence, Laravel development can be streamlined optimally, making for a quick development cycle. Also, the end solution will be a website or web app that’s flexible, performs well, and above all, secure: something that’s an absolute must in the world of FinTech websites, but more on that later.
Laravel is basically a PHP framework that’s open source, intending to provide an advanced alternative to other, similar PHP frameworks previously used. Laravel gained immense popularity following the release of its third iteration, which includes several new and handy features making it a rather flexible platform that can be used for literally any development project.
5 Benefits of Using Laravel for a FinTech Website
The trick of building a FinTech app is to create a platform that people see less as a piece of technology and more as a handy tool that enables them to handle their financial needs fast, conveniently, and securely.
From this aspect, FinTech website development needs to utilize a high-performing and flexible platform, that’s able to handle increased traffic without sacrificing security or performance. Laravel development are able to cater to these specific needs and provide even more.
High Performance and Flexibility
In the grand scheme of things, performance is one of the cornerstones of modern web development and app design. Those web apps that are sluggish, constantly crash, or simply don’t perform well will be (sooner than later) abandoned by users, and they will opt for other, faster, and more reliable solutions.
When building FinTech platforms, custom Laravel development can help a great deal as it utilizes simple but effective tools that aid in improving overall performance. The Laravel framework will help ensure exceptional performance as it supports features such as:
- Database indexing
- Caching
- Memory use reduction
On the other hand, website performance and speed aren’t simple user experience factors but play an essential role in search engine optimization as well. The competition in the FinTech market is stiff, and businesses need a well-ranking platform that’s visible to search engines and potential clients as well. In that regard, Laravel development services can serve as an excellent base for future SEO campaigns.
On the other hand, a FinTech website shouldn’t be a one-trick pony. While it’s essential for a financial platform to help your clients manage their money, you will often find that you need a flexible platform that enables you to offer even more value to your customers than a simple finance solution.
Let’s say you want to develop an automated AI solution that will search the marketplace for lenders for your clients who need quick access to loans. While this is a great idea, chances are, you will need a comprehensive blog or FAQ section and embedded explainer videos and tutorials to showcase how your AI solution works and how borrowers can get the most out of it.
Flexibility has always been a valuable aspect of web development. Custom Laravel development enables you to explore unique options and create an outstanding web application that can stick out from the competition while catering to your clients’ every financial need.
The pre-installed libraries in Laravel give developers the ability to accommodate the framework to every possible project easily and utilize high-end features without the need for extensive coding. Most web apps will require additional libraries to add more functionality to an application. Laravel comes with libraries out of the box, which is crucial when it comes to the development lifecycle.
Time is of the essence in the digital world, and the pre-installed libraries allow developers to create high-end websites faster without sacrificing quality.
Handling Traffic
Laravel does an excellent job when it comes to handling website requests which is also a crucial feature for those companies who want to keep their site’s performance at optimal levels and scale their business and traffic at the same time.
Laravel uses a specific system for queuing messages, allowing certain web task types to be deprioritized to handle more critical requests. This way, a Laravel web app is better at processing requests faster than other web applications that have a more traditional approach to managing traffic.
All in all, effective traffic handling can help create a better user interface and boost the user experience with ease. This can lead to better customer retention and can decrease bounce rates on websites, and ultimately keep your clients using your services longer.
Improved Security
Nowadays, cybersecurity is more crucial than ever. In the UK alone, there were over 400,000 reports of fraud and cybercrime last year.
Security is even more crucial in the FinTech industry as it deals with sensitive personal and financial information. A potential threat or a full-blown data breach can wreak havoc not just on a website but may also ruin the reputation of the company permanently.
This is why FinTech website development should highly focus on security, as the web app will have to protect sensitive digital assets. And on that end, the Laravel framework makes the implementation and configuration of advanced security protocols extremely streamlined and straightforward.
For starters, the framework has Eloquent, which is a powerful ORM. Eloquent helps protect web apps and web assets from harmful SQL injection attempts, which are generally the most common cyber threats most businesses will have to face. On the other hand, Laravel uses the Bcrypt hashing algorithm, which means it will never use the site’s database to save passwords. This means that if an attack does take place, your client’s personal information and logins will still be safe from attackers.
On the other hand, with custom Laravel development, i.e., by choosing the framework, FinTech companies will also get a platform that takes authentication and user authorization processes to the next level.
For the most part, Laravel makes configuring these labor-intensive features easy, as most authentication processes are pre-configured and already optimized out of the box.
Also, the framework makes controlling access to different resources simple and flexible, as well as organizing authorization logic. When it comes to FinTech website development, it’s vital to end up with a solution that won’t let unauthorized users access sensitive data or log in to your application at all.
Automated Testing
While this benefit is more geared toward developers than businesses, companies can also greatly benefit from Laravel’s automated testing. The framework automatically generates attesting files at the beginning of the development cycle and allows developers to simulate user behavior.
What does this have to do with the FinTech industry? In 2022, every platform needs to have a rock-solid user experience if it wants to keep afloat in the digital market. Users (clients) are the bread and butter of FinTech services, and a platform that didn’t go under the necessary scrutiny (testing) may fall between the cracks.
Testing enables developers to find the bugs that can interfere with site performance and user experience. On the same note, regular testing is essential to keep the web app secure from the latest cyber threats.
Simple Maintenance
Lastly, opting for custom Laravel development will also mean that ongoing maintenance will be much easier.
Thanks to the MVC (model-view-controller) architecture, the simple and clean code, Laravel simplifies maintenance, enabling any developer to take over taking care of the website, where previous teams have left off.
FinTech Website Development Made Easy
Choosing the proper framework for a financial web app can be a challenge, as these applications must adhere to the highest digital standards. Laravel is an outstanding PHP framework that takes a handful of features from other successful platforms and adds even more flexibility without making things more complicated or sacrificing performance.
For those FinTech experts who want a secure and reliable website, opting for Laravel is a smart move.
