The way we manage our money has changed completely in the last few years. Most of our financial chores, including bill payment and loan management, are now possible on our phones rather than driving down to the bank. However, with this ease comes the necessity for security. When using online financial services, almost all of us want to feel certain that our money and personal information are secure. To build safe and secure systems that simplify finance and banking, the need for FinTech website development emerges.
To do this, developers use the Laravel framework for FinTech, a powerful technology that allows them to build safe and user-friendly websites and applications.
In this post, we will understand how developing a FinTech platform in Laravel is successful. Before we go ahead, let’s first understand what Laravel is.
What is Laravel?
Beyond just a PHP framework, Laravel is an open-source toolset intended to simplify and secure web development. Laravel stands alone in terms of flexibility and performance. Its practical functions make development faster and guarantee that the outcome is user-friendly.
Do you know why custom Laravel development is preferred over other popular frameworks to build Fintech websites and apps? For creating websites and online applications, especially in the financial industry that revolves around security and accuracy.
Why is Laravel for FinTech the Best Decision?
Without question, the FinTech platform in Laravel provides ease of use and durability, which has led to its popularity. However, implementing this well-known framework also opens the door to a number of additional benefits.
Problems with other PHP frameworks have been found, fixed, and examined when developing Laravel. You can be certain that your web project will be free of bugs owing to the testing features included in the PHP Laravel framework.
Built-in security features
Data miners and hackers are becoming nastier, meaner, and more greedy all the time. Security incidents and threats create headlines, therefore even the general public is aware of them. A data breach in 2023 costs an average of $4.45 million, a 15% increase over the last three years.
Here are a few Laravel security features:
- Laravel authentication system: To make sure that only those with authorization can visit your finance website, Laravel offers an in-built way to validate users’ identities. Developers can effortlessly set up authentication. They can prevent the website from illegal access by configuring a few parameters.
- Reduce laravel vulnerabilities from CSRF: Laravel protects your website against hackers and scammers by using CSRF tokens, which prevent them from submitting false requests. To process only valid requests, these tokens are fundamental to all forms and requests.
- Protection against XSS: To launch an XSS attack, hackers inject destructive scripts into your website’s content. To avoid this, Laravel clears user input automatically. By checking and verifying user input, Laravel takes steps to stop malicious code from getting into the hands of others
- SQL injection prevention: In order to get unauthorized access to a database, an attacker can use an SQL injection attack to change queries. Through the use of parameter binding, Laravel’s Eloquent ORM defends against this risk. Parameter binding prevents attackers from changing the purpose of database queries by treating user input as data rather than executable code.
High-performance and flexibility
FinTech website developers have the tools they need to build high-performing and flexible platforms using Laravel. The platform can satisfy the market’s changing needs and provide consumers with a smooth experience with a few features, both of which are important for the FinTech industry.
Let’s take this as an example: You want to have a FinTech website development that offers investment recommendations based on user preferences and market trends. Now, to accomplish this, you need to display real-time stock prices and performance data. Here’s how Laravel features help you achieve this.
- Database indexing: Database indexing is a feature that Laravel offers, and it helps improve query speed by making data retrieval more organized and efficient. Faster access to financial data and transactions ensures that users of a FinTech platform will have an outstanding experience, especially during peak use times.
For example: Indexing the stock data tables in the database allows queries to get real-time stock prices rapidly, so users always have the most up-to-date information.
- Caching: Rather than continually retrieving data from the database, Laravel’s built-in caching methods save frequently used data in memory. Laravel increases user experience and server performance via data caching.
For example: Caching allows you to save frequently used stock values in memory, which reduces the frequency of data fetching from external sources. This improves the overall performance of the platform and speeds up response times.
- Memory use reduction: Laravel minimizes costs and optimizes resource management to maximize memory consumption. Laravel improves system stability and scalability by decreasing memory usage, which enables the platform to manage increasing traffic and user engagement.
For example: Laravel’s memory management is so efficient that it can handle a lot of requests at once without crashing or slowing down, so users can access their data reliably.
Faster development
Laravel’s expressive syntax and broad set of capabilities allow developers to produce clear code while decreasing development time and mistakes. Moreover, the development process is sped up by Laravel built-in tools, including the Artisan command-line interface (CLI), which facilitates a number of development tasks including database migrations, testing, and code generation.
Laravel’s ecosystem includes a wide range of resources, packages, and tools meant to speed up the creation of finance websites. For example, Laravel Nova has a pre-built administration panel with configurable capabilities that enable developers to handle user accounts, transactions, and financial data quickly. Laravel Sanctum offers safe authentication solutions for single-page applications (SPAs) and mobile apps, saving developers time and effort when creating authentication processes from scratch.
Furthermore, Laravel Vapor simplifies serverless deployment, allowing for faster deployment and scalability of finance apps on cloud platforms like AWS. These ecosystem tools minimize the need for developers to reinvent the wheel.
Traffic handling
Laravel’s traffic management skills play a role in maintaining perfect website speed, scalability, and user experience.
Here are some major Laravel features that help to successful traffic management:
- Queues: Laravel for FinTech uses a queue system to effectively handle incoming requests, ensuring that important financial transactions on FinTech platforms are prioritized for rapid execution. The queue system guarantees that important user activities, such as bank transfers or account management, are performed quickly by deprioritizing non-critical processes such as creating reports or sending alerts. This prioritizing of activities based on relevance helps in maintaining peak performance during times of heavy traffic or resource-intensive processes.
- Task scheduling: FinTech website development with Laravel automates regular operations like database cleanups and data synchronization during off-peak or low-traffic times. Fintech platforms minimize interruptions to website performance during high-use periods by intelligently scheduling resource-intensive processes, ensuring that consumers have ongoing access to financial services.
- Load balancing: Load balancing spreads incoming traffic over numerous servers, making full use of resources and increasing website performance on banking platforms. Load balancing reduces server overload by equally spreading traffic and ensuring that all user requests are processed quickly, lowering latency and improving response times.
- Automated testing: When designing a FinTech platform with Laravel, automated testing turns out to be the most useful feature. With consumers expecting smooth experiences and fast transactions, even small bugs or glitches can interrupt the user journey and annoy them.
Laravel automates the testing process, allowing FinTech developers to find and solve possible defects and performance problems before they affect the user experience. This proactive approach to quality assurance guarantees that sites built with Laravel provide consistent, dependable, and high-performing customer experiences.
Furthermore, in the fintech business, where security is the number one concern, frequent testing is required to protect sensitive financial data and consumers from cyber attacks. Laravel’s automated testing tools allow developers to regularly analyze their apps’ security posture and uncover flaws that may jeopardize data integrity or user privacy.
Easy third-party integration
Laravel for FinTech is an excellent option due to its capabilities to integrate with third-party apps like Paytm or Google Pay. For financial sites that need a payment platform or an integrated advertising solution, Laravel’s framework provides a solid basis. Its user-friendly connectivity tools make development easier, allowing developers to quickly link the platform to a variety of third-party apps.
Furthermore, since finance systems often depend on several external services to improve functionality and user experience, Laravel’s ability to interact with third-party apps is also useful. Whether it’s supporting safe financial transactions or integrating complex marketing analytics, Laravel’s adaptable possibilities for integration guarantee that the platform and external services work smoothly together.
FinTech Web Apps Built on Laravel
A collection of advanced widgets included with the Laravel framework enables you to create fully integrated online products with exceptional security systems. It also provides powerful FinTech applications with an easy user experience (UX) and performance fit for a business.
Though choosing a framework for your web application is the foundation of every project, experienced and skilled developers like to use Laravel for FinTech, it enables them to create vivid, productive, and feature-rich online apps.
The Neighbourhood Lender
The Neighbourhood Lender is a site built with Laravel to transform the home loan process. Using Laravel’s rich development framework and advanced capabilities, the company fulfilled its aim of streamlining the mortgage application process and offering great customer care.
The Neighbourhood Lender uses clever Laravel tools to guarantee that consumers can obtain loan information quickly and effortlessly, without having to enter data constantly. It not only improves the user experience but also enables the application to manage high volumes of web traffic, assuring continuous service delivery.
The app’s highlight feature, the mortgage calculator, enables users to quickly understand and estimate their loan needs, allowing for more informed decision-making. Furthermore, the Neighbourhood Lender provides a variety of loan alternatives, including free rate quotations for property purchases, refinancing, and cash-out options, which increases its attractiveness and value proposition to consumers.
Barchart
Barchart takes advantage of the power of Laravel’s backend to provide financial services, including the most recent market data and analytics for the US, UK, Canada, and Australian stock markets.
The app’s popularity stems from its capacity to enable users to trade digitally across different marketplaces, with instant notifications sent right to their email. Barchart provides real-time pricing information for stocks, gold, commodities, exchanges, and option details, assuring that customers have access to the most recent data to make educated investing choices.
Furthermore, Barchart’s live updates keep customers informed when fund values move in the markets, allowing them to remain ahead of the curve and capitalize on opportunities. The smooth integration of Laravel trends into the app’s design improves efficiency and reliability, which contributes to its success in the competitive finance sector.
FusionInvoice
This financial tool stands out for its ability to effortlessly interact with major payment processors such as Stripe, PayPal, and Mollie, allowing customers to see and settle bills online. FusionInvoice’s capability for numerous currencies, data import capabilities, and customizable sales reports add to its usability and attractiveness.
FusionInvoice, which is built on the Laravel framework, has a user-friendly interface that improves user experience and functionality. Its effective implementation shows the rising trend of using Laravel tools in FinTech development, as businesses seek reliable and scalable solutions that speed up their financial processes.
Read Also: Top 25 Sites Built with Laravel Framework
Secure Your FinTech Future with Laravel!
Now that we understand how important Laravel is in the building of secure FinTech apps, it is equally that big of a decision to hire Laravel developers, who can fully use this strong framework.
Choosing Laravel for FinTech is a wise decision. However, companies often struggle to find the right developers. The leading Laravel development company, Kody TechnoLabs, steps in at this point. Our skilled Laravel developers specialize in creating high-performance websites with a variety of security features, ensuring your financial web app meets the highest digital requirements.
If you are still confused about how to choose a safe framework for your financial web app, go no further than Kody TechnoLab. Contact us now to find out more about our safe Laravel framework website design services and how we can help you improve your FinTech platform.
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