Fintech industry has always been very receptive to new technologies. The sheer volume of transactions, the low tolerance for risk, and the need for instant processing made computing technology and the internet a perfect force multiplier for banks.
But all of that technology has to be developed. Finance has been at the forefront of that, if not directly then by partnering with the central IT firms. If you look at the earnings reports of most IT companies, you will find that banks are some of their largest clients. Banks’ fascination with IT has reached a point where they are directly investing in many of these IT companies and fintech start-ups alike. Some even have in-house teams working on blockchain and another bleeding-edge tech.
All of this stuff is rather interesting, but you need programming skills to get the job done. Are you better off learning blockchain? Or perhaps diving into Python or Android app development? What are the new languages that you need for finance and fintech? For developing fintech apps, for financial modeling, for running simulations, for data science, for developing AI trading algorithms?
So many questions but where do you start? This article will introduce some leading programming languages for fintech, discussing their various uses and characteristics, along with helpful resources for learning more.
The Preferred Fintech Languages:
1. Python for Fintech
Python is a highly influential language in the fintech industry, and it’s no surprise given its popularity. According to PyPI’s catalog of Google searches, it ranks as the most commonly used programming language in the world. Employers also seem to favor Python, with it being the second-most-requested language in interviews, according to HackerRank.
In fintech, Python takes the top spot, with it being the most commonly used language in interviews. It also ranks third in finance. Its popularity can be attributed to its simplicity, flexibility, and ease of learning, especially for beginners. According to HackerRank, more than half of Fintech hiring managers look for candidates who are proficient in Python.
Python’s syntax is clear and easy to read, which is important when addressing complex financial issues. It’s also scalable, making it suitable for small startups and global banking and trading firms alike. Its vast library of tools and packages makes programming more manageable, saving time and effort. Python’s versatility extends beyond fintech, as it’s useful in data science, machine learning, and AI, driving key technologies in the financial services industry.
Free Resource for learning Python:
Java is a general-purpose language that can be used to develop software for various purposes. Its versatility makes it suitable for websites, mobile devices, and internet-enabled appliances. Java has played a significant role in transforming the way we shop and bank, with programmers using the language to build e-commerce platforms, banking apps, and trading algorithms in quantitative finance.
One of Java’s critical advantages is its “write once, run anywhere” platform, which means that programs written in Java can run on any device. This portability is particularly essential in finance, where companies, programmers, and consumers use various devices and operating systems.
This has made Java a primary language of choice even as new languages emerge.
Be updated about everything Java, here.
Due to its compiled nature, C++ is known for being incredibly fast. The language is compiled into machine code, which means that the computer requires less translation to understand the code. This results in more efficient operation.
C++ has been widely used by numerous companies, particularly financial institutions, for many years to develop a variety of products, including software and operating systems. Its use in finance has also led to its adoption in other industries, including fintech and quantitative finance. The language has a vast library of tools and complementary features that have been developed by developers over the years. Additionally, despite its age, C++ remains a popular choice for machine learning and AI development due to its speed.
While C++ has a steeper learning curve than some other programming languages, it has demonstrated its longevity in finance and is expected to continue to be used widely in this industry.
Free resource to learn C++
According to its creators, Ruby is a language that prioritizes simplicity and productivity. This may be why companies, especially startups in the digital finance world, use Ruby alongside the Ruby on Rails framework. Developers highlight the language’s user-friendliness, which saves both time and money, as well as the framework’s built-in security features as their top reasons for choosing it.
Ruby is an open-source programming language that was launched in 1995. Its creator, Yukihiro “Matz” Matsumoto, aimed to design a language that was “simple in appearance but complex inside, just like our human body.” Ruby’s popularity grew alongside the development of the Ruby on Rails framework, which is widely used in developing web applications.
Ruby shares key programming features that are essential for fintech, including speed, security, and flexibility. Programmers use Ruby to develop various financial products, such as payment systems and dashboards. The Rails framework streamlines the code-writing process, which speeds up product creation even further. For startups looking to create their first MVP, Ruby is considered a robust language choice.
In conclusion, the programming language you choose for your fintech project will depend on a variety of factors, including the nature of the project, your team’s skillset, and the target audience. However, the languages I have discussed in this blog post, Python, Java, C++, and Ruby, are all strong contenders for fintech development.
Python’s versatility, ease of use, and extensive library of packages make it an excellent choice for data science and machine learning applications. Java’s scalability, reliability, and security features make it a popular choice for enterprise-level applications. C++’s speed and efficiency make it ideal for high-performance computing, while Ruby’s simplicity and productivity make it a great choice for startups.
Ultimately, the best programming language for fintech will depend on your specific needs and goals. However, by choosing one of the languages discussed in this blog post, you can be confident that you are using a language that has proven its effectiveness in the fintech industry. Whether you choose Python, Java, C++, or Ruby, the key to success is leveraging the unique strengths of each language to build a product that meets the needs of your users and helps drive your business forward.
Why Deqode excels in Fintech Application development?
Deqode is a leading fintech development company with a proven track record of delivering high-performance, scalable, and secure solutions. Our team of developers has in-depth knowledge and experience working with the best programming languages and tools for fintech app development.
We leverage the latest programming languages, such as Python, Java, C++, and Ruby, to build fintech applications that are fast, efficient, and reliable. Our team is skilled in developing software architectures and solutions that meet the unique needs of the fintech industry.
At Deqode, we understand the importance of security in fintech applications. We use the latest encryption and authentication methods to ensure that our solutions meet the highest standards of security. Our team also has experience integrating with financial systems, APIs, and databases to create seamless fintech experiences.
Contact us today to learn more about our technical capabilities and how we can help you achieve your fintech goals.