Information technology is emerging in every corner of human life and is gradually changing every sector in a more positive direction.IoT in the supply chainreduces logistics bottlenecks.AI increases efficiency in software testing.Big data improves the customer experience in retail. In particular, the development of technology has created a completely new concept in the financial sector: fintech.
Over the past few decades, the financial industry has experienced remarkable growth thanks to a wave of innovative financial software that has emerged at companies of all sizes. By maximizing the power of financial technology in areas such as mobile apps,machine learning,blockchain,data-analyse,wolketc. provide businesses with convenient solutions compared to traditional financial processes, making them more accessible and cost-effective for both individuals and businesses.
Because the market is highly competitive, there are not many financial solutions that really stand out amid the challenging reality.Creation of banking appswith C++ and Java has been a popular choice for development teams in recent years. But are the programming languages mentioned above relevant in this day and age when coding languages are always changing rapidly due to the need for industry involvement?
Each language has its own advantages and disadvantages, and it is undeniable that they are constantly being improved to avoid oblivion. Below are some timeless fintech programming languages that may be helpful in your journey in building financial applications.
Necessary features of programming languages for the financial and fintech industries
Programming languages serve as the basis for developing fintech applications and solutions. In addition to considering its potential in your business, there are several common features of a programming language that you should consider before deciding to use it, as they directly impact the user experience.
Security
Due to the vast sensitive financial data and user transactions that financial institutions process in fintech applications, programming languages used in this domain must prioritize security. In contrast toother custom software productsCustomers' main purpose when using banking apps is to solve financial and fintech related problems such as transactions, bill payments, investment management, etc. Most of these tasks include account information, personal identification information and transaction history, which is an even more lucrative prey for hackers.
If this fruitful source of information is not carefully stored and managed, it can easily become a prime targetcyber security risks. The leak of confidential information currently affects the user experience and exposes the company to legal problems if the matter is taken to court. This underlines the great importance of robust security features in programming languages used in the financial sector.
Speed and performance
No one wants to use an application with low speed and performance for a long time. This statement applies even more clearly to the financial sector. Money is quite a sensitive subject. Therefore, fintech operations often require fast response times and real-time processing. Customers using financial mobile and desktop apps can easily feel uncomfortable when faced with slowness and lack of responsiveness. Allowing this situation to continue for a long time has a major impact on the user's overall satisfaction. Meanwhile, fast programming languages are made possiblesmooth and responsive interfaces, leading to a better user experience.
In addition, financial applications require the ability to perform complex activities during operations, such as risk management and data analysis. To ensure efficient processing of large data sets and minimal latency when processing large amounts of data, it is essential to use fast programming languages.
Scalability
There are many reasons why payment systems should be developed using scalable programming languages. All financial applications that operate around customers today need to process enormous amounts of data as customer needs increase over time. Choosing a scalable programming language ensures that the process of analyzing large data sets and distributing them across multiple servers or cloud infrastructure runs smoothly without sacrificing performance.
The Fintech industry is dynamic because factors such as changing regulations, technological advancements and market conditions are always changing to adapt to the socio-economic context depending on the period. Using a language that is not scalable will not have much impact in the initial stages. But once business requirements change, it will prevent the company from seamlessly changing, integrating or updating features. Therefore, programming languages that provide scalability and support for distributed computing are best suited for financial and trading platforms.
Best Programming Languages for Fintech Software Development and Reasons to Choose Them
You are familiar with JavaScript and Java as they are always mentioned as popular programming languages that determine the success of many web development and mobile applications today. However, technology trends are constantly evolving and programming languages are regularly updated to meet the changing needs of users. Some languages are used more often at a certain time, others are not, and vice versa. Entrepreneurs jobs andthe development teamis to work closely with financial analysts to develop an appropriate strategy for fintech products, including choosing the right programming languages. So what are the other programming languages for finance besides Java?
Python
It's no surprise that Python makes the list of the best programming languages for finance and fintech. This code language is not only influential in the banking industry but is also commonly used today for most fields and technical niches, such asweb application development, data science, scientific computing, etc.It represents 27.99% of the market shareTill now, Python is preferred by developers due to its simplicity and readability. Unlike some other programming languages, Python uses whitespace indentation to delineate blocks of code instead of keywords and brackets.
Why is Python recommended in fintech?
- Cost saving:Python is an open source programming language, which means it is free to use and distribute. Companies, including startups, can benefit from Python without investing heavily in licensing fees.
- Data analysis and visualization:Its data processing capabilities make Python perfect for analyzing and visualizing large financial data sets.
- Rapid prototyping:Python enables rapid prototyping in fintech when testing and building new financial algorithms and models.
- Integration options:Python provides integration support with other platforms and languages, making it easier to connect to existing financial systems and APIs.
Java
Java is an object-oriented programming language developed by Sun Microsystems in 1995. This language was designed with the criteria of ease of use, flexibility to run on many different operating systems without requiring code changes, and scalability to potentially handle significant amounts of processing. From the data. There are a number of major banks in the world that use this language in their financial platforms and systems, such as corporate banking portals, electronic trading platforms and customer-facing applications. Although it is over 28 years old and many other powerful languages have emerged over time, Java is still a reliable choice for developers looking to build fintech applications.
Why is Java recommended in fintech?
- Platform independence:Java is an ideal choice for fintech applications that need to run on different operating systems because it has a cross-platform compatibility advantage.
- High security level:Java provides built-in authentication mechanisms and security protocols that ensure sensitive financial data is always safe and limits unauthorized access.
- Reliability and stability:With powerful typing, strict compliance, and exception handling, Java helps developers build robust and error-free fintech applications.
- Mature Ecosystem:Java has a wide range of open source libraries and frameworks specialized in fintech development that help simplify the development of complex fintech applications.
C++
C++ is a programming language developed in the 1970s as an extension of C with improved external functions and higher-level abstractions. C++ inherits the excellent features of C and is both an object-oriented programming paradigm and a procedure that supports the development team in writing efficient and modular code. This language is often used for security and reliability applications, including fintech solutions. In particular, companies engaged in online trading of stocks and other financial assets that use C++ will be efficient in terms of performance and speed due to their low-latency programs.
Why is C++ recommended in fintech?
- High performance and efficiency:Not only does it have fast execution, but C++ also has the ability to handle large amounts of data, which is well suited for applications and tasks that require algorithmic trading or real-time calculations.
- Low level control:By directly manipulating memory and accessing hardware interfaces, C++ allows software engineers to optimize code for performance, which is critical for complex financial calculations.
- Math Libraries:C++, with its rich ecosystem of mathematical libraries, is a powerful tool that supports numerical methods and statistical analysis of fintech apps.
- Legacy Compatibility:Many existing fintech systems written in C make C++ a natural choice for compatibility and integration purposes.
SQL
SQL (Structured Query Language) is a programming language particularly suited to the financial and fintech industries due to its ability to manage and manipulate relational databases. Very different from the general-purpose languages mentioned above, SQL is considered domain-specific and is only used to optimize the power of databases, such as supporting retail data and doing strategic analysis. In particular, SQL is mainly used as a fundamental part of statistical modeling for large projects and data processing platforms. As the amount of information about financial apps increases in parallel with the number of users, SQL increases its importance in the fintech industry.
Why is SQL recommended in fintech?
- Research and reporting:With powerful query capabilities, SQL enables financial analysts to efficiently extract and merge large data sets, generating complex reports and making necessary changes.
- Relational data management:Managing relational datasets on SQL provides structured data storage and powerful query capabilities that allow developers to process complex business logic.
- Data integrity and consistency:SQL ensures data consistency and integrity by providing ACID (Atomicity, Consistency, Isolation, Durability) properties.
- Scalability and performance:SQL can execute complex queries efficiently, making it possible to process large transaction volumes and maintain system responsiveness.
JavaScript
JavaScript was developed by Brendan Eich in 1995 and has since become one of the most popular programming languages in the tech industry. Developers use JavaScript to enable interactivity and dynamic content on all kinds of web pages, from adding functionality to websites to manipulating web page elements. While JavaScript is widely known for its use in front-end web development, it has expanded its presence in the fintech industry beyond just web applications. In fintech, JavaScript is specifically used to build interactive web applications that improve user experience and integrate with APIs.
Why is JavaScript recommended in fintech?
- Mobile development:JavaScript can help businesses reach more users on both iOS and Android platforms using a single code base with frameworks such asRespond nativelyand ionic.
- API integration:JavaScrpit can be used to integrate with APIs in fintech applications, enabling functionalities such as account aggregation, payment processing, and data analytics.
- Server side development:By mating withNode.js, JavaScript provides a scalable runtime environment and efficiently handles backend operations.
- Datavisualisering:JavaScript libraries such as D3.js and Chart.js are widely used in fintech for visualizing financial data, enabling the creation of interactive charts, graphs and dashboards.
Which object-oriented programming language is best for your financial trading systems?
There is no one-size-fits-all programming language in the financial and fintech industries, as different languages have their own strengths and areas of specialization within the fintech domain. Rather than speculating on the best language for your financial trading systems, considering and evaluating the personal needs, goals, and limitations of the project at hand is the most professional investment.
Whichever language you choose, remember that the expertise and skill level of the development team is also one of the factors that greatly influences your decision. If the majority ofyour internal developershave strong skills in one programming language, it may be a wise idea to leverage that expertise rather than introduce a new language. As a result, companies guarantee product quality and optimize resource availability.
If you don't have sufficient expertise in a language, consider outsourcing to software development companies with industry experts.Orient-softwareIn addition to delivering, we also have experience in building financial and fintech solutions with the right programming languagesvarious technological domain serviceswith a track record of successful projects. As the market continues to expand,let us give you a helping handto create a competitive advantage.
Subjects:Programming language
