Technology advancements are hiking up and drastically changing the picture of many industries, mostly in the case of fintech. Among the rest of the domains, the financial segment is the one gaining immense popularity among banking, investors, and consumers.
While a smart combination of financial services and technology has collaborated to develop a new buzz called FinTech. It is disrupting the traditional financial services to make the tasks easier, smoother, and faster. Finance based applications are opening up great opportunities for mobile app development companies across the globe. The question here should be which programming language best compliments the development of FinTech Applications, here’s a brief-
Java has been the oldest so far, the ones who’re gripped in the app development industry must have been known to the legacy of java. The language is one of the most desired programming technology for banking purposes as it offers great security and quite appropriate for building heavily loaded programs to further deal with huge amounts of data. Another aspect why Java has been the long used language is security & portability though it does lack speed and performance to some extent.
In general, technology is greatly used in FinTech industry. C++ is cherished and widely used for programs where the execution speed and complete efficiency comes in the major role. C++ perfectly suits the programs which require advanced computations and process numerous operations simultaneously. The language also represents itself as one of the best technologies for quantitative and qualitative analytics. C++ is known for its efficiency, code reusability and rich library. While on the contrary, it does not ensure complete security and is a bit complex in nature.
Ruby is best known for its great possibilities, capabilities and characteristics which are necessary for the swift and successful app development. Ruby is dynamic and reflective technology that is capable and sophisticated. Though it is yet to be evolved in order to use it for building digital payments systems, e-wallets, analytics and financial dashboards too. Due to its extensive technological advancements, Ruby is quite a pro in terms of time efficiency, powerful framework and cost-effectiveness. It does carry a few drawbacks on the integration which includes documentation issues and boot speed, making it not the first choice depends on the companies mostly for the financial app development companies.
C# is designed by Microsoft, it is the amalgamation of the best from C and Java. Known for simplicity, this elegant language is majorly used for building .NET programs for Microsoft operating systems, websites, mobile apps and even for 3D unity games. The language is best known for its cross-language interoperability, Enhancements to C, Number of libraries, and Type safety. While some major drawbacks include low speed and too dependent on .Net.
Why’s Python the best programing language so far?
Python is old but is treated as one of the most popular programming languages in the world. The core development of Python started at the end of the 80s of the last century and the first full-fledged version got released in 1991.
Python is one of the most popular programming languages for the FinTech based applications and is also widely used for banking, insurance, and data analysis processes and industries. It is quite a popular tool to build cryptocurrency markets, majorly known for scalability, concise code, pythonic standards, and powerful network. Carrying a few drawbacks including web browser support and designing.
With time, Python evolved, currently prevailing in FinTech software development, here’s why-
• According to a survey conducted by HackerRank among 20+ US-based companies that are involved in FinTech industry, Python language is preferable for the FinTech industry.
• An employment website from the Wall Street Journal included Python to six best programming languages for the banking industry. Moreover, today Python is the most taught in technical universities,
• Having a quick runtime, Python is being a preferable option for FinTech industries. A few functions can be implemented quite faster with the use of the language. For instance, one function in Python can take around 10 strings of code, whereas C++ will do a similar task with twice as many strings.
These are the few best technologies for FinTech based solutions. Choosing the right technologies and the appropriate python web development company can find in the best possible solutions for your business, letting you stay higher on growth and development.