Living in a digital era, every business sector is struggling to move forward and offer digital solutions to meet customers’ expectations in this competitive world of today. An efficacious digital transformation has enabled banking and finance institutions to adapt technological advances and stay connected with their customers anytime and from anywhere. As we are aware that consumer behavior and expectations are changing drastically, it is becoming important for not just banking firms but also the finance industry to redefine their priorities.
Irrespective of any business you deal with, matching your business objectives with the right technology stack is a must to attain success. Whether you are a FinTech startup or an experienced organization, picking the right technology for the software development process is very important. Every Financial app development company must ensure that they consider factors like API connections, integrations, privacy, and safety while developing apps for financial ventures. In this blog, we will find out what makes Python the right programming language for building a wide range of FinTech apps.
What is FinTech and how it is different from Finance?
Many of you must have heard about FinTech and finance but it is quite confusing to understand the difference between both. Simply said, finance is what we refer to the traditional financial sector and FinTech means financial startups. As the name suggests, FinTech is a combination of finance and technology, which can be used to describe new technologies that aim to improve and automate financial services. FinTech is enabling companies, business owners, and most importantly, consumers to better manage their financial operations, processes using software & algorithms in smartphones. Though banks are earlier termed as conventional financial institutions, they are becoming a part of the FinTech industry due to their rising usage of commercial products.
Top Ways That Shows Python is a Great Option to Build FinTech Apps
We know that the use of Python is becoming very popular in banking and fintech applications but many of you may not be aware of the reasons behind the increasing demand for Python language. We will learn why developers choose Python over any other programming language while building apps for banking firms.
Apart from Python, Java is also a language that is commonly used for more than 20 years in building financial apps. Talking about the banking sector, the top priority is to ensure the security of users ‘data as a huge amount of data is handled every day. Undoubtedly Java programming language was used as it provides a secure platform for sensitive financial data with its ability to manage operations efficiently. However, with the key features of Python like scalability, ease of use, high performance, a wide range of in-built libraries and components, etc. it has become a favorite language fulfilling the needs of any FinTech startup.
Reasons to Choose Python over Java for FinTech Apps
Easy To Learn & Access
Python solves the issues of algorithmic problems, which is the top concern while building FinTech apps and the mathematical syntax used in banking algorithms is very similar to the syntax of Python. This makes Python easy to learn for banking professionals and the most accessible language as compared to any other language in the banking industry.
Lesser Chance of Error
The simplicity of the structure of Python ensures a lower chance of error rates and bugs. Additionally, it offers a wide range of open-source financial libraries making it easy for developers to build and maintain the FinTech apps.
Easier Syntax and Speed
Talking about the way Python handles classes and inheritance, the programmers can do with 10 lines of code using Python which will take 20 lines of code while using Java. The python language ensures not only higher productivity but also guarantees lower mistakes, which is quite necessary as the banking sector needs to be regulated from time to time.
Many FinTech startups have time constraints and Python is the best option as it is a quicker alternative to statically typed languages with more lines of code. As Python requires lesser code, it takes lower deployment time as compared to building apps with other languages. Some of the most popular platforms that use Python are YouTube, Instagram, Spotify, etc. as it helps developers to add new features in lesser time.
Support in Machine Learning & Data Science
As stated by Matthew Harris, director at STX Next, Python has its ability to solve challenges in analytics, regulation, compliance, and data where the language makes the tasks easier with a large number of supporting libraries. Also, banks prefer to use Python to solve issues related to pricing or risk management.
As we witnessed a phenomenal change in the world of the banking and FinTech industry, there are immense possibilities for startups as well as small businesses that are emerging every year. Taking the above points into consideration, it would be right to say that Python can be an effective programming language that can offer exceptional services in terms of online banking, payment systems, and stock markets. Additionally, it is a great choice for those organizations working in the cryptocurrency market. With the growing demand for technology trends such as AI, Big Data, etc., Python can be the best for the development of financial services where handling a huge amount of data and extraction of insights is necessary. If you are thinking to take your FinTech organization to a new level, get in touch with the experts of the leading Python Development Company in USA and see how they can help you meet your business goals faster & more effectively.