The FinTech environment has always welcomed new technologies with open arms. Undoubtedly, software has become a major competitive advantage for FinTech companies due to the huge volume of transactions, low risk tolerance and demand for fast processing.
When selecting FinTech software, firms weigh a variety of factors including cost, scalability, potential for APIs, consistently high performance, compliance, security, and time to market. But the programming languages used most significantly influence these factors. Like anything else, programming languages have their advantages and disadvantages. Some of them improve performance, adaptability and security.
Today we’ve chosen to introduce you to key programming languages needed in the FinTech sector according to Analytics Insights.
Key Programming Languages in FinTech
Being a well-known language with an extensive library of third-party components, Java is used in many Fintech systems because it facilitates the creation of complex Fintech software.
Given that Python is among the most widely used programming languages, it is not surprising that it has had a dramatic impact on the Fintech sector. According to PyPI’s analysis of Google searches, Python is the most widely used programming language in the world.
Golang, commonly known as Go, is an open source programming language created by Google in 2009. It is quickly displacing other programming languages among fintech companies that need to launch soon and have a clear, scalable, and simple backend.
Did you know that many startups in the digital finance sector use Ruby in combination with the Ruby on Rails framework for its productivity and ease of use? Some major reasons why developers prefer it are the security protections built into the framework and the simplicity of the language that saves time and money.
High-end distributed software systems used in financial products often process large amounts of data. Because it’s so productive and helps engineers shorten their source code, Scala is an excellent choice for processing them. There are at least two or three departures from Java. Additionally, the most popular Big Data frameworks that are vital to the FinTech sector have been developed using Scala.