Best Programming Languages for Finance Professionals

The financial sector is all set to embrace newer changes with the help of software and advancements in technology.There are discoveries in terms of technologies, latest platforms or software or finance apps that enable businesses to develop lightning fast and high-performing applications. The support behind developing such unique apps is programming languages, tools and software development methods that make apps successful. To improve the delivery, the app, the companies look for stable and future-ready programming languages.

1. Overview

There is a huge plunge that businesses take when they want to develop a software application. Especially in the finance sector, the development of applications is quite frequent and thus financial software development companies need to innovate themselves in order to cope up with the existing market.The support behind developing such unique apps is programming languages, tools and software development methods that make apps successful. To improve the delivery, the app, the companies look for stable and future-ready programming languages. Because there are several options, it becomes challenging for businesses to choose one and execute them in your business. Brace yourself because there is so much information awaiting for you to take a look and grasp smartly what works apt for your business. Take any popular platform, there are multiple programming languages that are playing an important role. We must know which type of language can benefit the mobile app development sector. So, let’s understand which type of programming languages are there in the list.

1. Programming Languages for Finance App Development

In the financial sector,the creation of a financial app is mostly dependent on development tools, various programming languages, libraries, frameworks, and programming approaches. However, the needs may differ depending on the location of the enterprise. There is front-end and back-end technology that display an  important role in development. 

The frontend, also known as the client-side, represents the app’s external elements that a user can access. Essentially, it is everything you see and interact with when you browse a mobile app. The process is a combination of programming tools, most notably HTML, CSS, JavaScript, SQL(Structured Query Language), and other languages.. While when it comes to back end technology, most of the businesses do not consider it to be an important aspect from a development point of view. Even though the back end is not visible to users, it is the app’s driver that performs server-side tasks. But actually it is in charge of storing and securing critical information, as well as business logic. More specifically, it generates the output (visible via the interface) that users require.

Many languages like Java, Kotlin, Node.js, C#  for .NET framework, and Python are some of the general purpose programming languages and frameworks which are  used for Android app and web development. The frameworks can simplify your backend development, and which one you should use will determine the programming languages that fit your needs well.

1.1 JavaScript- an Object Oriented Language

JavaScript is the most popular programming language in the finance industry that is extremely simple to learn.

It is one of the most interpreted and high-level programming languages that can support both object-oriented and functional programming. It is a browser-based paradigm language that is used to create web pages. Its frameworks are well-versed in mobile app development for any Android, iOS, or Windows platform. JavaScript is expensive to build and maintain because it is simple to use and the control is quite easy. With this programming language, you also get a lot of flexibility in terms of customization.

1.2 Java

Java is a language that is definitely there in the picture. It’s been in the business of software development for two decades now. It has long been the language of choice for fintech programmers. Java is secure and lucid and hence it most  preferable by banks and other financial institutions to create complex software products. The sole reason behind the success of applications is the features that Java offers.

First and foremost, there is stability and safety. Java has a number of security features that make apps more secure. It enforces runtime limits via the Java Virtual Machine. It also has a security manager that separates suspicious code from the healthy part of an executive programme and simple security APIs. Another advantage of Java is that it runs in a virtual environment. As a result, we can use it as a multi-device platform that works well on all the devices.

You can quickly migrate your project to a new platform, both web and mobile, while keeping the code intact.

1.3 Ruby

Ruby is an object-oriented, dynamic, interpreted, general-purpose programming language. The initialization was due to the influence of other programming languages such as Perl, Effiel, Ada, and Smalltalk. It supports a variety of programming paradigms, including functional, object-oriented, and imperative. Ruby helps to analyze and process data to discover the relationship between multiple variables.Ruby has a dynamic type system with automatic memory management and a standard structure for web and mobile applications.

Ruby has its own contribution in banking and financial sectors by developing cutting-edge applications services. They provide speed, security and improve performance of apps irrespective of complexity.

1.4 Scala

Scala is a relatively new programming language for finance on the market. Scala was in the market with a stable version in 2019. It is a general-purpose programming language that supports functional programming and has a strong static type system.

Scala is intended to address Java’s issues and work around the software’s flaws.

Because of its roots that belong to Java language, the software provides interoperability with Java, allowing libraries written to be in either language for reference directly or in software.

Scala, like Java, is object-oriented, but it also supports a number of functional programming features such as data science, integration and immutability.

1.5 Kotlin(Android)

Most of the business may know about this that Kotlin is the only language that works well with Android applications. Kotlin is an innovative and stable typing programming language that boosts productivity and developer happiness. This is a relatively new object-oriented first-class programming language in finance software development that, in terms of structure, is very similar to Java. With amalgamation with Java, we can use Kotlin  to create more efficient and high-performance apps for financial services industry. 

 Kotlin has a very clean syntax and simple code. It is varied and adaptable. It generates code that is more compact and cleaner than Java.When compared to Java, the Kotlin language is clean and has more advanced features, making it the superior of the two. In fact, Kotlin is unique in that it works with almost all IDEs, including Android Studio and SDK tools.

Kotlin is a platform independent language and its focus is on all the platforms and its native code that runs on multiple platforms. The only disadvantage is that you may have limited developers having a good understanding of Kotlin.

1.6 Swift (iOS)

If you are willing to build an iOS application then what better than Swift to develop these types of applications. Xcode is only one used to create iOS apps, which use one of two programming languages: Objective C or Swift. While when you use Objective C, it is more time-tested, and quickly falls out of favor. While Swift applies a futuristic approach and is here to stay in developing apps for the finance industry. So you can create banking applications for iOS  easily created using Swift. Its major merits are

  • Out of the other programming languages, this one is easier to read, write, and use.
  • In fact, Swift is almost as fast as C++.
  • It manages memory and hardware more effectively, is more readable, and requires less code.
  • We cannot use it  for Android development, but for iOS apps, this one goes the best from the rest available.

1.7 Python

One of the best languages in app development is Python and there is no doubt about it. It is a very good choice for beginners because  the code is in simple English-language.” However, usability alone isn’t enough to make this list. You can use Python in the Django and Flask frameworks, which help you save a lot of time and effort in developing back ends.

For all types of financial applications , python is preferable and works smoothly. It can easily take over asset management, risk management, hedge funds management, investment concerns and other services of finance.Developers use it to create cross-platform web systems, desktop, and mobile applications. It can also create any Android or desktop application from the ground up. Python is popular due to its ease of learning and reading. Most financial services businesses use python to create secure and optimized applications.

1.8 С++

Many people consider this programming language to be their first choice for developing mobile apps. We can use C++ for both Android app development and native app development. It is the best choice for those who are starting with mobile app development because C++ has a built-in and massive pool of ready-to-use libraries for your app development.

C++ is used in apps and is not limited to one industry but in fact it is used for financial institutions, banking sectors, manufacturing businesses, and other industries. It has been on the market for a long time and is widely used by developers to create mobile applications for iOS, Android, and Windows. C++ can be used to create and develop various operating systems, games, web browsers, medical applications, and enterprise applications. Newer innovations of technology like AI-artificial intelligence, machine learning all of these are welcomed because C++ can easily integrate it and develop apps that suits best for finance industry.

2. Final Words

The mobile app development market is skyrocketing, there is no end to it. They are continuously evolving with newer technology trends. Specifically the fintech business has seen multiple turning points with the invention of different applications. So, having a resource with a knack in all of these programming languages is challenging. But what’s even more challenging is to find the best programming languages that suits your business at its best. We have seen majorly all types of languages and understand which one suits the best and is on high-demand. If we talk about other financial industries than Netflix, Pinterest , Uber and linkedin- the development of all of these apps is by using these programming languages. So, now it’s your turn to change the face and performance of your application.

Itesh Sharma

Itesh Sharma is core member of Sales Department at TatvaSoft. He has got more than 6 years of experience in handling the task related to Customer Management and Project Management. Apart from his profession he also has keen interest in sharing the insight on different methodologies of software development.


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    1. James

      It is a very informative article for financial app developers. Every programmer should know which language suits them and work aptly for their app development. But as a developer, I would like to add SQL, VBA, and MATLAB language to the list. Hope this gets helpful to our developer community.