Finance has historically been a fairly responsive business to new technology. The huge number of trades, the minimal risk tolerance, and the requirement for quick processing all combined to make computational innovation and the internet the ideal power booster for banks.
However, all of that technology must be built first. The banking industry has been at the frontline of this, if not straight, then through partnerships with large technology companies. If you examine the financial reports of the majority of information technology businesses, you will see that banks are among their top customers. Banks’ enthusiasm for information technology has grown to the point that they are participating directly in a number of these IT corporations and fintech start-ups. Some financial software development companies even have in-house teams dedicated to blockchain and other cutting-edge technologies.
While all of this is quite intriguing, programming abilities are required to complete the task. However, much in those languages has changed since their inception. Is it better to learn blockchain? Alternatively, how about delving into Python or Android application development? What are the new languages that finance and fintech require?
Well, let’s hope all your questions get answered in this post where we have talked about some of the best programming languages for your different requirements.
1. Best Programming Languages For Finance
Java is a language that is absolutely there in the picture. Java has been the most popular programming language in 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 is preferable for 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 is an object-oriented programming language that can be run on multiple operating systems and devices. 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 program 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 devices.
You can quickly migrate your project to a new platform, both web, and mobile while keeping the code intact.
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, Eiffel, 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 to the banking and financial sector by developing cutting-edge application services. They provide speed, and security and improve the performance of apps irrespective of complexity.
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 one of the general-purpose programming languages that support 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 the 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.
Most businesses 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 the 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 the only one used to create iOS apps, which use one of two programming languages: Objective C or Swift. 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 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 of the rest available.
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.” Python is mostly used for web development, data science, and machine learning. 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.
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 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 and machine learning all of these are welcomed because C++ can easily integrate it and develop apps that suit best the 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 for all of these fintech programming skills is challenging. But what’s even more challenging is to find the best programming languages that suit your business at their best. We have seen majorly all types of languages and understand which one suits the best and is in 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.