Best Programming Languages for Finance Apps

Everyone is unsure when it comes to developing a mobile application. Businesses from all industries are unsure of which technologies to use when they want to develop leading-edge applications. Have you ever thought about why businesses are moving towards mobile app development so rapidly? It is because the statistics state that in the year 2020, the app store spend has hit $143 billion worldwide, an increase of 20 percent year-over-year. This continuous shift in mobile app development has made businesses take up mobile app development as their most priority. Different options available for Programming language in finance makes it complicated.

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. 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 language for finance is there in the list.

1. Programming Languages for Finance App Development

In the financial sector,the creation of a technology stack is mostly dependent on development tools, various programming languages, libraries, frameworks, and programming approaches. However, it may differ depending on the location. 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, and JavaScript. 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 programming languages and frameworks we use for Android app development. Frameworks greatly simplify back end development, and which one you should use determines the programming languages that fits well.

1.1 JavaScript- an Object Oriented Language

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

It is one of the most interpreted and high-level programming language that can support both object-oriented and functional programming. It is a browser-based paradigm language that is also 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  preferrable by banks and other financial institutions to create complex software products. The sole reason behind 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 Java 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 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 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 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 intents to address Java’s issues and work around the software’s flaws.

Because of its roots that belongs to Java language, the software provides interoperability with Java, allowing libraries written in either language to be in reference directly in both 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 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 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 new language is cleaner 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 for all the platforms and its native code runs that are on multiple platforms. The only disadvantage 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 falling out of favor. While Swift applies a futuristic approach and is here to stay in developing apps for 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 type of financial applications , python is preferable and works smoothly. It can easily take over asset 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 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 point with the invention of different applications. So, having a resource with a knack in all of these programming languages is challenging. But whats even more challenging is to find a best programming languages that suits tour 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 than financial industry than Netflix, Pinterest , Uber and linkedin- the development of all of these apps is by using these programming languages. So, now its your turn to change the face and performance of your application.

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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.