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The Best Programming Languages For Fintech
Posted on March 19, 2021 by Guest Blogger
The baking sector worldwide is now embracing new technologies to improve service provision to their clients. Banks are currently hiring top most programmers and IT experts to develop new systems and improve existing ones.
Banks are now the main clients for most IT companies. Most banks are currently investing in IT companies to improve service delivery. These companies use different programming languages to develop sound systems for their clients. But what are these programming languages? Here’s the top 5 and what you need to know:
1. Java
Java is the most widely used programming language in major financial institutions. Some programmers refer to it as the golden child for investment. Most programmers prefer using it due to its numerous features that help them achieve several goals. Even with the emergence of several other programming software, Java remains common, and big financial institutions such as banks still use it to run their customer front portal.
The various java features include;
- High-speed performance with boosted security
- Easy to use object-oriented programming
- It is highly compatible with most operating systems
- One can execute programs concurrently since it supports multiple threading
- Can create several applications using EJB and RMI
Java uses API security that can quickly detect any form of suspicious coding in virtual machines. This feature makes it most preferred by many financial institutions such as banks since security is their topmost concern.
2. Haskel
Haskell is also familiar with the finance industry. It came up in the early 1990 and had an improved version known as Miranda. Its use is widely for research purposes and programming for finance. Most programmers see it as a standardized language with little syntax and semantic rules. Expressions entered when programming is only evaluated when you want the results. Even with this lazy evaluation, the software has several features that make it highly preferred in the financial industry. These features include:
- It has an upgraded collection with more than 5400 third party tools that are accessible online
- It can quickly develop algorithms and cryptocurrency
- The UHC, also known as Utrecht Haskell Compiler, supports experimental extensions using its features for research purposes.
- It can quickly run both interpreter and native code compiler
- It is compatible with several operating systems and supports various implementations.
3. Python
Apart from Java, python has highly taken over the finance world. Python’s popularity is slowly increasing with time. Most fintech institutions use it in building maintenance scripts, algorithms, and data analysis. It is also used in web-based programming services. Even with the slow execution time as its significant setbacks, many programmers integrate it with C++ to create the front end.
The top features of python include:
- Accepts various types of data
- Programmers can use it for packaging codes into different modules according to similarity and function
- Allow for object-oriented programming
- Easily detect errors made during the coding process, making it easy to handle errors
- Programmers can easily integrate it with other applications using interface programs
It is the easiest programming language to learn, and it is the main reason for its popularity. Banks can use it for financial research since it has several libraries. Remember, there are few python experts in the field today, and due to its high demand, it provides python programmers a top spot in the field.
4. Ruby
Ruby is dynamic and highly reflective technology. It is known to be highly sophisticated and, at the same time, capable of handling various tasks. Even though most programmers do not prefer it, Ruby has some of the best capabilities that are important in app development.
The main functions performed by ruby include:
- Building e-wallets
- Developing digital payment systems
- Asset management
- Analytical and financial dashboards
For start-up programmers, ruby is the most widely used program. The main reason behind it is because;
- It is cost-effective – its high speed, several free gems, and a bug-free code
- Strong working framework – has a high-quality framework that is easy to use while developing codes. It is highly secure when building and maintaining apps.
- Efficient in terms of time – it has several ready plug-ins and third-party libraries that developers can use when creating projects without necessarily writing a code from scratch.
Ruby’s disadvantages are: it has various plug-ins and gems, making it hard to locate information about an old tool. Having several libraries makes it slow when starting.
5. C++
C++ is a general-purpose programming language that came up in the early 1980s. Even with its old age, most programmers still prefer it when developing financial programs. Most programmers in the FinTech industry highly prefer it because of its speed and efficiency. Most institutions apply it to programs that require complex analysis and computations and have numerous operations. It has the best technologies for both quantitative and qualitative analysis.
The main reasons for using C++ include:
- It has a rich catalog with different types of tools to accomplish any task
- Allow one to rewrite codes- programmers can reuse codes written in C++. It is highly beneficial when developing complex projects
- Efficient- the system is not fast, but it is very fast. Its efficiency is due to the tight data structures and metaprogramming.
6. JavaScript
JavaScript is one of the most outstanding programming languages, as it is used for making web pages and front-end developments. With JavaScript, developers can make your website look more engaging and interactive to enhance users’ experience.
For example, most of the ubiquitous functions from the websites that we use in our daily habits come from JavaScript. Moreover, there are many benefits from using JavaScript for your financial product that we can see, including:
- Can not be easily attacked and fraud detection.
- Provide excellent compatibility, portability, and scalability for the development.
- Offer cross-platform performance.
- Ability to quickly process and analyze large amounts of data.
Differences between Java and JavaScript
| Java | JavaScript |
| Slightly more complex to use | Easier for starters to use |
| Object-oriented programming language | Object-based scripting language |
| Mainly used in back-end | Used for both back-end and front-end |
| Require a large amount of memory | Require less amount of consumption |
| Is a standalone language | Incorporated into HTML program for operation |
7. Scala
Scala is a programming language for general-purpose programming. This coding language was created to work closely and sort out Java’s inherent issues. From that, Scala is widely used for various purposes like web development, big data processing, and distributed systems.
Scala code is simple and easy to read, allowing coders to create complex systems with minimal effort. Scala also integrates seamlessly with Java and allows developers to use existing Java libraries in their projects. Furthermore, the language’s type system helps developers to avoid common programming errors.
By inheriting Java and improvements, Scala is specially applied to finance-related activities, such as:
- Algorithmic Trading: Scala’s reactive programming model helps it deal with large volumes of data quickly and efficiently, providing the foundation for high-performance algorithmic trading.
- Risk Management: By combining predictive analytics with machine learning algorithms, Scala can help financial firms identify potential risks and employ proactive strategies.
- Portfolio Optimization: Using machine learning algorithms, data mining techniques, and mathematical optimization helps Scala optimize and manage portfolios more accurately and efficiently.
- Credit Analysis: Scala can help streamline credit analysis by quickly extracting relevant data from the organization’s databases. This helps reduce errors and improves the speed and accuracy of credit decisions.
8. C#
C# is used for general-purpose programming, creating applications for Windows, websites, and the Cloud. C# is a popular choice for enterprise application development, desktop application development, web services, and even games.
C# is an easy-to-learn language and offers developers the power to create robust applications quickly. Its syntax is based on C and C++, but it is easier to read and write. C# also supports object-oriented programming as the code can be reused, and projects can easily be maintained over time.
Using C# helps developers to save more time and other benefits, including:
- Greater security: C# helps to prevent mistakes, ensuring that the application’s financial data remains secure.
- Higher scalability: Due to its managed memory system, C# provides for reliable scalability of the app.
- Reliable performance: C# helps to reduce latency and provide faster execution times by using static compilation to convert source codes into native instructions.
- Cross-platform: Due to its compatibility with .NET Core, C# is supported across all platforms, including Windows, Linux and Mac.
9. React JS
React JS is a JavaScript library created by Facebook for building user interfaces. This programming language allows developers to create large web applications and change without reloading the page. React JS also uses components that help to separate UI into independent and reusable pieces of code.
Although React JS is mostly used for front-end development, it can also be used for server-side rendering, enabling more efficient loading times for webpages. Therefore, a financial website with a huge amount of data needs React JS for the loading process. Here is why React JS is a crucial language in coding for finance:
- Helps create dynamic and interactive charts, diagrams, and graphs to help visualize complex data sets in finance.
- Automates tedious or repetitive tasks, which saves time and effort.
- Create efficient workflows by allowing developers to create reusable components that streamline the development process.
- Allows finance companies to create applications that can quickly scale with the business.
- Offers robust security features that help to protect a company’s sensitive financial information.
10. VBA
VBA stands for Visual Basic for Applications and is a programming language used to automate tasks and create complex applications. VBA is also an integrated development environment (IDE) from Microsoft used to develop custom forms, macros, and user interfaces for applications.
Furthermore, this coding language can interact with other applications, such as Microsoft Office applications like Word, Excel, and Access. With VBA, it’s possible to generate reports, control other applications, and automate tasks that require a high degree of detail.
Here are some benefits when using VBA in your financial product:
- Automation in Financial Tasks: VBA enables financial professionals to program the software to do mundane tasks such as running calculations and updating spreadsheets with just a few lines of code.
- Enhanced Reporting: VBA can also generate customized reports that allow users to analyze and interpret data more effectively.
- Improved Security: VBA secures data storage and implements security protocols.
- Increased Efficiency: VBA can be used to streamline the process of financial analysis. Therefore, users can quickly and efficiently identify trends, calculate returns, and generate reports.
11. SQL
SQL is the coding language that stands for Structured Query Language. SQL is different from other programming languages mentioned here. Specifically, developers will not directly use SQL to build a website or an application. Still, this programming language harnesses and manipulates databases, specifically in the finance and fintech industry.
As finance and fintech firms generate a huge amount of data, SQL is a programming language for business, marketing, sales, and finance professionals to store data and make strategic analyses. Therefore, SQL is mainly used as a crucial part of data processing platforms and statistical modeling for big projects.
For example, a fintech firm can use SQL to store and analyze users’ data. By doing so, managers can identify users’ behavior and have clear insights into demand or consumption patterns.
Final Words
The right step is choosing the best technology for your business. The right technology means that it is secure and at the same time efficient. Each of the languages mentioned above is useful in its way. For beginners, it is easy to advance your programming skills. You can improve your RxJS skills online. It will help you grow your knowledge on how to develop different codes for different purposes.
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