Top Technology Widely Used for Your FinTech App Products

Read here which programming language is the best for developing fintech app so that you can easily penetrate market and get a viable product.
FinTech app development company

Fintech or financial technology has transformed the world of the finance industry by emerging as an alternative to traditional banking. It is a new way to manage money and handle monetary transactions smartly. Many finance companies are adopting this technology to get a competitive edge. Some incorporate fintech into their existing processes or develop fintech startups from scratch. Getting a new fintech software product from top software development companies is challenging. Like other industries, you also need to choose the right tech stack for fintech products. Read here more about the best programming language for fintech to penetrate the market and get a viable fintech product.

Fintech Market Overview and Tech Scenario

Before you choose the right platform/technology for FinTech, it will be sensible to look at the fintech market around. The evolution of fintech has left traditional banking behind in the race. Thanks to a host of technologies for putting fintech on the front foot. Emerging technologies like AI, RPA, IoT, big data, and cloud computing are set to give FinTech a significant boost to players looking for online banking apps, mobile wallets, mobile banking, and payment systems.

According to global research company Statista, digital payments is the largest fintech market segment that generated $4,406,431 million US dollars in transaction value in 2020. The same amount is likely to double by 2024. The United States, Europe, the Middle East, EMEA, and the Asia-Pacific regions lead the tally in terms of fintech distribution at the global level. Owing to mobile internet use, the pace of fintech adoption and local investment in fintech is going up. Credibility, agility, uniqueness, safety, data handling, and flexibility of the technology are critical for a fintech software development company.

Fintech app development

Technologies Used in Fintech Software Development

Some of the most popular products in fintech are crypto-currency, digital currency, blockchain technology, smart contracts, InsurTech, RegTec, stock-trading apps, mobile payments, crowdfunding platforms, open banking, and RPA. According to HackerRank, the technology hiring platform, the top six influential coding languages prevailed in the fintech sector, including Python, Java, C++, C#, C, and Ruby on Rails. When it comes to picking up the right technology stack for mobile app development, you need to analyze some pros and cons of available technology stacks. When it comes to making an informed decision, the choice of coding language for a fintech app depends on the project’s technical needs.

1. Python for Fintech Development

Java and C++ are the two most popular languages for making software and apps in the finance industry. On the other hand, Python has emerged as the preferred development language for fintech products. Python renders 50% more opportunities than traditional languages. Python is the most dynamic programming language preferred by startups, and it brings great value to the fintech sector. Python’s simplicity and robust modeling capabilities make it the first choice for financial companies. Zopa, Robinhood, Affirm, Venmo, Figo, Stripe, and Qonto are some successful fintech apps developed with Python. The following are some of the prime reasons why Python is ideal for mobile development. These include:

  • Big data supported
  • Easy-to-read code
  • High compatibility
  • High-standard library
  • Speedy response
  • Test-driven development

Python is extremely popular among developers due to code transparency and the occurrence of fewer bugs during app development. Python is simple and transparent. That is why it ensures a shorter time to market. Writing code in Python takes no time. When Python and Django technology shake hands, it results in the faster and safer release of completed components and MVPs as per users’ needs. With open-source libraries, fintech Python developers do not need to create separate components from scratch. In India, numerous fintech app development companies help you get a safe and functional fintech app product using modern app programming languages like Python.

Also Read: Python Vs Java

You can also opt for other popular languages like Java, C++, C#, C, and Ruby on Rails to get your fintech app ready. These technologies are still in use and match the expectations of finance industry players.

Frequently Asked Questions

Fintech, short for financial technology, refers to innovative technological solutions and platforms that aim to improve and automate the delivery of financial services. These technologies encompass a wide range of applications, including online banking, mobile payment apps, robo-advisors, blockchain, and peer-to-peer lending platforms.

Fintech technology is transforming the financial landscape by driving innovation, enhancing competition, and improving access to financial services globally. As fintech continues to evolve, it is expected to:

  • Disrupt Traditional Banking: Fintech startups are challenging traditional banking models by offering alternative solutions that are more accessible, efficient, and customer-centric.
  • Promote Financial Inclusion: Fintech has the potential to expand financial access and inclusion by providing services to underserved populations, including those in remote areas or without access to traditional banking infrastructure.
  • Drive Digital Transformation: Fintech is driving the digital transformation of financial services, accelerating the shift towards digital payments, online banking, and automated investment solutions.
  • Enable Innovation: Fintech fosters a culture of innovation and entrepreneurship, encouraging the development of new technologies and business models that address evolving consumer needs and market demands.

Fintech product development refers to the process of conceptualizing, designing, and bringing innovative financial technology solutions to market. It involves identifying market needs, leveraging technology advancements, and designing user-friendly interfaces to create products that improve financial services, streamline processes, and enhance user experiences.

The key stages of fintech product development typically include:

  • Ideation and Research: Conducting market research, identifying user needs, and conceptualizing ideas for innovative fintech solutions.
  • Prototyping and Design: Creating wireframes, prototypes, and mockups to visualize the product’s functionality, features, and user interface design.
  • Development and Testing: Building the product using agile development methodologies, coding, and integrating necessary functionalities while continuously testing for bugs, errors, and usability issues.
  • Deployment and Launch: Releasing the product to market, deploying it to production environments, and implementing marketing and promotional strategies to attract users.
  • Iterative Improvement: Gathering user feedback, analyzing data, and iteratively improving the product based on user insights, market trends, and evolving needs.
Author
Binmile Technologies
Abhinay Kansal
Technical Project Manager

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