Best Programming Language for FinTech Software Development

Quick Summary:
What is required to make software or application a great success is the choice of programming language. It is why picking the proper programming languages for FinTech software development is crucial, as its features and functionalities decide the success of the FinTech software. Discover the top 10 most used FinTech programming languages with our blog and know what works best for you.

We are well aware of the finance companies shifting toward technology and digitalization. But what are the reasons for that? Amidst the rising national and international transactions, storing this sensitive data and information has become a concern. With the help of technology, FinTech startups and enterprises can quickly deal with this situation of finding best programming language for fintech software development. 

49% of the banks in the USA strongly believe that FinTech partnership is crucial for their growth. As the population is moving towards their smartphones and mobile applications, FinTech acts as the finest solution for the finance industry. That is why 70% of USA customers say mobile banking is the future.

Further, it is also essential to consider that the FinTech software and applications are easy to operate and hassle-free for the users. Any complex solution will make it hard for them to navigate, ultimately leading to their loss of interest in it. To ensure success, the programming language is the most critical ingredient. Its compatibility with the business requirements, scalability features, easy-to-build nature, and integration with the already existing software are some of the significant factors that make the programming language ideal for the FinTech industry. 

Recommended Read:Guide to Outsource Fintech Software Development in 2023

Let’s discover the top finance programming languages that will help you enhance your business growth.

Top 10 Programming Languages For FinTech

Choosing the right programming languages for finance requires a clear understanding of business requirements, project scope, and the capabilities and functionalities of the language. For startups and small businesses, considering the cost of each language in the development process is also crucial. We have listed down the top ten programming languages for FinTech software development that help create fast, secure, and reliable FinTech software solutions. 

1. Python

Python is at the top of the list of top programming languages in the finance industry. This language is especially famous among developers as it is flexible and applicable to several applications. Also, 4 out of 5 developers claim that their primary language is Python. Even for financial application development, Python is a widely used programming language, providing an extensive library of tools and customizable development packages. 

• The language is easy to learn and use
• This programming language has a rich ecosystem of libraries and frameworks
• Python can be easily integrated with other technologies

2. Java

The second most famous programming language for FinTech is Java. This language has been used since 1995 for software development purposes, which makes it one of the most popular languages. Java is the most used language in organizations than any other programming development language. Further, it is best known for its security features, meaning that FinTech software built with this language will ensure the complete safety of sensitive financial data. 

• Java is platform independent
• The language is reliable and secure
• It offers multiple features for writing code

3. JavaScript

JavaScript is popularly used for making web pages and front-end developments. For the FinTech industry, this language can help make web applications that are interactive and responsive simultaneously. This FinTech programming language has a vast community of developers, making a number of resources available quickly. 

• It ensures glitchless app performance
• JavaScript has in-built security features
• It can run on any operating system

4. C++

Created in 1979, C++ also tops the list of best programming languages for finance. As it is a compiled language mainly used in system programming, it is one of the fastest languages. C++ is a combination of software and hardware designed for specific functions and is primarily used in embedded systems. Finance companies who engage in trading and online stocks prefer C++ as it has the capability to handle extensive data.

• It is a mature language with a robust ecosystem
• C++ is considered a fast language
• It provides excellent control over memory management

5. C#

C# (pronounced “see sharp”) is the next generation of C++ language and has a strong foothold in FinTech and finance. Among its many tools and features, C# data extraction capabilities posit it as a language of choice in the finance industry. The ability to source, manipulate, and analyze large volumes of data in real-time makes it ideal for developing financial algorithms, risk assessment models, and other crucial financial analytics.

This programming language is easy to learn and provides the power to create robust FinTech apps quickly. As of 2022, 27.98% of developers used C# for their software development purposes. It also offers cross-language interoperability, meaning that once developers create a component in one language, they can inherit and extend that component in C#.

• It is a simple and elegant language
• C# has strict static typing and supports polymorphism
• The language prevents type-related errors

Recommended Read: Best Tech Stack For FinTech Software Development

6. React JS

React JS is a JavaScript library built by Facebook for creating user interfaces. It is an open-source and component-based library that allows software programmers to build reusable UI components and create complex UI for FinTech applications. The best part of using ReactJS language for FinTech software solutions is that it efficiently updates and renders only the necessary components. 

• ReactJS is a flexible and scalable library
• It helps build complex FinTech solutions
• Is the best for finance companies to create scalable apps 

7. Scala

Scala is widely used by software developers globally. It provides complete support for both object-oriented and functional programming. This capability helps FinTech software developers to create complex applications. Further, Scala is a strongly-typed, functional programming language and can be used for several use cases, including Big Data. Scala is mainly used for web apps, data processing, and writing libraries and frameworks. 

• It has a vast community of developers
• Scala is known for its scalability
• It is a general-purpose programming language

8. VBA (Visual Basic for Applications)

Another widely used finance programming language is VBA, which implements Microsoft’s event-driven programming language, Visual Basic 6.0. It is mainly used to automate tasks and create complex applications quickly. This FinTech programming language also has the ability to interact with other apps like Microsoft Office applications like Word, Excel, and Access.

• It is an easy-to-use language
• VBA lets users customize beyond what is available
• The language can be used to streamline the process of financial analysis

9. Ruby

Ruby is the primary language used in the Ruby on Rails web frameworks (the most popular web frameworks) and is used by various startups and small businesses today. Developed in the 1990s, this FinTech programming language supports several popular programming paradigms, including procedural, object-oriented, and functional programming. 

• A helpful language in the stock trading industry
• It can be used in quantitative analysis
• Ruby makes complex data manipulations easier

10. SQL

Last but not least on the programming language list is SQL (Structured Query Language). What makes it a useful FinTech programming language is that it is used for managing relational databases and running several operations on the data. As the FinTech industry generates large amounts of data daily, SQL helps finance professionals store it securely and make strategic analyses. Did you know that popular platforms like Snapchat and Instagram use SQL to store users’ profile information safely? 

• SQL is a flexible and scalable language
• It is used to perform several tasks like inserting, updating, and retrieving data
• It is the fundamental tool for getting data into and out of relational databases

Wrapping up

The programming languages for FinTech mentioned above are some of the most used in the finance industry. These are easy to work with, have a vast community, and help create robust and secure FinTech software solutions. As a finance business, you must consider how each of these can help achieve your goals. Moreover, you also need a dedicated fintech software development company with valuable experience and knowledge in these tech stacks to build a top-notch solution.  

With Your Team In India, you can get your hands on remote software developers for whatever programming language you choose. Our vast connection across India will help you get appropriate resources to enhance your FinTech tasks. 

Frequently Asked Questions (FAQs) for FinTech Software Development: