The industry of financial technology all over the world is very responsive to innovative technical transformations. The sudden increase in transaction rates and low-risk intolerance has surged the need for adaptable applications for streamlining the banking process. However, before launching an application on fintech, it is necessary to develop the same. For this, banks connect with a fintech software development company or hire the best programmers who can create accessible and well-designed applications.
With good programming skills, one must be well-versed in programming languages since programming is writing instructions for an application or a computer program. Even though banks do not require developers to be acquainted with all the programming languages instead, they must be well-versed with some of them. While working on fintech projects, technical along with business needs of a bank must be considered. And, there are five major programming languages, which are paving their way for making technological transformations in fintech for 2021.
It is a cross-platform and object-oriented programming language that is known for delivering high-performance applications. C++ allows code to be reused and lowers development costs by providing a clear structure to the programs. This programming language boasts portable accessibility that enables developers to develop applications that can be adapted on multiple platforms. In addition, it can break its programs into logical units and parts. When compared with other languages, C++ is considered closer to machines, resulting in high frequency. Remarkably, most of the professionals in financial technology are well-versed in C++ programming, making the language an excellent choice for job seekers.
Known by the full form of Structured Query Language, SQL is best used for manipulating and accessing the database. The main features of this programming language are deletion, modifying rows, database creation, fetching rows, etc. Although SQL is an American National Standard Institute language (ANSI), it has many different versions. Besides, this programming language can perform entire operations, such as maintaining and optimizing databases. A full-stack development agency can use SQL to analyze consumers’ data and identify seasonal changes in consumption or demand graphs.
An object-oriented programming language, Java is primarily designed for having lesser implementation dependencies. Being one of the most used programming languages, it is adopted for its reliable and secure features. Consequently, the fintech industry is utilizing Java to empower its applications and systems. When it comes to financial technology, this programming language is known for developing robust applications that customers can rely on. Moreover, openly accessible in a wide range of platforms, such as Android, Linux, iOS, and Windows, Java allows the companies to expand their audience base. This programming language possesses extensive features like Java Virtual Machine, enabling garbage collection, type safety, byte code, and more.
A high-level programming language, Python is interpreted and object-oriented as it comes with dynamic semantics. This programming language is easily adaptable because of high-level built-in data structures. Furthermore, Python is combined with the active building and dynamic typing. Both first-timers and well-experienced developers can utilize this object-oriented language. It provides increased productivity that a programmer looks for in a programming language. A fintech software development company can use Python for solving quantitative problems such as trade management, risk management, and pricing.
Based on mathematical functions, Haskell is a widely used functional programming language. It has some significant features, which make it a fascinating programming language to use and learn. The programmers can utilize Haskell and relieve themselves from writing an extensive software system. Moreover, this programming language is easier to understand and does not cost much for developing applications. Fintech companies use Haskell because it consists of properties that imperative programming does not have. Not just this, it assists in handling blockchain immutability, manages distributed computation and type safety.
We know that a programming language can work in any domain, but some work best when utilized in a fintech software development company. To provide enhanced services to their customers, the banking sector is embracing new technologies. They are hiring a full-stack development agency or connecting with IT experts to develop new applications and improve existing ones. To create a unique experience, the programming languages mentioned above would be an ideal choice for Fintech applications.