Analytics Insight has listed major programming languages that are changing the face of fintech
The fintech industry across the world is very receptive to disruptive technologies. The increase in transaction rates and the low risk on tolerance have surged the need for applications that can streamline the banking process. Unfortunately, before employing the applications directly on fintech, we need to develop or program them. Banks have been directly connecting with IT firms or hiring programmers to carry out the job. The programmers are expected to be well versed in programming languages. Programming is the process of writing instructions for a computer or an application to perform. Even though they don’t expect the candidate to know all programming languages, the professionals should at least be fluent in some of them. When programmers work on a fintech projects, they should consider technical and business requirements and the banks’ specific needs. Analytics Insight has listed major programming languages that are changing the face of fintech in 2021.
Top five programming languages for fintech
Java is a general-purpose, class-based, object-oriented programming language designed for having lesser implementation dependencies. It is one of the most used programming languages that are also featured in the computing platform. Java was first released by Sun Microsystems n 1995. It is well known and fast adopted for its secure and reliable features. Remarkably, the fintech industry is embracing java to power its systems and applications. Java also offers everything companies in fintech need to develop robust apps that customers can rely on to assist with their requirements. It is openly accessible in a variety of OD platforms including iOS, Android, Windows, Linux, and others. Henceforth, Java carries the luxury to provide companies with an extensive audience base without necessitating expensive investments. Java’s extensive features like Java Virtual Machine leverages byte code, type safety, garbage collection, etc that helps companies entrust the language for fintech apps.
C++ is a cross-platform language that can be used to create high-performance applications. It is an object-oriented programming language that gives a clear structure to programs and allows code to be reused, lowering development costs. C++ is famous for its portable accessibility that is used to develop applications that can be adapted to multiple platforms. Besides, it is also simple in the sense that programs can be broken down into logical units and parts, and has rich library support and a variety of data types. C++ was developed by Bjarne Stroustrup, as an extension to the C language. The magic of C++ is that the language is closer to machines than other programming languages, making its frequency very high. In the fintech industry, a good number of programmers use the C++ language. Most of the professionals in fintech are also good at C++ programming and that makes the language a must be known for job seekers.
Haskell is a widely used functional programming language that is based on mathematical functions. The language is named for Haskell Brooks Curry, whose work in mathematical logic services as a foundation for functional languages. Extraordinary features like a balance of flexible and inflexible qualities make Haskell a fascinating programming language to learn and use. Programmers can now relieve themselves from writing large software systems, thanks to emerging programming languages like Haskell that make it easier and cheaper to develop applications. Fintech companies use Haskell because of its properties that imperative programming doesn’t provide. It is also great in handling blockchain, immutability, type safety, and the ability to manage distributed computation well.
Python is an interpreted, object-oriented, high-level programming language with dynamic semantics. It is widely adopted by programmers for its high-level build-in data structures, combined with dynamic typing and dynamic binding. Besides, it can be easy to pick up for both first-timers and well-experienced programmers. Python also provides increased productivity that programmers look for in a programming language. It was created by Guido van Rossum, and released in 1991. Python rose to popularity and has been demonstrated by numerous financial companies after job postings required the language from developers since 2015. Widespread across the investment banking and hedge fund industries, banks are suing Python to solve quantitative problems for pricing, trade management, and risk management platforms.
SQL is also known as Structured Query Language, is a standard language for accessing and manipulating databases. It features database creation, deletion, fetching rows, modifying rows, etc. Even though SQL is an ANSI (American National Standard Institute) standard language, there are many different versions of the SQL language that has emerged from the core. It can also perform exclusive operations like optimizing and maintaining databases. For a fintech company, SQL is used to analyze consumer data. Doing so will help them identify seasonal variations in demand or consumption patterns.