The finance sector is among the places that adopt cutting-edge technology in almost every form. Those working within financial tech will take whatever lead they can have, using tools and tech that automates the rather complex process of moving money.
There’s no stopping FinTech and if you’re looking to be a part of it, you need the right knowledge. Software-related careers and even programming skills are some of the most valued skills in the industry. Even if you’re not a developer, knowing how to understand programming languages can give you an edge in fintech.
Here are the top 6 programming languages for FinTech and which one of these you should try to learn. These can give you an idea of what are the best programming languages for beginners, as well as what can land you a good job within the industry.
List Of Top 6 Programming Languages For Fintech
- Java Programming
Java is one of the most widely-used programming languages in the financial technology sector. The language celebrates more than 25 years of use and ubiquity within banks and the financial services industry. Its long history comes from its useful benefits that most businesses take advantage of.
Java as a programming language has many real-world applications. Due to its inherent flexibility, fintech businesses can use it for anything, from web applications, mobile apps, big data technologies to in-house desktop GUI applications.
When it comes to portability and security, Java is also a great language to use. Most of its features revolve around limiting access to its data, as well as using memory security systems to cut down potential vulnerability.
As Java is ubiquitous, you only write the software once and you can run it in any operating system of your choice. These specific features make Java desirable, with not much need to move to newer languages.
Unlike Java’s long history with fintech as a whole, Python surprised the financial world and has since continued to amaze the industry. Python’s adoption is slowly taking over many FSIs as they use it for many applications, which include data analysis and algorithms. It’s also useful for web-based services and has a very low learning curve.
Python’s features are most useful for companies who want to utilize data and accessibility within their business. The language, for example, is useful for machine learning, artificial intelligence, automation, and big data. Even with its slower execution times, it offers vast data visualization and support that you can only find with a few other languages.
Python is also dynamic, accepting various data types, and allows for object-oriented programming. For financial entities who are looking to use bleeding-edge technologies, the programming language should be the right choice. Other related sectors like insurance, banking, and data analytics also prefer to use Python within their applications.
C++ is one general-purpose programming language famous for its efficiency, as well as its closeness to existing machine language. While the language itself is around 40 years old, most programmers prefer to use it due to its fast processing times. Any institution that needs complex analytics can rely on C++ applications.
For financial institutions, many of those within the high-frequency trading sector prefer C++ over any other programming language. As the HFT sector needs as low of a latency as they can to reach the value that they want. C++ systems can lend towards this low latency, which allows them to get more from specific trades.
Its rich catalog of tools lets entities accomplish any task they want. It’s also useful for developing complex systems and projects, as well as its metaprogramming. Even for legacy bank systems that don’t want cutting-edge tech, C++ allows their systems to interface with newer technology.
- Ruby on Rails
One of the lesser-heard programming languages in fintech is Ruby on Rails, but this doesn’t mean it’s any less valuable. Ruby is quite a dynamic technology known for its sophisticated handling of tasks. Not everyone likes Ruby but its capabilities are important from a development standpoint.
Ruby provides several features, from blocks, classes, modules, and more. It’s a great web framework platform preferred by many startups and small businesses within the industry. It combines several useful qualities from other programming languages such as PERL and Lisp, as well as providing cost-effective development through the use of plugins.
In financial technology, Ruby is used for payment systems, e-wallets, as well as dashboards for asset management, data analysis, and financial analysis. Its third-party libraries and strong working framework make it perfect for small teams that need to build applications quickly without needing to do hand-coding.
Haskell is not a standard name that you hear from programmers, and for a reason. While it came out more than 30 years ago, the utilization of Haskell in fintech is relatively recent, much of which comes from the need for a functional, rather than imperative, programming language.
What makes Haskell versatile is its standardized language with very little syntax and semantic rules. Evaluation only happens when checked for results but its expansive collection of third-party tools make it a flexible language for a variety of different sectors. It works with several operating systems and offers support for many implementations too.
Sectors that prefer to use Haskell include those that need expansive concurrency and those that need to protect itself from potential risks and exploits. These include sectors like cryptocurrency, credit and insurance, blockchain, big data, and transaction processing.
Another functional programming language is Scala, known for being a strongly typed language with several existing use cases. Its code is compact, easy to use, succinct, and useful for big projects that need to serve many customers at the same time.
Much like Haskell, Scala finds its use for blockchain technologies, as well as big data within the financial industry. Its original purpose was to handle issues found within Java, working as a solid front-end language that can be used as a solid data tool.
Scala can save resources through its compile-time guarantees. The programming language is quite responsive while staying resilient from failures. It can parse a lot of data fast, which makes the language an ideal choice for data-oriented financial institutions.
With financial technology on the rise, knowing a programming language or two can give you the edge you need. If you want a career in the industry, these programming languages can help get your foot into the door.
Check out these languages and see what fits your needs. These programming languages are already changing the world as we speak, so learning them can make you part of a brave new world.