A business's long-term goals need to be aligned with the systems they implement to achieve an ideal outcome. FinTechs know this and those who make it a priority to fulfill their needs with the right software are the most successful. Startups looking to build digital products, for example, would run into challenges without effective solutions for a few reasons.
The first is that solutions need to allow businesses to scale, offer compatibility, and perform powerfully in a simple format. Additionally, the software that FinTech companies use needs to cater to the demands of the FinTech industry which innovates systems based on three things:
Safety
Integrations
Taking into account the facets that make an ideal software for a FinTech, it begs the question of how to create the best one. Every software requires a programming language, and with so many moving parts in this aspect, it can be intimidating for companies just beginning to plan their project. However, there is one language that has become a staple for development in FinTechs today: Python.
In 2016, studies began showing us the increased endorsement of Python among FinTech programmers. Of course, speaking on this 6 years later, making that statement wouldn’t be useful unless it was still relevant. In this case, the relationship between Python and FinTech has become more than just relevant and is now mainstream understanding. Why is that?
The Significance of Python
Not only is Python regularly ranked as one of the top three programming languages for people to learn and use, it is also heavily favoured by developers with well over 70% placing it as their most loved language. This goes to show you the kind of expertise that can be found and the resources available for FinTech startups looking for developers that can build an efficient platform.
The reason for the wide-scale usage of Python can be attributed to the sheer simplicity of the language. What this entails is that programmers can use it to develop an application with ease. The result will be a platform that runs into fewer errors and bugs, which in the financial industry, being as regulated as it is, is pivotal as these issues can be detrimental.
How Python Makes a Developers Job Easier
Python offers open-source financial libraries that eliminate the need for developers to build add-ons from the ground up. Here are 5 of the top tools that Python can deliver for financial institutions:
ffn - financial function library
pandas - tool for analyzing and manipulating data
finmarketpy - used to backtest financial markets and trading strategies
NumPy - a scientific computing package
pyalgotrade, zipline - libraries for algorithmic trading
There are many more tools like these that are used for economic measuring, stocks, and finances, the majority of which are going to be compatible (via API) with the application built for your FinTech. This list is just to get a sense of Python’s capabilities when used to create financial applications.
Another one of the most important things to understand about Python today is just how flexible it can be. In the financial sector, it’s great for managing sensitive data, crypto markets, banking, trading, and much more. However, the language can be used for just about any software development involving task automation, website building, or analyzing/visualizing data. All of these are regular needs for business applications.
Life For FinTech Startups Today
As of this year, there are around 30,000 FinTech startups. While China is one of the biggest markets for this technology, North America still holds limitless potential. 88% of Americans use FinTechs and 70% of the world's payments are processed through companies based in Atlanta alone. The growth potential is still there as the technology becomes mainstream with younger generations. What won’t change is the need for consistency in terms of performance.
The Takeaway
In the financial industry, it’s pivotal that there is trust between the client and the firm. Technology is the most trusted resource in the world. The combination of the two leads to a product that requires flawless input and output processes. FinTech requires automation and management which is why choosing the right coding language is important as this will dictate how well your application can perform. It all starts with a vision.
Written By Ben Brown
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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.
Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.
