Business

Why FinTechs Use Python

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: 

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. 

A computer monitor displaying code

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. 

Bitcoin Graph

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

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.

 
 

5 Things to Consider for Businesses Implementing an API

Every business is chasing after innovation. Technology has been able to overwhelmingly respond to this demand through consistent observation of what works. 

An application programming interface (API) allows websites to perform in ways never before possible. This will make APIs sound like a must-have, but there are a few things to consider before implementing one. 

What happens when a website doesn’t have an API? 

Not every website needs an API, however, the fact that some may simply not require one doesn’t mean it’s necessarily optional for everyone. Without an API, the application will be limited in terms of how it processes and manages data. This can be summed up by saying that every web service is an API, but not every API is a web service. Confused yet? Let’s break this down into when to build and when not to build:

When you should build an API:

  • Your website has a lot of data that needs to load quickly and run without the need for refreshing.

  • If you want your partners or customers to have complete or limited access to your data.

  • You have the same data that you want users to be able to access in various ways or places.

  • Angular or React is the front-end framework you’re interested in.

  • You have a vision for a desktop or mobile app.

An API is never something that should be implemented on impulse. To get the most out of implementing a system like this, you need to evaluate the goals of your business.

When you might not need an API:

  • You don’t have any intentions of growing or changing your application (it may be a temporary platform).

  • You need something as simple as a landing page or blog spot.

  • You’re unaware of the technical aspects that go into API development.

  • You’re not interested in moving your application to mobile or desktop. 

The most fundamental characteristic for anyone looking at API development is understanding the implications that come with giving your users access to your data. If your website involves sharing sensitive data, you’ll likely want your users to have to sign in to access it. This is the same approach that should be taken when it comes to APIs. 

Nobody should be able to publicly access it if you’ve built it for specific users. This is where API keys come in handy. In the case you want your users to be able to access data with ease, you can use them to keep track of who’s using what and keep anyone who may be a threat to the API locked out.

There is a lot to consider when building your API. With that being said, let’s go over the top 5 thing to keep in mind:

1) Scalability 

When it comes to the performance of APIs, scalability is its ability to cater to however big or small your user base is. For example, whether you have 20 users tonight or 20,000 users tomorrow morning, its performance will be consistent. If you’ve implemented a solid API with a reputable developer, it’ll cost you less when the system is scaled down.

2) Rate Limiting 

To prevent instances like DoS attacks, web scraping, or anything that can crash your network, you’ll want to use rate limiting. What this does is control how many requests are processed at a time (eg. limiting rapid logins of the same account). 

The view of a moniter through the lens of a pair of glasses.

3) Authentication

Think about who you want accessing your API. It can be open to the public or limited to clients, employees, etc. Any form of limit regarding how your API is used or how much it's used will require measures for authentication. 

4) Documentation

When a developer needs access to your API, they’re going to need guidelines for how they can use it. These guidelines should highlight what kind of requests are permitted, the type and format of data that can be inputted, and how the API will respond.

5) Logging

When users receive an error message from your API, you’ll want to know why. Logging is useful in this case since it can track requests and responses. In addition, logging will allow you to get a sense of the frequency and duration that your API is in use.

Why APIs?

When it comes to API development, every application is going to have its unique requirements. This is because data is constantly flowing in and out of the servers. Essentially, this is why APIs were created; there needs to be a safe harbor for organizations to keep information secure and regimented under a single platform.

The Takeaway

APIs have been extremely useful for businesses looking to give third-party access to their data. It is not essential that every business has an API (at the moment), but it will be useful in some cases, especially for software-based businesses. If you think you may be in need of API technology, you should always make sure you go to experts in the technology who can guide you along your journey.

Written By Ben Brown

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.

Why Digitizing Self-Service Will Help Your Business

How much time do you have to spare in a day? Likely not a lot, which means that every minute you do spend is on something productive for your business or your well-being. Now let’s consider this: how much of a time saver is it to have tools like self-service banking, self-check-in options, or electronic contract signings?

Your average customer doesn’t want to take the time to come see your brick-and-mortar location. The standards of today's consumer market have an emphasis on the individual through digital strategizing. This means that the changes needed in companies are primarily motivated by the ease of access and have to be people-oriented.

The majority of businesses today understand the importance of providing a variety of solutions for issues their customers may run into, yet many lack execution of this on all fronts. Take for instance the fact that 75% of people today want live chat for customer service. Yet not even a third of businesses offer it. What does that say about the level of companies' market intelligence today? 

The fact is that self-service can be however big or small you need it to be for the unique service you offer. Creations like ATMs, movie ticket machines, or airport self-check-ins, all were created as an answer to the demand for the convenience of self-service. This goes to show that the principle lives on and offline, but as we know, online is the key to scalability. 

As a starting point to meet these expectations, companies should have implemented on their website a 24/7 accessible self-service portal. This should allow users to communicate with the platform by, for example, being able to input, access, and have personal data secured in the portal. For instance, insurance contracts can be electronically signed with the user's saved signature in the portal.

Self-service is increasingly becoming mainstream, pushing the need for representatives out. Brands that utilize this will be adding value for their customers that the company couldn’t get from anything else. There’s a lot that can be done with digitizing self-service, but most businesses simply need to know where to start to make it viable. 

Here are 4 ways your business can do that:

Understand the importance of self-service for your customers

It’s hard to implement something without completely understanding the need for its implementation. For this reason, you’ll want to look at your self-service product from the perspective of your end user

Some businesses make the mistake of thinking that they already know everything about their prospects and can just implement a system. What they fail to recognize is that the self-service journey goes far beyond payment methods. You’ll want to know:

  1. Why they’ve come to your website

  2. What will keep them engaged online

  3. How the process can be as clear & simple as possible

Content navigation and accessibility

A lot of businesses don’t store all relevant information under one section. Typically, the information is broken up among product manuals, silos, support sections, or the intranet. 

The difficult part about this step is creating an interface that connects all these sources into an easy-to-navigate platform.

Consider UX design and how it collaborates with search

The portal you build should allow users to do 3 things: get in, get help, and get out. The design of your portal will dictate how simple it is for the user to navigate. By keeping UX design a top priority for self-service, you’ll be setting your platform up for success.

This can be as simple as having a search bar but with additional features such as text prediction or previewing answers.

Use AI to enhance your product

AI has changed the customer experience especially when it comes to issues in customer service. AI can resolve issues efficiently by analyzing customer data and using it to make predictions about what they’ll want. Sounds great, doesn't it? AI will help your platform build rapport with customers by being custom tailored to the needs of your business.

What’s next?

Self-service is a never-ending project; it will require consistent innovation. Custom software development will help you but it won’t decide to implement itself for you. If you’re going to revolutionize the experience of your platform, you’ll need to make sure you’ve got a clear vision and the right team behind you.

Written By Ben Brown

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.