The creator of python prioritized the simplicity of the language and the most peculiar fact is that python follows the minimal syntax. It is a leading programming language in banking, insurance, and other data analysis sectors. Python is also widely spreading to help in custom mobile application development and as a tool for creating a cryptocurrency.
From the past few years, it has easily held the position of “most popular programming language”. So what are its perks in Fintech solutions and what should we be concerned about? Let us learn in detail about its implications in the financial and banking industry.
The finance industry
At present banks are predominantly using python language to resolve their quantitative issues including trade management, pricing or risk management factors. Even concerning the regulation, analytical aspect, data or compliance, Python solves the most problematic conditions. As Python has a rich library and advanced tools, it has set strong roots in finances. the banking industry is a little different from other industries as it involves the rapid circulation of information which is the reason for which transformation is the utmost requirement. Also, it is necessary to have coordination among the banks and for this your application must have some essential features like-
● Authentication elements
● Online payments
● Mobile payments
● UX/UI elements
How python and the fintech industry do it
The most essential thing required by Banks or Fintech is that they require programming language which can be handled easily and also provides scalability, excellent performance, offers a combination of ready-to-use library and components and many other features. Though it has its peculiarity in Mobile app development companies as well, here we will discuss Python in the financial and banking apps. The reasons for which both fit into each other are-
Python is known to be a programming language having simple and easy Syntax and offers faster deployment. As regulatory assets in financial and banking industries are getting more evolved it is better to rely on the simplicity of python to provide best fintech solutions.
Cost and time to market
If you are having a good range with a budget and there is a requirement to validate the product in the market instantly then it is most important to choose the perfect server-side language. Through python, you will get fast deployment without using extra coding.
Python offers open-source financial libraries which are rich in tools. Some of the significant python libraries which are utilized by Fintech applications are-
Python as a descriptive yet simple programming language offers a collaborative environment to work. Its simple composition enables the developers to work together closely on multiple projects with the corresponding professionals on them. Hence you can assume that it will assist the data analysts, project or quantitative researchers, technical agents or engineers and many more.
Requirements in fintech solutions
The requirements of banking or financial applications are different from regular applications. The areas which are essentially required and follow zero tolerance are-
The number of Fintech startups or applications gets launched every day and to achieve optimal success it is important for your platform to stand out from the potential competition. The only thing which can create a difference is if you have a valued and unique proposition.
Does the term even require justification? Security and finances go hand in hand hence your platform must have are a bulletproof concern for security and user access. The smallest attacks or breaches can cause an irreparable loss to your reputation.
From the financial applications the major expectation from the user’s perspective is its reliability and instant assurance. As the money gets involved downtime in the financial services is unacceptable and hard to tolerate.
The technological advancement which you are expecting to bring through your application must have the ability to sustain. It must build, improvise, grow, adapt and learn and carry out the improvisation whenever needed.
Larger the financial platforms know about their customers higher the chances that can help them out. It becomes essential for them to keep a check over there database and manage and analyze whenever requires using the data science applications. This has encouraged Mobile app development companies to consider the instance.
Pros of python in fintech
We have gone through the IT and finances, reasons for the compatibility and their requirements. Now let us understand why python has an irreplaceable impact in the financial industry.
The first thing is no platform can sustain in a vacuum, it is required to be flexible. Python can offer integration with other applications.
Rich set of tools and libraries
Python is the most commonly used programming language in the financial and banking industry. It offers the ready to go solutions for the majority of the problems through its advanced tools and fintech libraries.
The major advantage that python provides is a quick code compilation for the software. The two renowned libraries Cython and Numba help the developers to compile the python code into machine code (statically or dynamically). Python language has the basic and common expressions and whitespace which help the developer to trim out additional coding.
Optimal functioning with mathematical algorithms
Calculations, statistics for analysis of data is extremely important and related in banking applications. Python libraries have a perfect set of tools to help in API integration through which you can easily solve a large amount of data in less time.
The banking applications require an excess of integration corresponding to the third parties. With the help of python libraries, you can easily integrate the application with other systems having various APIs. The feature-rich library of python has API integration tools that eradicate the requirement to build any other rules from scratch and then analyze them.
Python works on laconic syntax which enables you to right smaller codes. Also, this framework offers better off the shelf functioning as compared to the other developing platforms. Also, the syntax of Python is similar to the mathematical syntax which is mostly applied and used in banking or financial applications.
Python in the financial industry has lots of benefits like assisting in development strategy, clear programming syntax, accuracy, and reliability. It also tends to boost other frameworks and libraries which can enhance the development of your application.
This is the same reason which supports newbies or young developers. If you are looking for a simple yet consistent language that has a lot to offer to you, make your bet with Python.