The fintech industry has seen significant progress in the last decade, with many companies developing new banking and data storage applications. Consequently, raising more and more career opportunities in the fintech industry.
It can help in improving the employment rate of the country. A study by PwC in 2019 reveals that the fintech industry is creating many jobs in the telecommunication and financial sectors. It is an excellent opportunity for those interested in these fields and currently unemployed.
So, now you are thinking, how can I grab this opportunity for myself and create a career out of it? The best thing you can do is learn a coding language for finance. Coding or programming skills are essential in building new applications, creating forecasting models, making algorithms for trading, and much more.
If you are interested in knowing which programming language works best in the fintech industry, we have got you covered. We have listed the top five programming languages for you, along with their uses and features.
5 Programming Languages Used in The Fintech Industry:
The top five programming or coding languages used currently are Python, JAVA, C++, RUBY, and HASKELL. Let’s understand how these programming languages work and are used in the fintech industry.
Python is the most popular programming language as it is flexible and easy to learn and understand. Due to this reason, this programming language is becoming very popular to learn among the students who aspire to be a programmer.
Python is used mainly for building maintenance scripts, data analysis, and algorithms. Even though Python has a slow execution time, it is used with C++ by programmers to develop programs.
In Python, a programmer can use various types of data as it can accept different data. Programmers can use Python for packing codes in several modules based on their similarity and function. Another feature that makes Python more distinguishable is that it can detect errors easily, making it easy for the programmer to handle the error.
Java, a widely-used programming language, is also referred to as the golden child of programming. It is one of the most common programming languages used by programmers. Java offers various features for achieving the goals, making it a more preferable language among programmers.
Java is an old programming language, but still, due to its performance, it is widely used. Financial institutions mainly, banks use Java for running their customer front portal.
Java offers a high-speed performance with more security. It uses API security, which can detect any suspicious coding in the virtual machine, making it more worthy of being used by banks. Moreover, it is compatible with most operating systems, making it a preferred programming language. Java is also used to execute multiple programs simultaneously as it offers multiple threading.
C++ was developed in the 80s and is a general-purpose programming language. While the language is quite old, the programmers still prefer it for speed and efficiency. In the fintech industry, C++ is used for programs that require complex analysis and computations. C++ offers the best tools for quantitative and qualitative analysis.
Most fintech companies use C++ as it helps to create low-latency (lag) programs. Companies that deal with online trading choose C++ as their programming language for great results.
C++ consists of various programming tools that help programmers to achieve the desired task. Moreover, C++ allows its users to reuse the codes in complex projects by rewriting, it is highly beneficial as it saves time. Furthermore, it is an efficient language that is very fast.
RUBY’s developers call it a programming language that prioritizes simplicity and productivity. In addition to this, it is also capable enough to handle multiple tasks at the same time. Maybe, due to this reason, most financial institutions use RUBY for their digital platforms. Programmers prefer RUBY because it is easy to use, which means it helps to save a lot of time and money.
RUBY is a programming language that appears to be very simple but in reality, it is much more sophisticated. It is mainly used to build various financial products like building e-wallets, developing a digital payment system, asset management, and analytical and financial dashboards.
RUBY is a high-speed programming language and provides bug-free code. Additionally, RUBY also has a powerful working framework, meaning a developer can easily develop highly secure codes. RUBY provides in-build programs and third-party libraries that developers can use to create a code instead of starting from scratch.
Haskell is a programming language that is well known in the fintech industry. Haskell, most of the time is used for programming financial applications and research purposes. The language uses syntax and semantic rules, due to this, most programmers see it as a standard language.
The evaluation of the whole program is done at the end when you want the results. Haskell helps in handling blockchains because of its stability and security. Presently, Haskell is very popular in developing mobile applications for the fintech industry.
Haskell has plenty of third-party tools that help programmers in building codes without any problem. More than 5,400 tools are available online for programmers. It is also compatible with almost all operating systems, making it more reliable. The Utrecht Haskell Compiler (UHC) in Haskell helps in performing implementation work for research purposes.
So, these five programming languages can help you in building your career in the fintech industry. Choose any language from above and make your career in the fintech industry. Each of the languages that we have mentioned has its specific way of usefulness.
The fintech industry is currently one of the fastest-growing industries. If you are thinking about making a career in this industry, it is not a surprise. You can easily make your career in this field, you just have to first learn the basics of coding and then have to find a programming language with which you feel more comfortable.
We hope that our article has helped you in some way understand the fintech industry and its need for various programming languages.