Top 7 Programming Languages for Fintech and Finance in 2021

These are the best and the most widely used programming languages in the fintech industry

With the emergence of the internet, access to innovative technologies increased, which led to the innovation of commercial applications that were unfathomable before, and this led to the rise of fintech in finance. A robust financial services ecosystem will go a long way in aiding this development.

Finance was at the forefront of all technological developments, if not directly then by partnering with big IT firms. Even banking institutions in collaboration with IT are investing in several fintech startups and well-established companies, to serve the customers better.

To run these highly advanced applications, one should be adept with programming languages. Analytics Insight presents the top programming languages for the fintech industry to enhance efficiency in running simulations, data analytics, and developing different fintech applications.

• Python: Python is a general-purpose technology created to take the finance world by storm. It is a high-level technology that makes it more accessible to researchers. This technology is especially popular for machine learning, data science, and AI applications. It is a leading programming technology in the fintech sector and is also widely used in the banking, insurance, and data analytics industries.

• Java: Java is extensively used by the financial services industry. It is a programming language that promotes OOP principles and is great for building heavily loaded programs that can deal with a vast amount of data. Java ensures enhanced security protocols and cross-platform capabilities which makes it so popular in the finance industry.

• C++: C++ is a general programming language that is widely used in the fintech industry for its well-known efficiency. It is known to be the closest programming language to the machine as compared to any other language. Its tight data structures and template metaprogramming makes it one of the fastest programming languages. Also, it promotes code reusability, which proves necessary while building complex objects.

• Ruby: Even though Ruby might not be at the top of the list when it comes to the best programming languages for fintech, it has all the capabilities and characteristics that are required to build a fast and successful application for fintech It is known to be highly sophisticated and is capable of handling various tasks at the same time. It is cost-effective and has a high-quality framework that can be used to develop codes efficiently.

• Scala: Scala was created to address some of Java's inherent issues. Since then, it has grown in popularity and is widely used globally used by software developers. Scala provides support to both object-oriented and functional programming. It allows concise and compact codes to be written and becomes a more powerful language with elegant syntax.

• C: C has influenced several programming languages like C++, C#, Objective C-, and others. Developers use C for embedded systems, advanced scientific systems, billing software, and others. The technology is incredibly versatile and is used to create programs for hardware and the web. It is also one of the richest technologies and possesses a ton of third-party solutions.

• Haskell: It is also one of the widely used programming languages in the finance industry. The language has an advanced version named Miranda. It is extensively used for research purposes and programming for finance. Most programmers use it as standardized language syntax and semantic rules. It can efficiently run on both the interpreter and native code compiler and is compatible with several operating systems and implementations.