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These days FinTech has become one of the most disruptive and thriving segments in digital technology. As the FinTech space continues to grow, companies in the banking and finance industry strive to create innovative apps for their business. Consequently, organizations are looking for the right technology to develop their FinTech software.
The FinTech products come with a complexity which can be difficult to compete with, due to the various limitations falling under this domain. These include integration with different services and institutions, bank API connections, state-level regulations, etc. Secondly, as the FinTech products include running finance, investments, mortgages, and so on, gaining the trust of the end-users also becomes very important. All this basically means that you need ?a one of a kind technology that offers a trustworthy solution with the highest level of security, supreme functionality, and correspondence with requirements.
Also, being a business in the FinTech space, it’s very important to select the right language and framework as they form your core products and can have serious implications over the lifespan of your products.
Fortunately, Python is there to solve all your FinTech needs. Read on to learn why Python is the best technology choice for your FinTech.
- Easy Integration With Other Systems
FinTech products require a lot of integration with third-parties. Python libraries make it a lot easier to integrate your product with other systems through a different API. This is because Python’s open libraries include tools for API integration which eliminates the need to build your tools from scratch and analyze large amounts of data in a short amount of time.
- Works Well With Mathematical Algorithms
Since financial and banking applications are closely related to several types of calculations, statistics, etc., the application should be very intelligently designed to work with a large number of mathematical tasks. Hence, it is very crucial to choose the right technology. Here, Python has the maximum advantages as its technology and syntax are similar to the mathematical syntax which is used in most financial algorithms. Also, in application development, it is important to assign value parameters and the syntax of Python language allows to do this efficiently.
- A Large Number of Libraries & Tools
Python is a key language for Mathematical programming which plays a very important role in the Finance industry. Python offers several Financial and FinTech libraries which provide ready-to-go solutions for many common problems in the FinTech space.
- Quick Compilation
One of the greatest benefits of Python language is the quick code compilation of the software being developed. Some of the Python’s libraries such as Cython and Numba provide the developers with important functions which help them compile Python code into machine code statically or dynamically. These libraries increase the processing speed of the language and the software development lifecycle goes smoothly.
- Simplicity in Usage
Creating a software in the FinTech space is already a complicated task. Hence, making the task easier would speed up the whole development process. Python is considered a language which is easy to code and deploy by the developers, due to its easier syntax and being able to program faster as compared to other traditional languages. Also, Python’s simplicity leads to lower error rates and fewer bugs, which is very important for FinTech businesses.
- Faster Time to Market
The Python/Django Framework takes into account the requirements of a Minimum Viable Product (MVP) and allows to quickly develop it. There is no need to create everything such as authorization or user management tools from scratch. Hence, with the Python/Django stack, you can get an MVP quite fast, which increases your chance to find your market fit.
- Greater Collaboration
The straightforward syntax of Python along with its simple composition allows developers to work together on projects by collaborating with professionals like Researchers, Business Analysts, Data Engineers, and more.
Taking into account all the above factors, Python is seen as the ideal technology for building FinTech products. The language offers a lot of advantages over other languages like clear programming syntax, greater development strategies, and user-friendliness. In addition, Python can also boost the availability of several frameworks and libraries which can enhance the overall development process of any FinTech product.
Swati Jain is an experienced Technical Writer and Content Designer at Ranosys Technologies, a renowned Python development company headquartered in Singapore. Being passionate about technological innovations and digital marketing, she is always researching and writing about the latest trends. When not at work, you can find her watching sitcoms.View Swati Jain`s profile for more