In contemporary times, the FinTech sector plays a pivotal role in effectively managing financial transactions. These financial technologies facilitate enhanced financial services and efficient expense management. It is imperative to grasp the intricacies of crafting a fitting FinTech application with the appropriate technology stack, whether you are currently engaged in the financial sector or contemplating embarking on FinTech software development. This insight holds particular relevance for a software development company aiming to navigate the complexities of FinTech application development.
This article will help you learn more about programming for finance and list out the 10 most popular banking programming languages.
Fintech or financial technology is disrupting traditional financial services through innovative applications of technology. As fintech startups and solutions continue to grow, programmers skilled in key languages are in high demand. But which programming languages are most prominent and important to fintech?
In this comprehensive guide, we dive into the top programming languages used in the fintech industry and why they are so critical for fintech development. Read on to find out which coding skills are most valuable in the world of financial technology.
Overview of Fintech
First, let’s briefly examine fintech and why programming plays such a fundamental role
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Definition – Fintech refers to software and technologies used to automate, enhance, and disrupt traditional financial services. It includes anything from mobile payment apps to blockchain.
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Growth – Fintech has exploded in recent years. Total investment in fintech exceeded $135 billion globally in 2021 alone.
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Applications – Fintech innovations span banking, investment management, insurance, loans, money transfers, and more.
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Importance of programming – At its core, fintech relies on software applications. Skilled programmers are essential for creating these disruptive platforms and solutions.
So coding and developers are the driving force behind fintech. Next let’s look at the top programming languages used in this space.
#1: Python
Python is by far the most popular and important programming language used in fintech today. Here’s why:
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Python is a general purpose language well-suited for a wide range of fintech applications.
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It is widely used by fintech firms big and small, from startups to established financial institutions.
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Python offers simplicity, flexibility, vast libraries, and strong community support.
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It excels at tasks like collecting, processing, analyzing, and visualizing data.
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These strengths make Python ideal for data science, machine learning, quantitative analysis, trading algorithms, and more.
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Python skills are highly valued and in great demand across banking, investing, insurance, and other fintech sectors.
For any programmer interested in fintech, Python is undoubtedly the most important language to learn.
#2: Java
As one of the most widely used general purpose languages globally, Java is also ubiquitous in fintech:
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Java has long been a standard language for financial institutions and enterprise systems.
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It continues to power many core banking, insurance, and investing platforms.
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Java offers robustness, security, and cross-platform capabilities ideal for large-scale fintech solutions.
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Blockchain platforms like Hyperledger Fabric are built with Java.
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It remains a sought-after skillset for fintech development roles, particularly at large established companies.
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Java may not be as trendy as Python today, but remains deeply entrenched in fintech.
#3: C++
For certain applications, the performance and efficiency of C++ makes it critical:
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C++ is used to build high-frequency trading systems where speed and latency are paramount.
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It is the core language behind quantitative analysis and modeling platforms.
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Many fintech firms use C++ for algorithmic trading and other performance-sensitive systems.
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C++ also provides the backbone for many financial data feed and database implementations.
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Technical fintech roles at firms like hedge funds or prop shops commonly require expert C++ skills.
Though not as pervasive as Python or Java, C++ fills important niches in finance and trading systems.
#4: JavaScript
JavaScript and its variations are popular for frontend fintech development:
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Used to build browser-based applications, progressive web apps, and mobile apps.
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Allows crafting modern responsive user interfaces for fintech.
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Combined with frameworks like React and Angular to create interactive web apps.
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Used for visualizations and dynamic client-side functionality.
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Integrates via APIs with core fintech platforms built on languages like Python and Java.
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In-demand skill for frontend, full-stack, and mobile engineering roles.
JavaScript delivers the UX and connectivity today’s fintech customers expect.
#5: Scala
Scala offers strengths for big data and blockchain, two key emerging technologies in fintech:
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Combines object-oriented and functional programming models.
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Concise yet feature-rich syntax.
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Strong support for scalability, concurrency, and distributed systems.
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Native compatibility with Hadoop and Spark for big data pipelines.
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Underlies many blockchain implementations and cryptocurrency platforms.
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Provides high developer productivity for complex fintech systems.
While less common that other languages, Scala opens doors to cutting-edge fintech innovations.
Honorable Mentions
A few other languages play important niche roles in fintech:
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Rust – Emerging systems language optimal for security and performance in fintech such as digital wallets and payment platforms.
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Go – Increasingly used for building high-performance fintech infrastructure thanks to speed and concurrency.
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Ruby/Rails – A common choice for rapid prototyping and startups looking to build ecommerce, lending, or wealth management solutions.
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MATLAB – Leading language for mathematical modeling, simulation, and analysis in hedge funds, algorithmic trading, and more.
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F# – Functional programming language well-suited to quantitative analysis and modeling of financial data.
Key Takeaways
To recap, here are the main programming languages used in fintech along with their key applications:
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Python – Data science, machine learning, quantitative analysis, trading algorithms.
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Java – Core banking and insurance platforms, enterprise fintech infrastructure.
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C++ – High-frequency trading, quantitative modeling, algorithmic trading.
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JavaScript – Frontend/UX, progressive web and mobile apps, visualizations.
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Scala – Blockchain, cryptocurrency, big data, distributed systems.
Learning one or more of these languages is crucial for launching or advancing a programming career in fintech. Python and JavaScript are likely the most versatile starting points for those new to the field.
But opportunities exist to apply niche languages like Rust, Go, and MATLAB in innovative ways as well. Overall, programmers with expertise in the above coding tools will be well-positioned to capitalize on the continued growth of financial technology.
Top 10 banking programming languages
Nowadays, programming is essential in the banking sector. To develop fintech websites, we recommend the top 10 programming languages related to finance. It’s not surprising that a GitHub survey discovered that these programming languages were highly correlated with the most frequently used technologies by developers in 2024.
Python is one of the most user-friendly and versatile programming languages for financial applications. This programming language is popular among developers because of its readability and adaptability to a wide range of applications, regardless of the project’s scalability.
Some benefits that developers have while coding with Python are:
- Cross-platform
- A vast selection of libraries and frameworks
- Clean and easy-to-use syntax
- Experience in various fields, including the banking and financial service, data analytics, and technology sectors
- Simple programming language for new beginners
- Effective performance of financial algorithms
- Easy to scale
Also, Python works well in the financial industry because it can handle mathematical computations. Python’s use in finance is anticipated to grow due to the banking sector’s and other quasi-financial institutions’ growing need for technological cooperation.
Examples: Robinhood; Stripe; Zopa; Venmo. Learn More On:
Java is another top-ranked finance coding language due to its cross-industry popularity since it debuted in 1995 as the fundamental component of the Sun Microsystems Java platform. This coding language is user-friendly, object-oriented, and capable of handling large volumes of data. Java has been used for almost 25 years and remains the preferred choice even when new and powerful programming languages arise.
The advantages of Java include:
- Can run on multiple platforms and fields
- Adopt robust security
- Offer great versatility – can work well with the latest technologies like cloud computing, AI, etc.
- Have rich standard API
- Provide continual updates
- Simple to maintain
- Extensive frameworks, libraries, communities, and foundations
Java is preferable when developing front-end applications because finance and FinTech demand a highly secure system. For instance, Java is still the preferred coding language in the banking sector because it is secure, reliable, and capable of processing enormous volumes of data.
One of the best programming languages is JavaScript, which is utilized to create web pages and front-end technologies. Developers can utilize JavaScript to make your website look more interesting and interactive, improving user experience.
There are numerous advantages to employing JavaScript for your financial product, including the following:
- Highly secure
- Offer exceptional portability, scalability, and compatibility
- Cross-platform
- Process & analyze large amounts of data efficiently
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Scala is a general-purpose programming language. This coding language was developed to collaborate closely with Java and address its inherent problems. Hence, Scala is utilized for various tasks such as web development, big data processing, and distributed systems.
Because Scala code is easy to read, programmers can build complicated systems quickly. Additionally, Scala interfaces with Java smoothly, enabling programmers to include pre-existing Java libraries in their projects. The type structure of the language also aids programmers in avoiding typical programming blunders.
Some other advantages that make Scala a good choice for the fintech industry are:
- Excel in operation processing
- Offer safety feature
- Provide a robust set of libraries
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Even though C/C++ was developed in the late 1970s, fintech companies that prioritize speed still choose it as their preferred programming language. C++ is differentiated by its unique compiler and ability to create complex, multi-level systems.
The programming language used to create applications is essential for security and reliability. For this reason, C++ is a preferred language in the financial industry as it strictly enforces type compliance and reduces the chance of errors. It is also helpful for monitoring and minimizing different types of risks, including market, credit, and operational risks. With C++, developers can create dependable systems that analyze and model large datasets to identify and proactively address potential threats.
When coding a fintech app with C++, this language offers a specific set of values:
- Improve performance, scalability, and reliability of the apps
- Allow strong memory management
- Can handle large datasets and executes trades quickly
- Provide robust security features
- Suitable for building financial apps with blockchain
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C# is a successor to C++ and continues to have a sizable presence in both Fintech (the fourth-ranked language) and finance (the fifth-ranked), according to HackerRank. This high-level, object-oriented programming language creates dynamic apps operating in the Microsoft and .NET ecosystem.
Developers can gain additional benefits from using C#, such as:
- Greater security
- Higher scalability with a managed memory system
- Reduce latency for a more reliable performance
- Is supported across all platforms, including Windows, Linux, and Mac
- Have a strong set of libraries and frameworks for working with data, including LINQ
ReactJS is an open-source JavaScript library developed by the Facebook team to facilitate the development of frontend or user interface components for apps. It was introduced in 2014 and has already surpassed other technologies as the go-to choice for developing websites and mobile applications for almost all market segments.
React JS can be used for server-side rendering, aside from front-end development, allowing for faster website loading speeds. A financial website with a large amount of data may require React JS for the loading process.
Here are some reasons React JS is essential while developing financial software:
- Work cross-platform
- Offer extensive testing utilities, such as Jest and React Testing Library
- Secure the quality, reliability, and scalability of fintech apps
- Automate tedious or repetitive tasks
- Allow the creation of reusable elements for more efficient workflows
- Have robust security features
- Can add new libraries, making it easier to integrate new technologies into the apps
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Because of its effectiveness and simplicity, digital finance organizations use Ruby in conjunction with the Ruby on Rails framework. Ruby is also preferred by developers over other programming languages due to its simplicity, which helps save time and money, and the security features that are already built in.
Ruby has some programming traits that are relevant to the financial industry, most notably speed, security, and flexibility. Ruby is a programming language used to develop a range of financial or digital banking solutions, including payment systems and dashboards.
The key benefits Ruby can add when developing a financial app are listed below:
- Automate and streamline processes
- Build dashboard components
- Offer libraries and APIs that facilitate integration with popular payment gateways
- Let developers create effective backtesting platforms for quantitative analysis
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As a relatively new technology for its Android platform, Kotlin has been dubbed a “first-class language” by Google. Kotlin is a language that many financial projects cling to, partly because of its design, which prioritizes mobile devices.
Due to its unique properties, Kotlin is widely used in various industries, particularly financial technology. The financial industry has taken notice of this fact.
So, what are those particular advantages that Kotlin has over other languages? Let’s see.
- Make coding less complex compared to Java
- Guarantee high performance
- Have a null safety feature to prevent common programming errors
Compared to the other programming languages described above, SQL is unique. In particular, developers will not develop a website or application directly using SQL. Since SQL leverages databases to their full potential, it serves as a vital tool for those working in the BFSI sector.
Financial institutions generate enormous amounts of data that need to be thoroughly analyzed. Professionals from a variety of industries, including business, marketing, sales, and finance, understand how important practical data analysis is to success. SQL is a vital instrument in this process that serves as a successful route. This programming language is used in statistical modeling, incorporated into data processing systems, and has increased in value among financial analysts.
The Best Programming Language To Learn For Finance And FinTech In 2023
Which programming language should a fintech student learn?
1. Python Python is one of the most popular programming languages and a common choice for professionals who work in Fintech. This language is flexible and relatively easy to learn, so it can be a good choice for students trying to decide what language they want to start with.
Which fintech language is most popular?
A HackerRank survey placed Python as the top fintech language and the third most popular in other finance projects. Indeed, many top fintech apps rely on Python as an integral part of their tech stack. For example, the popular trading app Robinhood uses Python and Django.
Is Python a good language for fintech development?
Python is quickly becoming one of the most popular languages not just for fintech development but also for apps and websites. A HackerRank survey placed Python as the top fintech language and the third most popular in other finance projects. Indeed, many top fintech apps rely on Python as an integral part of their tech stack.
What programming languages are used in banking & Fintech?
Ruby on Rails is a popular framework. Banks and fintech require the right tools to remain competitive in an ever-evolving world. These programming languages are essential for developers and programmers who want to excel in this field. Discover 10 essential programming languages powering banking and FinTech industries.
