Why Python Takes First Place in the List of FinTech Tools

Programming

Developer Insight

April 3, 2018, 1:35 p.m.

Over the last years FinTech has played a substantial role in financial regulation. It’s important to establish the correct application to optimize cost planning and amelioration financial services. Python is deservedly considered to be one of the best programming language for the financial industry. According to the HackerRank investigation, this language is a preferable for FinTech sphere among US companies. And eFinancialCareers named it as one of the 6 best machine codes in the banking sphere which proves that software development with Python is the right solution.

Advantages of Python language

Python is a machine language that exists more than 30 years and is considered to be one of the most popular. Its undoubted advantage is the speed of execution compared to other languages. Experienced Cleveroad programmers even believe Python is able to defeat Java, C++ and SQL in the financial arena, thus Python is considered to be the most suitable programming language for FinTech. It’s all thanks to Python's ability to perform a huge number of mathematical tasks and help FinTech developers avoid the algorithmic issues because of its syntax which is close to mathematical syntax. Such wise software development is faster and easier. Python can be used in:

  • banking software
  • insurance software
  • data analysis
  • cryptocurrency markets

 

Successful Python-Based Financial Projects

Python implementation led to success many well-known FinTech idea. For instance, Zopa, a P2P lending platform, was created with the aid of Python, Java and C# mixture. This platform led to a coup in the financial sphere, Zopa allows the creditor and the borrower to participate in transactions without intermediaries. Developers claim that Python is the foundation of Zopa since the language implements complex algorithmic models.

Stripe is another good example of Python FinTech introduction. Stripe is a processing and receiving of payments system along with such competitors like PayPal and Braintree. Among the clients of the system there are even such giants as Facebook. The key role of Python in the functioning of the system is libraries using during the authentication process.

The list of successful projects is far from complete, but even named ones enough to appreciate the importance and functionality of Python.

Have a FinTech idea? Feel free to tell us more and get our feedback/development of its technical realization and final launch!