HackerRank states the six best programming languages for finance and FinTech are Python, C#, C, C, Ruby, and Java in no particular order of being the best or most popular.
This programming language is simple and its syntax minimalistic. Its applications lie in machine learning, data analysis, the FinTech sphere, software industries, building cryptocurrency markets, insurance, banking, and many more.
The popular features of Python are
• Scalability, consistency, simplicity.
• Precise and fewer code lines.
• Pythonic-standards applicability help to read, modify and maintain code with ease.
• Powerful Django framework
Despite benefits being many, the drawbacks are
• No support for the web browser.
• Design restrictions. Asynchronous capabilities limited by lock and single thread.
Oracle’s Java favours bank programming technology because of its security and capacity for loaded programs handling large volumes of data.
It is very popular in FinTech industries because of it
• Powerful Security Manager.
• Running runtime constraints
• Support and portability to many OS
The Java disadvantages are
• Lower speed.
• Lower productivity
• Technology that consumes memory
- C Language
C programs are used in Fintech industries where speed in execution is crucial. It is popular for programs requiring advanced levels of computation where numerous operations are processed quickly, in quantitative analytics, and in quantitative finance.
C is advantageous for its
• Code reusability
• Speed and Efficiency.
• Rich resource libraries.
The drawbacks are
• Code writing and insecurity.
Microsoft’s C# has a syntax similar to Can the best of Java and C. It is used for 3D-Unity games, building .NET programs, mobile apps, and websites.
Developers favour C# for its
• Interoperability in Cross-languages.
• C Enhancements.
• Volumes of libraries.
• Type safety. Uninitialized variables are not permitted making C# coding safe.
Its limitations are
• Low speed
• .NET dependency
• Mid-level language
• High speed
• Highly portable
Some limitations are
• The absence of reusable code.
• Non-flexible in fixing bugs
Ruby has the necessary characteristics and capabilities for rapid app development. Ruby combines features of Perl, Eifel, Ada, and Lisp besides others. It’s applications find use in the financial technology for fintech sector, e-wallets, digital payments, analytics, and Big Data, and financial dashboards, and asset management systems.
Startups and developers favour Ruby because it affords them.
• Time savings, efficiency, readily available plugins, third-party owned libraries and codeless apps for project development.
• Ruby-on-Rails framework provides a bug-free secure code to build scalable apps.
• Efficiency and cost saving
The disadvantages are:
Tool Documentation is hard to find.
Boot speed decrease due to the many libraries.
In conclusion, each language has its pros and cons. Ensure that your project and language are compatible. Your skills in these languages gained at fintech courses should be a good fit for a majority of the situations.