Today, FinTech makes a substantial contribution to the process of handling financial flows. With the right selection of technologies, it is possible to improve financial services and optimize expense planning. Before you invest, it is quite crucial to identify current trends, understand patterns better, and then select the well-suited programming language for your project.
Mobile app developers can use several programming languages for financial app development. The goal of this article is to make you aware of the right technology stack for your app. Before we take a quick rundown of the programming languages let’s understand why we should invest in financial app development services.
Reasons why financial apps are attracting investors’ attention
The banking industry is gaining momentum because of young and tech-savvy customers. Witnessing the current scenario, more and more people are looking for cashless payments. Reasons that make banking or financial app development a good investment avenue are:
- Currency Becoming Digital
If you look back, you will notice the majority of your transactions have become cashless. Whether it is online money transfer or scanning QR codes for enabling payments, the mobile app is becoming a go-to tool for users. Developing an app for your financial institution helps you deliver conveniences and smart experiences to your customers.
- Mobile is the New Wallet
Carrying a physical wallet is long gone. Now, you can save all your card details in your app and make instant payments in almost every eCommerce store and service-based agency. With the right technology stack, you can make the payment process more efficient and smooth, encouraging users to use apps while making transactions. An intelligent financial app development solution helps your customer to track their expenses and makes them financially smart. Also, it helps you retain your users by offering loyalty points for using their money to make successful transactions. It becomes an ideal way to analyze your customers’ data to develop the best strategies for attracting more customers.
Top programming languages used for financial app development
Java – next-gen banking app with Java Development
Java is a multi-purpose object-oriented programing language that is used to create high-tech desktop applications and websites. With passing years, Java is now also introduced as a go-to-software development solution in the finance sector. The programming language offers continuous updates according to the needs of financial solutions.
For banks and other financial institutions, security and scalability are the most critical factors as these organizations process big and sensitive data regularly.
- Fraud-Proof Security Features – When building financial apps, you need to stay a step ahead of the hackers who can breach your security system or can make fraud transactions. Java is famous for both big data and security applications. It includes a wide range of in-built security features and comes with an advanced security manager, thus, helps you develop risk-free applications.
- Multithreading – Java-based apps can manage multiple users at the same time. Leveraging the capabilities of Java, you can expect better performance due to the optimal usage of cache storage and CPU resources. It offers faster response even when multiple users are using the app simultaneously. Multithread servers will remain responsive to offer glitch-free user experience.
Python and finance – a perfect combination
Innovative digital technologies play a crucial in the financial landscape. They come with splendid opportunities to eliminate manual processes and improve customer services. According to the recent stats, Python has established itself as the most considerable choice for developing a financial app. It is transcendent to solve challenges like compliance, regulation, and volume of data. As time passes by, the language is gaining momentum in the marketplace. Let’s find out why it is becoming the #1 choice when it comes to financial app development.
- Concise Coding – Python uses laconic syntax that eliminates the need for writing long codes.
- Robust Framework – Python uses one of the dominant frameworks for banking apps, Django. It provides off-the-shelf functionality that is not common in other frameworks.
- User-Friendly Layout – With python software development, you have in-built dictionary data structures that offer dynamic high-level data typing, reducing the length of code.
- Huge Community – An active community of software engineers provides enormous support while python-based app development.
- Simplicity – Developing a full-service financial platform is itself a complicated task. Why complicate it more. Python is known for its lighter syntax and faster as compared to traditional programming languages.
- High-Performance – It provides a clean object-orient design that maintains robust text processing functionalities that accelerate time-to-market and improve productivity.
Ruby on Rails (RoR) – solving biggest financial app challenges
RoR is built on Ruby, a general-purpose programming language. It has several advantages like quick prototyping, vibrant community, etc. which makes it one of the most recommended choices of app developers. There are around 2 million apps that use Ruby on Rails as their programming language. Reasons to choose Ruby on Rails for your financial app are:
- Higher Productivity – RoR has a plethora of modules, generator scripts, and open-source libraries that make the development process smooth and rapid. The programming language helps you build a complex financial app in a shorter period. Rapid prototyping and well-developed test coverage are a few of its features that accelerate the development process.
- Improved Security – Fortunately, RoR has many in-built security mechanisms. However, it is not a plug-and-play solution; developers need to run on Rails guidelines to avoid any issues in the later phases.
- High Storage Database – It is hard to think, a financial app without a database. RoR’s MVC architecture simplifies the work with databases and also saves writing complex SQL queries manually. It is a flexible way to make any changes with databases and achieve results in a structured manner.
How much does financial app development cost?
Without any doubt, the future of banking app development is bright. It is estimated that the market value will reach up to $309 billion by 2022. Before investing, you must be wondering about its cost. Developing a customized app is an expensive approach. However, it offers positive outcomes and excellent ROI in the future. Typically, the cost of a financial app is around $20K to $100K. To find the exact price of the app is challenging as it depends on several factors. For instance:
- Mobile app platforms you choose
- Number of integrations you want to cover
- Features and high-tech functionalities you want to integrate
- Hourly rates of app developers
- Location of the outsourcing company
- The complexity of the app
- Chatbot integration
- AI for personalization
- Big data for personalized insights
Before you consult mobile app development companies, you can also check the approximate cost calculators. You need to answer a few questions based on your app requirement and get estimates within minutes.
Choosing the right technology is imperative for any business. Your technology stack should fill all criteria and requirements to meet your demands. Each language plays a vital role for specific purposes. You can hire a reliable mobile app development company that can guide you in choosing the best technologies out of the rest. Moreover, they can give you a better understanding of your project.