Financial Services Development Services

We at DevTeam.Space cover the entire landscape of key technologies used in financial software development. You might think: “Well, that’s a vast spectrum of software development technologies!” It indeed is. However, our service offerings include all of these important skills including niche technologies. What’s more, our financial software developers have extensive experience and a high degree of motivation. We are just the financial software development company that you need for your strategic project.

If you ask experts about the best tech stack for financial software development, you could get varied responses. That’s natural due to the large spectrum of suitable languages, frameworks, and tools. Chances are that you might find it hard to decide the right tech stack for your project. A complimentary discovery call with an experienced tech account manager from our team can help. Just submit the DevTeam.Space product specifications form.

Top 10 financial services software development programming languages and frameworks

If you start a debate today about the most important programming languages and frameworks for financial software development, the debate might remain inconclusive for a long time to come! Nevertheless, the following are some of the prominent languages and frameworks used in banks and financial institutions:

• JavaScript: Clearly, it’s the predominant front-end web development programming language.
• Java: You can use it for a variety of purposes, e.g., back-end web development, native Android development, etc.
• Swift: Swift is Apple’s preferred language for developing native applications targeting Apple’s platforms like iOS.
• Python: Your team can use Python for back-end web development and artificial intelligence (AI)/machine learning (ML) development.
• C#: It’s one of the popular programming languages for back-end web development.
• Angular: It’s a well-known JavaScript-based based front-end web framework.
• Ruby on Rails: Many developers love this Ruby-based framework for back-end web development.
• Node JS: An open-source runtime environment for JavaScript, Node JS is a prominent technology for back-end web development.
• React Native: You can use it if you choose to develop cross-platform mobile applications.
• Flutter: Flutter is rapidly gaining popularity as a framework for cross-platform mobile development.

For your convenience, we picked 3 from the above to talk about their benefits in detail here.

JavaScript

You don’t really need an introduction to the programming language used by websites like Facebook, Twitter, Instagram, Amazon, eBay, Gmail, Google Maps, YouTube, Netflix, Spotify, PayPal, and Slack, do you? Though released in 1995, JavaScript remains widely popular even today. All indications point to the long-term prominence of this open-source and multi-paradigm programming language.

You use JavaScript with HTML and CSS for front-end web development. That’s not all though. Take the example of back-end web development for your financial app. You can use the MEAN stack where Express JS and Node JS are both parts of the larger JavaScript ecosystem.

Let’s assume you will develop a cross-platform fintech mobile app. You will likely use React Native, a JavaScript-based mobile framework. What’s more, you can even use JavaScript for AI/ML development for your financial application.

Developers love JavaScript, and businesses like financial service companies love it too. That’s due to the following advantages:

• This general-purpose programming language offers robust security mechanisms. The security features of JavaScript-based frameworks like Angular and React help you prevent data breaches involving sensitive financial data.
• Your financial industry web apps that are developed using JavaScript will provide a high performance Since this language is lightweight.
• Since JavaScript can execute programs on the client side, many operations like data transfer execute fast.
• JavaScript was designed to be easy to code and learn. Despite many rounds of valuable enhancements over decades, it retained simplicity.
• You can easily develop rich interfaces of dynamic and interactive websites with JavaScript, which makes it an essential web development technology.
• When you use full-stack technologies like the MEAN or MERN stacks, you are really developing an entire web application with one programming language. You will find developers with relative ease for such projects.
• With its ability to execute code on the client side, JavaScript reduces the load on the server.
• You develop efficient and cost-effective web apps.
• A vibrant and large JavaScript developer’s community provided excellent community support.

Java

There is hardly any industry vertical that doesn’t use Java extensively for software development. The banking and financial services industry is no different. Well-known banks like Barclays and Credit Suisse use Java widely. You too can use Java for many purposes, e.g.:

• Back-end web development;
• Native Android development;
• ML development;
• Analytics development.

The advantages of this open-source and multi-paradigm programming language make it important for financial services companies. The following are just a few of these advantages:

• By design, Java encourages secure programming. Take the example of the static type system, which automatically prevents data type-related bugs. Fewer bugs reduce the chances of hackers to compromise a software application.
• Java is faster than many leading programming languages. Its performance makes it ideal for the finance industry requiring a lot of heavy lifting.
• Many developers highly appreciate the ease with which they can learn Java. This is a key reason for you to find Java developers relatively easily.
• The incredibly rich ecosystem of open-source Java frameworks and tools hardly needs any introduction.
• Many programming languages routinely receive enhancements. It’s the same with Java, albeit with a difference. Enhancements in Java consistently accommodate important feature requests. This is an important reason for the sustained popularity of Java even after so many years since it was launched.
• The banking and financial services industry is complex, and that is reflected in the software development projects in this industry. The object-oriented nature of Java is ideal for developing enterprise-grade complex applications.

Swift

We assume that you want to offer your financial app to iOS users, and you chose native development over cross-platform development. With that assumption, we now discuss the benefits of using Swift.

Apple launched Swift in 2014, and some open-source contributors worked on this project too. Increasingly, Apple prefers that developers use this modern programming language for developing apps targeting Apple’s platforms.

Businesses and developers have eagerly embraced Swift too, and Swift is an increasingly popular language. The reasons for the growing stature of Swift are the following advantages offered by this futuristic language:

• Your software development team needs to write fewer lines of code with Swift to accomplish their objectives. The creators of Swift learned a lot from other programming languages, and they zeroed in on a few important best practices to make this possible. You have a smaller code base then. Application maintenance teams will find it easier to maintain.
• Developers love Swift due to its easy-to-understand syntax. You will notice that it reads like English. Your developers will find both development and maintenance easier due to this.
  A modern programming language with a sophisticated yet simple design, Swift doesn’t have unnecessary dependencies. Swift developers find this a boon for both development and maintenance.
• Creators of Swift prioritized application security. The design of Swift reflects that. Your team can avoid many common programming errors due to the design of Swift, which makes life harder for hackers!
• Publicly available benchmark analyses indicate that Swift offers better performance than many other leading programming languages. That’s a notable advantage when you develop mobile apps.
• Designed for the future, Swift offers many valuable capabilities like the support for dynamic libraries. Furthermore, powerful features like closures, generics, etc. make it a language to watch for.
• Swift is developer-friendly. Just take a look at how easy it is to debug a Swift program, and you can see why experts rate it so highly.

You will decide on the right tech stack for a financial software development project based on your project requirements and organizational context. Having many options can cause dilemmas at times though. Would you need help to choose the appropriate programming languages, frameworks, and other development tools? You can have a complimentary discovery call with an experienced tech account manager from our team. Just submit your project request via the button below.