11 Best Coding Languages used to Build Banking and Finance Apps

Without a doubt, Fintech has altered how consumers are provided with financial products and services. It changed every aspect of how financial institutions operate, including how they serve their clients and draw in investors. The choice of the best programming language is a challenge that businesses frequently confront when developing a Fintech product. Choosing between Ruby, Python, Java, or C could be challenging because each language has advantages and disadvantages. To determine the language that best meets your requirements, we will discuss the 11 best coding languages used in Fintech.

Does Fintech Require Coding? 

Financial technology, or Fintech, is a booming business with a constant demand for IT skills and unrelenting innovation, which is enticing some of the brightest tech brains to join its ranks. With projects like mobile banking, Robo-investing services, and blockchain products, Fintech aspires to disrupt traditional finance, and it's expected to keep producing new tools that benefit the general public. Excellent coding abilities are required in this profession, as demonstrated by the "tech" in Fintech. Top IT and financial organizations regularly hire individuals who can innovate while developing applications, websites, and platforms. The demand for bright individuals capable of leading these new technological advancements will continue to increase by leaps and bounds as financial organizations release more and more digital technologies. The Fintech industry is your playground if you hold a degree in computer science or information technology. Some of the coding languages that every programmer, developer or cider should be familiar with are discussed in the next section.

11 Best Coding Languages used to Build Banking and Finance Apps

1. Python

Python is a solid option in terms of security. It is frequently utilized in fintech solutions related to risk management, fraud detection, personal finance, automated trading, and cyber-security. In addition, developing software is incredibly quick because of robust platforms like Django and a wealth of open-source tools. Being a high-level programming language, it is also simpler to learn because it operates on solid abstractions. Python's best attributes are as follows: 

• It accepts different types of data. 
• It can be used by programmers to group codes into distinct modules based on similarity and purpose. 
• Possibility of object-oriented programming 
• It easily addresses errors by being able to spot them when they are made throughout the development process. 
• It can be readily integrated with other apps by programmers via interface tools.

2. Java

Only Python and C++ are more widely used today than Java, which is arguably the most popular programming language. Owing to its popularity, it is difficult to identify the sectors that do not use it. The financial services sector makes substantial use of it as well. The strengths of this coding language include its cross-platform compatibility and improved security. Additionally, it provides holistic compatibility, meaning that programs built 20 years ago still work with the most recent JDK (Java Development Kit)

3. Scala

The success of Java made it possible for Scala to enter the market and provide a vast ecosystem of cutting-edge libraries. Financial products typically run on enormous volumes of data, and Scala is a fantastic choice for handling this. This is because it's extremely productive and helps engineers condense their source code.

4. C++

Early in the 1980s, the general-purpose programming language C++ was developed. Most programmers still favour it for creating financial programs despite its advanced age. Due to its speed and effectiveness, many programmers in the Banking industry appreciate it. Most institutions use it for applications with numerous operations, complicated analyses, and computations. It includes the most advanced technologies for both qualitative and quantitative analysis. The following are the key benefits of utilizing C++: 

• It provides a large selection of various instruments for any work in its comprehensive inventory. 
• Programmers can reuse C++ code, allowing for the rewriting of existing code. When creating complicated tasks, this is quite helpful.
• It is swift 

5. JavaScript

Due to its widespread use in creating dynamic, interactive web pages, JavaScript is among the most common computer languages today. Although it can be used for desktop and mobile apps, JavaScript is most frequently utilized in front-end web development. 

6. Ruby

Numerous programming characteristics relevant to Fintech are provided by Ruby, most notably efficiency, security, and flexibility. Ruby is a programming language used to create various financial solutions, such as dashboards and payment systems. The Rails framework accelerates the construction of products and makes it easier to write code. Ruby is a solid language option for entrepreneurs wanting to develop their initial minimal viable product.

7. SQL 

Compared to the other programming languages discussed here, SQL is unique. It is not used to create websites or applications. But because SQL uses databases to their full potential, it is crucial to banking and Fintech, making it a necessary tool for anyone in the industry. One of the most popular languages for interacting with databases is SQL, which is typically pronounced "sequel." It is regarded as a domain-specific programming language, as opposed to Python, Java, and other general-purpose programming languages. Massive amounts of data are produced by financial institutions, which they must examine. And experts in business, advertising, sales, and finance are aware of how crucial accurate data analysis is to their success. The key to such achievement is SQL. It is a growing expertise among financial analysts and is utilized in statistical modelling and data processing platforms. 

8. Haskell

Haskell is one of the most used programming languages in the banking sector. The Miranda form of the language is its most advanced variation. It serves as a standard for language syntax and semantics used by most programmers. It is compatible with various operating systems and implementations and can operate effectively on both the interpreter and the native code compiler.

9. R

R is among the top computer languages for data manipulation and statistics. It facilitates data processing and analysis to identify relationships between various variables. Since it can aid analysts in predicting market behaviour, it naturally finds a home in the financial sector. It can, for instance, assist in predicting the course of action that investors should take in the event of a sharp increase in an asset's value. R should be included if you anticipate doing a lot of work with numbers.

10. C#

A high-level language with many similarities to Java is C#.l Microsoft created C#, which is a component of the .NET framework. Consequently, it has a solid community behind it. C# is an object-oriented programming language which supports a variety of paradigms. The language is gradually gaining interest in the finance sector. Similar to Java, it is widely used in business and is mainly used for data modelling and simulation.

11. MATLAB

The acronym for matrix laboratory is MATLAB. It ranks among the most popular coding languages in the financial industry. It is a proprietary programming language that assists users in developing user interfaces, implementing financial algorithms, manipulating matrices, visualizing data functions, and connecting it with other tools and applications created in other languages (cross-platform).

Must-Have Features in a Banking App

Increasingly more banks are seeing the benefits of developing unique mobile apps for their customers. They can draw in new customers and keep their current ones with the help of these mobile banking apps. To accomplish this, banks must look for FinTech development firms that can upgrade their digital capabilities with the newest and necessary finance and banking features. Some of these features include:

1. Effective Security Measures

Modern security measures are always in demand, especially for mobile banking apps. Strict security measures that go beyond simply requiring a PIN or password for login are necessary for a banking app to be effective. A signing-in procedure must be quick and straightforward as well as secure. Because of this, most banking apps incorporate biometrics and multi-factor authentication processes.

2. CORE System 

A CORE banking system is a unified and consolidated back-end platform that enables banks to quickly carry out critical banking operations, such as accessing bank accounts and executing financial transactions. This system has been used by many banks because it enables the swift completion of numerous banking activities and can manage a large volume of transactions, assuring the uninterrupted operation of the banking products. Additionally, by using this technology, banks can effortlessly collaborate with other FinTech firms.

3. Mobile Check Deposit 

Slowly but surely, traditional banking is disappearing. Although mobile banking apps have already replaced many services offered in physical locations, not all services are available online. Banks have begun to offer online mobile check deposits, which is a recent addition to the digital services accessible. In order to accept mobile check deposits, the FinTech sector offers banks handheld scanners that use OCR (Optical Character Recognition) technology.  Users may scan their checks and send the records to their bank with a digital image and text that has been detected using a smart devices camera and a compact scanner in the mobile application. The user doesn't need to spend an entire day at a bank location to complete this because the deposit information is sent directly to their account.

4. P2P payment option

P2P (Peer-to-peer) payment is a practical way to send money to another person's account via a mobile app. With this technology, users don't need to take out cash from an ATM to divide with their family; instead, they can just split the bill at a restaurant or pay for any services. Money transfers between accounts are simple and quick thanks to the many P2P payment systems available, such as PayPal and Venmo. Recently, a brand-new P2P mechanism has emerged: Blockchain-based P2P cryptocurrency payments. The technology enables rapid and significantly less expensive money transfers between bank accounts located all over the world. Several companies in the finance industry are presently testing peer-to-peer payments using cryptocurrency.

5. Push Notifications 

Any mobile app that wants to inform users and offer a positive user experience must include push notifications. Therefore, ensure that your app can deliver alerts for bank updates, payment confirmations, and other pertinent events. Be discrete, though, and refrain from overdoing it with notifications. Ideally, your app should make it simple for users to find and customize their preferences. By doing this, you lessen the chance that they will become irritated while using your instrument.

6. AI Chatbots

Banks have been using intelligent AI chatbots for some time. They boost service availability and personalize banking apps while offering customers round-the-clock assistance. Customers who use chatbots don't feel overburdened by tedious banking activities because they can do them in a pleasant, human-like dialogue. Chatbots are ideally suited for this since increasing numbers of banks see the need to offer more individualized and quick services while collecting more data from their consumers.

7. ATM Finder

An ATM/bank branch finder is a straightforward function that some institutions overlook, although it can significantly impact bank clients. Customers occasionally need to locate the closest ATM/bank branch fast; they may not have time to browse the internet. A mobile banking app's ATM/Branch locator is handy in these situations.  The tool may quickly identify the closest bank or ATM and provide further details, such as their operating hours, whether or not an ATM accepts cash, etc. To make it easier for customers to find physical banking services and improve their relationship with the bank brand, many banks currently employ ATM/Branch finders in their apps.

8. Payment of Bills

A fundamental service offered by mobile banking applications is bill payment. With only a few button taps, clients may effortlessly and swiftly pay any bill. For instance, certain apps may include an Automatic bill-paying feature to prevent missed payments, alerts for any account activity, such as income and expense notifications, reminders for future payments, etc.

9. Use of QR Code 

Banks should consider integrating QR (Quick Response) code payment options into their mobile applications. The appearance of QR codes, which are two-dimensional patterns of black squares organized in a square grid on a white background, is probably already known to most consumers. Unlike barcodes, which can only be read from paper, QR codes can also be read from screens. Additionally, since its data can still be encrypted, it is safer than barcodes. Also, in banking apps, QR codes can be expanded to serve as a confirmation or receipt in addition to payments. 

Our Experience in Building a Banking App Like Kuda

Building a banking app is not new to us at Mobirevo. Our team of mobile development experts has completed more than 500 projects, including building various banking apps since we started as a software development company. We'll assist you in making the right decision for your software, whether it be cross-platform or strictly native. You can rest assured that the apps we create will be user-friendly and efficient. Moreso, you don't need to break the bank with us as our charges for building a banking app are quite fair. We can guarantee that the cost of creating an app won't deter you. However, the suggested features and planned use of the app will affect the development cost.   

Conclusion

Mobirevo is a leading mobile app development company in Nigeria that has offered development services to companies in finance, healthcare, construction, retail, consumer products, logistics, industrial engineering, and entertainment over the years. Let’s talk about making your Mobile app ideas a reality! We follow certified enterprise mobile app development process steps to ensure the success of your app's launch. Our skilled mobile app developers are here to assist you with your digital transformation. You can contact us today to get a free quote. Our team at Mobirevo strives to provide unrivaled services to all of our valued clients. You can also check out our case study page to see our client’s portfolio and better understand the Quality of products we deliver. Also, contact us if you have any questions about our services, and we will get back to you as soon as possible. Want to receive more content like this? You can sign up for our newsletter, which features curated opinions and Mobile app development tools for building remarkable digital assets. If you sign up for our weekly newsletter, you will be the first to know when we publish fantastic like this. You can also visit our blog to see other content created with love by our amazing team.