Best Technology to Build Fintech Apps: A Guide for Startups

 

When finance and technology combine to serve consumers, it resolves the hassle a user faces. As a result, the finance industry has inclined toward the latest technologies to incorporate into their offerings. It gives a better grip on their customers while improving their user experience. 

Now, every business owner knows that a mobile application is the best way to connect with consumers. Therefore, every single entrepreneur thinks about building an app for their business. And if you believe the same, you must connect with a FinTech app development company to create an app. 

Since adding new technology to your business is not a piece of cake, it requires expertise. But before you communicate with a technology partner for your FinTech business, you must know the technology first. You must know which trending technology will be helpful to meet business requirements. 

Therefore, this post will help you to get all information to identify the best technology stack to build FinTech applications. Read along!

Best Technology Stack for FinTech App Development

Programming Languages 

Programming language plays a key role in Fintech app development. You must ensure that you use the appropriate language to build your app. Here are a few top programming languages for creating a FinTech application. 

Python: Python is the top prioritized programming language. It is a scalable and dynamic language that provides FinTech app developers with hundreds of use cases. It can help with trade management, pricing, risk management, and investment, among other things. Python integrates well with data science libraries such as NumPy, SciPy, Pyrisk, Pynance, Pyalgotrade, Pyfolio, and others. These libraries enable developers to incorporate data science and AI into FinTech solutions.

Ruby: This simple, dynamic, and interactive programming language made development easier for FinTech companies. Developers use it to build asset management solutions, e-wallets, digital payment apps, and financial dashboards.

Java: Java provides the best FinTech apps with exceptional development capabilities. The Java Virtual Machine makes creating scalable and cross-platform FinTech products simple. Also, Java offers the highest levels of protection. It has a strong security manager as well as runtime constraints. It provides safe solutions for chatbot development, fraud detection, trading and investing, and mobile wallets.

Frameworks

The framework is another important factor in creating a robust application. It gives structure and environment to build an app. So, you must consider the given frameworks for your FinTech app. 

Ruby on Rails: Ruby on Rails makes MVP development quicker. The best top mobile app development company uses this framework to reduce development time by 25% to 40%. With the increasing competition in FinTech, businesses require a technology that can provide the best in terms of speed, flexibility, and scalability. All three of these benefits are provided by Ruby on Rails. It powers applications such as Coinbase and Chime.

Django: Django, powered by Python, is a popular framework for FinTech app development services. The framework has an incredible interface and the ability to develop complex FinTech solutions. For example, Django is used in the technology stack of Robinhood, one of the largest commission-free stock trading apps.

Spring: Amazing features are available in this Java-based framework to build FinTech applications. It offers ready-to-use components that reduce complex project needs. In addition, Spring provides a reliable authentication and authorization system, which is essential for FinTech products.

Databases

It is crucial to select the best database for your FinTech mobile application. It impacts the performance of the application and enhances its efficiency. Given are the top databases for FinTech app development. 

PostgreSQL: The database responds quickly to queries. PostgreSQL is the most popular database for FinTech apps. It has exceptional analytical capabilities and supports a wide range of programming languages. Any top FinTech app development company would use PostgreSQL to create top-notch apps. In addition, it offers data masking and transparent data encryption to improve the security of confidential data in FinTech apps.

MySQL: MySQL is another popular database used by FinTech companies. It is a high-performance database with cross-platform capabilities. The database is highly secure due to its complex algorithms. Also, it has a structured format, which makes data storage for FinTech applications easier. MySQL provides companies with stringent data security measures.

MongoDB: MongoDB is the primary component required to build a highly scalable application. It is quick and provides excellent query responses. It eliminates the need for a schema due to its schema-less nature. In addition, this database derives document-based data models and stores data in Binary JSON and other formats. It provides faster database access, establishing itself as a database suitable for FinTech products.

Final Thought

Choosing the right technology is the basis of making a difference. You can see business growth when you have the top technologies for your app development. So, without wasting time, get the most advanced services from experts. And contact a FinTech app development company with expertise in building scalable applications.