No wonder most of the world’s population communicates and transacts digitally via websites and mobile apps. FinTech (financial technology) is among the world’s fastest-growing sectors, as financial institutions and financial management companies invest in technology to provide more reliability and stability through fintech app development.
However, getting a brilliant idea isn’t enough to get your FinTech app development started; the tech stack will play a significant role in determining your FinTech app’s success. It might also assist you in achieving your business objectives in a short period of time. Consequently, while choosing a tech stack for your FinTech app, you must be mindful.
Picking up the wrong tech stack for your financial app development project might lead to a loss of time and resources. But don’t worry, being a top mobile app development company, we’ll walk you through the most prominent finance app development technology stacks.
So, let’s start! By looking at some numbers!
The FinTech marketplace is predicted to hit $309.98 billion in 2022, as per The Business Research Company, with a CAGR of 24.8 percent. It is predicted to be valued at $127 billion by 2020.
Fintech now includes a large portion of conventional innovativeness. Nowadays, top finance app development companies provide novel solutions and offer them to larger businesses. Digital payments are indeed the biggest fintech market segment, as per Statista analysis. In 2020, it made $4,406,431 million in transaction value, which is expected to double by 2024.
Massive, isn’t it?
Moving on, let’s checkout the most prominent technologies stack utilized by top fintech startups and companies. Take a look!
Top technologies for Fintech app development in 2021
Here are the most prominent technologies for finance app development. Take a look!
#1. Python
Companies like Stripe, Molo, Robinhood, and Zopa have all used Python extensively. Python is simple to build and deploy, making it an ideal choice for dealing with financial industry applications, which are typically incredibly complicated. Python allows developers to build solutions without having to start from scratch, resulting in cost savings on development initiatives. Furthermore, finance solutions sometimes necessitate third-party integrations, which Python frameworks facilitate. Besides, it allows you to swiftly create a minimum viable product to attract innovators and adapt to forever evolving financial regulations.
#2. JAVA
This object-oriented programming language has long been the industry standard for developing mobile finance apps. Java is a versatile programming language that helps you make your software flexible, modular, and extensible. Java is simple to use, and there are a plethora of free source libraries to pick from.Java’s prominence in the financial sector could be due to its improved security and cross-platform characteristics. Java has comprehensive and simple security APIs, as well as a security manager that can separate doubtful functionality.
#3. Kotlin
Based on the JVM, Kotlin is a strongly typed programming language. It’s extensively considered in developing top-notch FinTech apps, and it gives developers easy-to-use tools that don’t involve much coding. Major banks and other financial corporations are using Kotlin for some of their operations.
#4. Swift
Swift is indeed the technology to use if you’re creating a fintech app that’s exclusive to Apple’s operating system. Swift is a renowned iOS app development language that provides powerful functionality while requiring minimal coding and is easy to maintain. Swift is a sophisticated and intuitive programming language used by iPhone developers for macOS, iOS, and other platforms. Swift allows developers to employ generics and elevated procedures, resulting in code that is simple and reusable, saving time. To summarise, the structure is substantially less complex than Objective- C’s. It has the potential to provide an out-of-the-box usability, propelling your fintech business to new heights.
#5. React Native
This JavaScript framework has quickly become the most popular for financial app development. It provides extensive compatibility for IDEs and other application development frameworks, allowing finance apps to be developed for iOS and Android platforms. Rather than writing code from scratch, you may save time by utilising the ready-made components React Native provides for financial app development. In summary, React Native apps are true apps that can’t be differentiated from those created using Objective-C, Java, or Swift.
#6. NodeJs
For a prolonged period, Javascript has reigned supreme among programming languages, but Node.js has risen to the top, with widespread use for financial and banking app development. Node.js combines the development benefits with JavaScript, such as increased developer productivity, code reuse and integration, speed, and access to free tools. Due to their unquestionable benefits of providing speed, security, functionality, easiness, and so on, Node.js has been utilized in a number of financial apps like PayPal and several others.
Moving on, here’s a
Bonus Tip – Security and quality assurance are critical in FinTech app development, or any error can pose problems. If a fintech app lacks appropriate security safeguards and was not coded efficiently, it could result in serious consequences, such as cybertheft. In this instance, attackers use the app’s security flaws to obtain important customer information. Other financial credentials, such as credit score, debit/credit card details, and other financial details, must also be safeguarded.
You can ensure your fintech app security by following measures:
- Use end-to-end data encryption
- Design best architecture
- Do penetration testing
- Test your app for ensuring
- Server side security
- Network security
- Client side security
That’s why partnering with the best fintech app development company is crucial; because expert’s know all the ins and outs of fintech app development.
Conclusion
FinTech is expanding at a phenomenal rate, with new cutting-edge technology and creative business strategies aiming to expand financial services’ worldwide reach. The technologies described here aren’t all that’s available. These technologies are still well-known in the finance sector. Consider such stacks and use the most useful technology if you’re working on your fintech app development. Besides, examine all relevant aspects, including cost, time complexity, functionality, and the tech stack’s potential. If you need any additional guidance, contact a top mobile app development company. They will better suggest technologies as per your requirements.