Why You Should Choose Python as a Programming Language for Your Fintech Product

Why You Should Choose Python as a Programming Language for Your Fintech Product

The Fintech industry is big business. As a financial or technology executive, you know this combination of computer science and Wall Street has attracted no less than $150 billion dollars of cumulative global investment, according to the Annual Fintech Report (2017).  

For fintech executives, there is an enormous amount of risk and reward riding on developing successful products. One of the most important commitments is the underlying programming language. It must be robust, scalable and easily integrated into the front and backends of your product. 

The wrong decision now would have a domino effect moving forward and impact the success and longevity of your fintech product.

Python in Finance 

While there are a number of programming options available, there are specific challenges inherent to the financial industry including regulation, compliance and data privacy – all of which are factors in any major technology decision. 

It is helpful to know which languages others in the industry have chosen.  Moreover, there is one programming language that has widespread acceptance among the financial industry to handle cryptocurrencies and risk management challenges. And some of the most innovative hedge funds and quantitative analysis firms use the programming language called Python. 

Python has consistently been named among the top three most popular programming languages in financial services. In fact, major financial institutions such as J.P. Morgan, Bank of America and Citigroup have also chosen Python as a language for their financial technology needs.

Startups and Python

First and foremost, startups must be focused on fast, nimble and efficient programming solutions. To survive, startups must position themselves as effective and strong competitors. To do so, they must consistently select the right tools to outcompete the competition. After all, it is the fintech mindset that must bring innovation to the market – often times looking to displace and ultimately, replace traditional financial firms. 

The programming language must be right. There are a number of well-known Innovative fintech firms that have chosen Python in their tech stacks including: Venmo, Kabbage and Bond Street. Between the established financial institutions and startups, Python has widespread use for scalable financial-related products. 

Why Python for Fintech?

The technology foundation on which a fintech product is built will determine future capacity and the ability to effectively collaborate across fintech teams.  Many fintech firms rely on Python for its simplicity to reduce development times – and related costs. Others choose it for the built-in libraries such as finmarketpy and pyfolio that align with financial operational needs. 

The most important aspect of Python for fintech companies is not related to where your product is now, but rather, the how it supports the product as it matures.  

In fact, using Python in combination with Django as a back-end solution and with mobile app technologies such as React Native, Swift or Java for Android can set the fintech industry up to innovate new products for success and scalability. 

Fintech executives are not alone in this major decision. Each and every fintech firm must select a programming language. 

Here are the Top 3 Reasons to Choose Python for your Fintech Product:

  • Lower Error Rates: This is due to Python’s ability to offer many robust financial libraries.

  • Facilitates Collaboration Between C-Suite and Developers: The programming language is simple compared to other options, allowing for non-developer executives to contribute to the process.

  • Shortened Time-to-Market: Python simplifies complex financial applications to reduce development time and shorten the time needed to launch.

Position your fintech as a strong competitor with Python as your development language. Learn how our creative team approaches full stack development to help you compete better


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