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Why should you Choose Python Language for Financial and Banking App Development?

With a plethora of programming language tools out there, the question is, why should you choose python language for your financial and banking application development? Let’s explore!

Inventive and transformed technological development are having a crucial impact on the financial industry. They give superb chances to make monotonous paper-based procedures increasingly productive, increment self-service alternatives for users and offer a one of a kind open door for budgetary associations, for example, banks, financiers, value exchanging, and speculation organizations while improving services for the customers.

Nowadays inventive applications and technologies are reforming the banking and financial industry. Accordingly, organizations are searching for the correct technology to build up their next fintech applications. The FinTech industry makes a significant commitment to the procedure of the correct management of the budgetary streams. Financial innovations make it conceivable to make proper planning to arrange the required funds and enhance financial services. Therefore, if you are working in the financial zone or you are indulged in the development of financial software, it is very essential to realize how to design a perfect FinTech application with the correct heap of technologies.

Python now is one of the most well-known programming languages among all the firms indulged in the financial business. Its straightforwardness and hearty demonstrating abilities make it a fantastic apparatus for specialists, investigators, and merchants.

As per the survey report presented by HackerRank, 20+ US-based organizations associated with the financial industry, you can see on the graph that Python language is ideal for developing mobile applications for the FinTech industry.

Banking Application - The role of Python language in disrupting how financial industry develop fintech apps
A statistic showing programming languages used for Fintech software in the US in which Python language is leading. With the myriad of programming language tools to select from out there, the question is, why python language and the stats say, why not?

eFinancialCareers indicated that from the last two years the quantity of financial occupations referencing Python developers has nearly significantly increased, developing from 270 to more than 800. Companies like Citigroup now offer Python coding sessions to banking professionals as a piece of their proceeding with the instruction program.

Features that make Python the Most Preferable Technology for Designing FinTech and Financial Projects 

The most prominent features that make Python language the preferred choice of the developers are:

1. It is easy and malleable

Python language is way simple to scribble and expand, making it an ideal contender for taking care of fintech applications which are more often complicated in nature. Python’s linguistic structure is straightforward and supports the development speed, helping companies to rapidly assemble the product they require or put up new items for sale to the public. Simultaneously, it minimizes the potential errors which are very crucial while designing an item for the finance industry which is vigorously managed.

2. MVP can be designed quickly

The financial industry is now required to be progressively lithe and receptive to client requests, offering customized involvements and additional services that adds extra value. That is the reason now financial companies and fintech need an innovation that is adaptable and versatile and therefore, Python offers it all. Utilizing Python in a blend with systems, for example, Django, engineers can rapidly get a thought off the ground and make a strong MVP to empower finding an item/advertise fit rapidly. In the wake of approving the MVP, organizations can without much of a stretch change portions of the code or add new ones to make a perfect item.

3. It is a medium to connect data science and economics 

Programming languages, for example, Matlab or R are less across the board among financial analysts who regularly use Python to make their counts. That is the reason Python controls the financial industry with its straightforwardness and reasonableness in designing breakthroughs and mathematical formulas. It’s simple to incorporate the work of a financial specialist into the platforms that are designed on Python. Apparatuses like scipy, numpy or matplotlib permits one to perform advanced figurines and show the outcomes in an entirely congenial way.

4. Possesses a good bunch of repositories and apparatus 

Engineers using Python don’t have to fabricate their instruments without any preparation, sparing companies a lot of time and cash on the project development. Also, fintech items typically require incorporations with various third-party vendors, and Python libraries make that simpler too. The speed of Python development upgraded with its assortment of instruments and libraries manufactures an upper hand for associations that mean to address the changing shopper needs by discharging items rapidly. Coordinating with third-party vendors like Truelayer that offers access for OpenBanking APIs or Stripe is extremely clear.

5. It is well-known

Python is encompassed by a lively network of enthusiastic engineers who adds value to all the open-source projects, manufacture practical tools, and arranges endless occasions to share information about the prescribed procedures of Python development. There is the Python Weekly bulletin or the PySlackers Slack channel. For legitimate network data, one can visit the Python.org developers community section. Also, locales committed to learning Python and sharing Python information like RealPython or DjangoGirls which additionally have their own networks. If it comes to open-source ventures, pretty much every Python system is kept up by the open-source network – it’s conceivable to help with the improvement of Django, Flask, OpenCV and some more.

Python is advancing as a language and increasing greater prominence consistently. Every one of that makes it simpler to source and contract gifted Python designers who increase the value of fintech or financial projects. Companies that put resources into arrangements made with Python can be certain that their innovation is steady and not going to become outdated at any point in the near future.

6. Python language usage with Financial Algorithms

Python is the best-fit language for designing a financial application, you should give some consideration to such specialized tests like an algorithmic issue and why Python enables our engineers to comprehend it easily. As banking and financial related programming are firmly identified with numerous computations, details, figures, and so forth. The product or application ought to be insightfully intended to work with an enormous number of numerically based undertakings.

That is the reason it is so critical to pick the correct innovation. Python language represents its own advantages since its writing methodologies are like the syntax used in mathematics that is applied in algorithms used in finance. In application development, it might be essential to dole out worth parameters, and the syntax used in Python language permits you to do this fastly.

Also, this is the reason Python gives awe-inspiring chances to the banking and financial industry to change how they are working.

5 Reasons Banking Industry Prefers Python Language Over Others

Why should you choose Python Language for Financial and Banking Application Development?
Inventive and transformed programming language like python language is having a crucial impact on the financial industry in the development of banking applications, fintech apps, and many other innovative solutions…and here’s why we think you should choose python language for your next fintech application development!

Why do the banking industry choose Python language as the backbone of its operations Here are key factors that make Python a prominent choice for the banking industry are as follows:

1. Precise coding: 

The laconic syntax is used by Python, therefore there is no need to write long lines of code. Hence due to this reason, Python is the most popular language among the developers.

2. Robust framework: 

The best framework of Python that can be utilized for banking applications is Django that gives improved-rack usefulness than different structures. Also, this is the reason Python’s Django structure is your best.

3. Utilizing Python for improved Vectorization: 

For example, you will likely be accountable for the development of software related to banking and financial services which requires a numerical capacity to enable clients to streamline diverse monetary procedures. To execute it, designers use vectorization capacities which can be acquired with the NumPy. It is a Python open-source library for making mathematical calculations and backing for the higher numerical function.

Therefore it permits banking application engineers to design 50,000 computations inside a solitary line of code and accelerates the development procedure and the nature of the monetary and banking application. This is the reason Python language is an ideal decision for the development of fintech development.

4. Utilizing Python for quick code compilation 

The greatest advantage of Python language lies in the fast code compilation of the application being created. Python language libraries like Cython or Numba furnish the banking application engineers with significant capacities that help accumulate Python code into machine code powerfully or statically. This is the reason Python preparing speed turns out to be a lot quicker and the improvement of the banking application moves all the problems easily.

5. Using Python libraries for designing high-end banking software:

It ought to be noticed that Python language accompanies an enormous arrangement of helper libraries which changes the procedure of association with scientific undertakings. The assignment of python programming engineers is to choose the correct Python library which is to be utilized in creating banking and fintech applications to give organizations an elite banking application experience.

3 Different Areas of Banking and Fintech industry where Python language is Utilized

Python language has been used to create a wide range of financial applications and solutions that powers most of the innovative solutions that we rely on today. Now, let’s explore different areas of banking and fintech industry where the language is mostly utilized:

1. Softwares used in Banks

The reason for Python being in the financial and banking industry is that as a whole utilize both applications and banking software. Python language has all abilities for making it very adequate for the finance industry. Also, as a result of the mathematical syntax used by Python language, the interface required for ATMs is written in this fabulous technology. Since it permits banking application developers to coordinate with the PHP language calculations to stimulate up payment handling.

2. Python has been used in the cryptocurrency market

If you are indulged in selling digital money, then you have to think about the correct approach for analyzing the market of cryptographic money to see the forecasts for the present and future circumstances.

To analyze data and create visualizations of it, various banking application developers design a specific Python script. Hence by utilizing Anaconda which is known as the Python Data Science biological system, you would then be able to recover Bitcoin or Ethereum evaluating information and investigate it. Accordingly, most of the extraordinary banking applications and web applications made for digital currency examination are created utilizing Python language.

3. Interpretation of data

There’s a bundle known as the Pandas bundle. Pandas is an elevated level library that can transform Python language into a useful asset for data interpretation. By utilizing the Pandas bundle, the application developers can design proper financial modeling in the Python language. Presently, it is the most progressive apparatus with better interpretation, information processing and that is the reason Python Pandas is the most favored library among all the designers. 

Prominent FinTech applications that are designed using Python Language: 

So far, going by what you have read about python programming language versatility in this article, you’ll agree with me that you can create anything with it. Now, let explore some of the prominent fintech applications that are designed using Python Language:

Zopa

ZOPA lets you invest in personal loans with a peer to peer lending facility
ZOPA lets you invest in personal loans with a peer?to?peer lending facility. This was made possible through python language programming functionalities.

It is the biggest organization that has 75,000+ dynamic speculators who have loaned over £3 billion to borrowers. It gives unimaginably simple to utilize standard and ISA speculation decisions engaging a wide scope of shared moneylenders offers venture items where cash is loaned to UK purchasers searching for personal loans. They are immovably dedicated to Python and are utilized as a key language in their innovation stack and have enormous designs for upcoming future plans.

Stripe

Financial Industry - Indeed, Stripe is a new standard in online payments, thanks to Python programming language
Stripe is one of the best online software platforms for running a scalable online business. They handle thousands of online payments for innovative businesses, and they are a great force to reckon with, in the financial industry.

The businesses that are indulged only in online transactions now have an ultimate solution for their needs of accepting and managing payments. It permits easy payments through the website itself. While connected to sites and applications, it associates with a debit/credit card, banking frameworks/platforms continuously, permitting them to get payments. At its center is a vigorous payment system that streamlines the cash stream in the business while interfacing with applications that empower forestall cheats, oversee income, and drive worldwide business development by implying technologies like Python, Ruby, and Scala in the technology stack.

Dwolla

Dwolla programmable payments portal was designed with Python language
With Dwolla, you can integrate massively programmable payments into your financial application.

For enabling easy bank transfers, manage customer profiling and verifying banking accounts spontaneously it is designed unequivocally. Clients can send, get, or manage funds transfers between clients with instant verification. This vigorous API lets them find a good pace with at least four endpoints, making incorporation simple to actualize.

Affirm

Affirm was designed using Python language
Affirm, designed using Python programming language, lets you shop effortlessly at thousands of online and offline stores with no late fees and no surprises.

It’s crucial conveying progressively responsible and available services to customers. Customers can pay for what they bought over different months with straightforward, decently valued charges incorporated with each payment, and expands change and bin size for e-posteriors at not exactly the expense of Visas. It is an exceptionally secure arrangement with adaptable compensation terms. You can set aside cash and improve credit score by repaying your credit ahead of schedule with no prepayment punishments. For developing such applications engineers utilize Python and Flask.

Robinhood

Robinhood Investment app was designed using Python language
Robinhood is the pioneer of commission-free investing that gives you more ways to make your money work harder while you sleep.

A stock exchanging application works incredibly for stocks and ETFs include help for Bitcoin virtual money exchange. Its important features are centered around the possessed stocks in the watchlist. By entering trade into the application and possess the stock with no commissions or exchange expenses. It has a superior record that gives access to edge exchanging and stretched out hours exchanging expansion to every other element.

Conclusion: 

Python appears to be a perfect innovation for designing banking and fintech applications. Python language offers a ton of points of interest like clear programming linguistic structure, more noteworthy improvement methodologies, and is likewise very easy to understand, which is the reason many banking application engineers like it. Therefore, Python can flaunt about the accessibility of bounty structures and libraries that upgrade the improvement procedure of any money related help. Accordingly, you get a great result of your fantasy.

With a load of options of programming languages that are readily available in this age, choosing Python language for your next financial industry and banking application development is a wise choice because of the amazing benefits you stand to enjoy.

Thanks for reading and please share your comment below.

Categories
Business Money & Finance News

10 Popular Fintech Companies that Make Management of Money Easy Online

Fintech companies provide services in account management, payment processing, lending & financing, and capital markets and financial assets. They are readily available to provide clients with instant, seamless and safe digital transactions with unimaginable speed. These companies with the aid of financial technology are set to innovatively disrupt traditional banking and finance industry in the near future. Let’s take a look at popular and trending Fintech organizations that can assist you in online management of money.

10 Popular Fintech Companies Disrupting The World’s Finance Landscape

Popular fintech companies
Popular Fintech Companies 2019: When it is about finance; be it making money or spending money, there are fintech companies that are created purposely for solving any of the problems that may arise. These are the top 10 companies that are impacting the fintech industry.

Stripe

Stripe was founded by John and Patrick Collison. Stripe is a direct competitor of the international giant PayPal. Stripe operates in as many as 25 countries throughout the globe. It allows individuals and businesses to send and receive payments through the internet. It provides clients with technological infrastructure along with fraud prevention and banking services.

Stripe prides itself with a fraud prevention technology and internet payment facilities. Another of the top fintech companies out there.
Stripe prides itself with a fraud prevention technology and internet payment facilities. It serves customers across the world and offers the toughest competitive challenge to PayPal. Another interesting addition to our top fintech companies list.

YapStone

Yapstone is yet another payment platform that is founded in 1999 and focuses on offering end-to-end payment service to multi-billion dollar market economies along with vertical markets that include apartment rentals, vacation rentals, commercial real estate, and nonprofits.

Yapstone empowers complex markets to simply transact by providing a comprehensive payments platform that is built on a modern architecture of scalable and flexible micro-services. This innovative solution makes it possible to deliver industry-specific solutions.. It is topping the list of popular fintech companies that are impacting our world.
Yapstone empowers complex markets to simply transact by providing a comprehensive payments platform that is built on modern architecture of scalable and flexible micro-services. This innovative solution makes it possible to deliver industry-specific solutions. It is topping the list of popular fintech companies that are impacting our world.

Braintree

Braintree is a subsidiary of PayPal and specializes in providing mobile and web payment services to e-commerce companies. Braintree’s advanced technology is utilized to process credit card transactions on more than 3000 e-commerce websites like Airbnb, Uber, LivingSocial, Hotel Tonight and Angry Birds.

Braintree is a brain box of solutions just as the name implies. The service brings together world-class experts from different areas of expertise such as biological, computer sciences, psychology and software developers, to provide game-changing tech-focused solutions.
Braintree is a brain box of solutions just as the name implies. The service brings together world-class experts from different areas of expertise such as biological, computer sciences, psychology and software developers, to provide game-changing tech-focused solutions.

Lending Club

Lending Club is a US-based peer-to-peer lending platform with its headquarters situated at San Francisco, California. It is one of the largest P2P platforms that offer personal loans, business loans, auto-refinancing loan, and medical financing. It provides the best investing and borrowing solutions for you. It is the first P2P lender that has registered its offerings in form of securities under Securities and the Exchange Commission which also offers loan trading based on secondary markets.

Lending Club offers you peer to peer lending and alternative investment solutions with an option to lend a personal loans up to $40,000. This is definitely subject to approval upon application.
Lending Club offers you peer to peer lending and alternative investment solutions with an option to lend personal loans up to $40,000. This is definitely subject to approval upon application.

Addepar

Addepar was founded by Jason Mirra and Joe Lansdale in the year 2009. Addepar is an organization that utilizes investment management technology to provide a homogenous financial software platform which can be used by various offices, financial institutions, wealth advisors, and foundations and endowments.

Addepar is the first performance reporting platform that easily handles all of your assets, connecting your financial goals and objectives with real-world actionable insights.

Addepar offers a platform that gives a clearer financial picture— at every level.
Addepar offers a platform that gives a clearer financial picture of clients — at every level. Be it a beginner or an expert investor, you are covered and that makes Addepar a wonderful addition to our popular fintech companies.

Kabbage

Most of the small and medium scale business struggle to raise finances and procure loans from traditional institutions. Kabbage offers direct funding to such small and medium scale businesses through its automated lending software and platform. Its products for small business offer credit line up to $100,000 based on business volume, transaction volume, credit score, social media engagement, etc.

Kabbage creates way for businesses to be swiftly funded. Kabbage fully represents our popular fintech companies category without any form of doubt.
Kabbage creates a way for businesses to be swiftly funded. Kabbage fully represents our popular fintech companies category without any form of doubt. They have an amazing line of products for fintech consumers.

Plaid

Plaid is founded by William Hockey and Zach Perret in the year 2013. This platform allows various different applications to directly connect with the client’s bank accounts and ensures a speedy authentication process.

Plaid provides developers the right tool to build solutions for connecting customers bank to an app for seamless online payments.
Plaid provides developers the right tool to build solutions for connecting customers bank to an app for seamless online payments.

The company has managed to grow at an overwhelming pace by aiding apps like Venmo and Betterment to connect with the client’s accounts.

Credit Karma

Credit Karma is founded by Nichole Mustard, Kenneth Lin and Ryan Graciano in 2007. It strives to offer free credit points and credit recommendations to its customers. Unlike its counterpart, you are not required to register your credit cards on this site to avail its services. Credit Karma also provides educational materials and resources to end users which are estimated to be around 85 million.

The credit karma team’s ideology is making your credit score checking a freemium and exciting experience with their app.

Mint

Mint assists in keeping track of incomes and expenditure. It is a budgeting app that also allows its user to keep track of bills and offers free credit points. Mint has millions of clients spread all over the globe. A perfect example of our popular fintech companies disrupting the status quo in the financial industry.

Yes, Mint is a free budgeting and financial planning app that makes life easy. All your financials are in one place, right on the go!
Yes, Mint is a free budgeting and financial planning app that makes life easy. All your financials are in one place, right on the go!

Acorns

Acorns is one of the fastest growing platforms with already 4.5 million users. It was founded by Walter Wemple Cruttenden III and Jeffrey James Cruttenden in 2012. It provides a simple and hustle-free option to invest spare cash or change in the investment market.

Acorns – invest, earn, and grow money before you commence the spending with Acorns financial planning and investment app lets it easy for you to save that little change for tomorrow.

Final words on top fintech companies

Whether you want to invest extra little cash, manage your books, raise funding, carry out overseas payments and purchases, earn credit points, change the mode of payments, connect seamlessly with different accounts or maintain and track your budget, it’s all possible within the comfort of your home. With faster networks, safe and secured transactions, Fintech technology is ready to disrupt the traditional banking and finance institutions in coming years.

Stacy Thomas is a freelance writer who has been writing for various blogs for the last few years. In this post, he has written about the benefits of business, finance industry, technology as well as the features related to the same.

These ten popular fintech companies will make online management of money easy for you. From opening a long-term investment portfolio to buying the latest stocks in town, or lending money for your business development, and all the rest of those financial opportunities out there, you are in safe hands.

Categories
Business Disruption Money & Finance Startups

How Fintech Supports Small Businesses; Is This Not Your Time to Pitch Them for Your Startup?

The internet has created much more than just the opportunity to watch goat videos from anywhere in the world. It has also enabled the rise of FinTech lenders, and with their innovative products and methodologies, these lenders are poised to change the world of small business lenders. In the meantime, they are supporting small business owners in a range of ways.

FinTech Companies Putting Everything On The Line for Small Business Owners; This Is Why:

How Fintech Supports Small Businesses
Fintech companies are putting everything on the line for small business owners to rise and we think now is the right time for you to pitch your startup business ideas for effective funding.

High Approval Rates

The approval rates on small business loans from big banks have been falling for years. One study from the Harvard Business School indicates that the approval rates at big banks have not improved since the global financial crisis of 2008. This has stymied business growth for nearly a decade.

Currently big banks approve less than a quarter of all business loan applicants, while small banks approve less than half of all applicants and credit unions extend loans to 42 percent of small business owners who apply. Fintech or alternative lenders, in contrast, approve over 60 percent of all the applications they receive. That is more than double the approval rate from big banks, and simply by saying yes to the application in front of them, fintech companies are providing small businesses with the capital they need to thrive and grow.

Contemporary Application Processes

One of the reasons, fintech companies support small businesses through funding is because they employ a contemporary application process. Fintech companies don’t want to wade through lengthy business plans, meet with potential borrowers or waste time mired in credit reports, and arguably, that’s no longer the most efficient way to handle lending. Rather, these companies use a fast, online application and a data-focused approval process.

To apply for a loan from a fintech lender, small business owners hop onto the lender’s website, and they share information about themselves with the lender through the apps and services they, the business owner, uses every day. Depending on the nature of the applicant’s business, they may share information from their bank or PayPal account, their sales numbers from Amazon or eBay, their customer reviews on social media sites, or even their accounting details from QuickBooks. Within a matter of seconds, the fintech lender can assess the information provided and make a fast and accurate decision about funding.

New Credit Models

The most striking part of the risk analysis embraced by fintech companies is that it is not focused on credit scores, and that’s a positive thing for most business owners, who on average have lower credit scores than they did eight years ago. In addition, the plunge in value of many small business owners’ assets makes them look less creditworthy based on traditional models than they looked a decade ago. These economic conditions and financial realities have made it impossible for many small business owners to get the funds they need to invest into their companies, but by subverting the traditional creditworthiness model and speeding up the application review process through technology, FinTech companies have been able to successfully remove the roadblock to funding faced by too many small business owners.

Reduced Risk and Lower Rates

The reduced risk and large pool of borrowers attract underwriters to the world of fintech lending as well. Using their proprietary tools, fintech lenders quickly match applicants to underwriters who are willing to offer competitive interest rates. The result is lower interest rates for borrowers, a fact that has saved many small business owners from the high-interest trap of credit card debt.

Convenient Lines of Credit

Fintech lenders such as Kabbage don’t just offer installment loans. Rather, they offer their clients convenient business lines of credit. These revolving lines of credit give small business owners access to the capital they need when they need it, and unlike a home equity line of credit, these lines are not secured by the borrower’s personal assets. Rather, they are only tied to the business.

With a line of credit, borrowers can spend the funds, repay them and spend them again. This provides a constant level of financial support to the borrower and gives them the financial float they need to get through lean times.

Innovative Products

While small business lines of credit are one of the most popular products for small business owners, they aren’t the only offering by fintech companies. In an effort to meet the funding needs of businesses in a range of ways, fintech companies have also refined other innovative products. In particular, some fintech lenders offer inventory loans (loans backed by the value of the borrower’s inventory) and factoring loans (loans based on unpaid accounts receivables).

Dynamic Risk Assessment

Because of their huge range of tech tools, fintech lenders tend to have dynamic relationships with borrowers. Rather than just handing out loans and hoping for the best, fintech companies reassess borrowers on a regular basis. As the borrowers’ picture of creditworthiness changes, the lender may increase the line of credit, lower the interest rate or make other changes to help support the borrower.

Fintech lenders are supporting small business owners in one key way — they are providing these entrepreneurs access to the capital they need to keep their businesses growing. Through their innovative methods, commitment to data and unique products, fintech lenders are changing the world of business lending, and as a result, they are opening it up to more and more business owners every day.