7 Common Programming Languages in the Fintech Industry
Updated June 24, 2022
The financial world relies on technology, and financial companies often employ a wide range of engineers and programmers to help them find and maintain their innovative edge. Technical Fintech professionals can help a financial company find products faster, add layers of security, analyze investments and market their products. If you're a technical professional who's interested in the finance industry, then learning about Fintech might be a good way to uncover potential job opportunities. In this article, we discuss what Fintech is, talk about seven different programming languages that Fintech professionals use and list five jobs in the Fintech industry.
Related: What Is Fintech and Who Uses It?
What is Fintech?
Fintech is an abbreviation of the term financial technology, which is a broadly used expression that refers to new technology that improves the operation of business and consumer-oriented financial services. It's often utilized within financial companies or businesses to increase financial performance. However, it can also refer to financial activities like paying bills, transferring money or depositing a check using online or digital services. Fintech companies work on innovations that provide consumers with revolutionary means of reaching their financial goals.
7 common programming languages in Fintech
Because Fintech companies leverage online services and digital applications, they employ a wide range of technical professionals and coders. Software engineers also help Fintech companies design solutions that disrupt the traditional way of conducting fiscal activities. If you're interested in working for a Fintech company, then it's helpful to learn some of the commonly used programming languages in this industry. Here's a list of seven programming languages that can prepare you for a job in Fintech:
Python is one of the most popular programming languages and a common choice for professionals who work in Fintech. This language is flexible and relatively easy to learn, so it can be a good choice for students trying to decide what language they want to start with. Because Python has an extensive library of tools and customizable development packages, it's also an attractive choice for companies that want to develop financial applications.
Scala is a coding language that supports functional and object-oriented programming. Many front-end developers work with Scala because it combines compact syntax with powerful development tools when building projects. This language is a popular choice for Fintech companies that work with data architecture and cloud-based platforms, so learning Scala can be helpful if you want to develop mobile applications.
Java is a popular language that provides a high-level of security for financial platforms that maintain extensive records of client files. In the financial industry, many companies choose to work with Java because it's a robust language that works with a variety of different online security APIs. Some software professionals view Java as one of the more robust platforms since it's been popular for many years. It's a good choice for companies that don't want to undergo a lot of maintenance.
C++ is a common choice for Fintech companies that value speed. Companies that engage in online trading of stocks or other economic assets might choose to work with C++ because this language helps create low-latency programs. Latency or lag refers to the time it takes for the server to communicate with an individual device, so traders who want to access the stock exchange in real-time might prefer to work with programs written in C++.
Related: C# vs. C++: What's the Difference?
MATLAB is a programming language that specializes in mathematical operations. Because many finance professionals use a variety of different formulas and algorithms to plan their investments, MATLAB is a common choice for companies that focus on long-term investments. This language provides interactive plotting tools that investors and analysts can use to coordinate their economic strategies.
Ruby is a language that's designed to be simple. Because of its simplicity and ease of use, many startup companies choose to work with Ruby. When working on mobile applications, many developers also prefer to work with Ruby because it's fast and flexible. It provides a wide range of systems that can improve financial tools by reducing the processing power required to operate them.
5 jobs in Fintech
If you want to learn more about the career opportunities in Fintech, it can be helpful to read about some of the different jobs that might be available. Consider these five jobs in the Fintech industry:
National average salary: $54,152 per year
Primary duties: Programmers create applications that help people and companies improve their workflow. They might work on apps that the company publishes for consumers or programs that help the company run its daily operations. Programmers work closely with their company or private clients and use feedback to improve their programs functionality. In the Fintech industry, programmers develop apps that help people manage their finances from their mobile devices.
Read more: Learn About Being a Computer Programmer
National average salary: $55,951 per year
Primary duties: IT security specialists are cybersecurity professionals who keep digital operations safe. They work closely with the technical department of their company to ensure that online servers are secure and that their clients' private information is safe. Maintaining advanced cybersecurity protocols is a crucial part of running a Fintech company, as these businesses maintain records of vulnerable financial information that criminals could easily abuse.
Read more: Learn About Being an IT Specialist
National average salary: $61,345 per year
Primary duties: Digital marketers specialize in online advertisements. They work with the marketing and sales teams of a company to create online ad campaigns designed to generate interest in the company's services. When working with Fintech companies, digital marketers create copy, promote websites and manage social media accounts to foster online communities. Because these companies specialize in digital operations, online marketing can be a vital part of maintaining a large user base.
National average salary: $67,617 per year
Primary duties: Financial analysts are professional advisers who work with companies or private individuals. They provide insight into investment strategies that help their clients reach their monetary goals. In the Fintech industry, financial analysts work closely with technical professionals and provide insight into what types of software might help people with their investment or savings accounts.
Read more: Learn About Being a Financial Analyst
National average salary: $118,167 per year
Primary duties: Software engineers write code and create applications for their companies. They work closely with the marketing and sales teams to create tools that help the company perform its daily operations. Software engineers might also maintain the company's website or other online services by managing the local servers. In the Fintech industry, software engineers help produce digital tools that assist with financial operations.
Read more: Learn About Being a Software Engineer
Please note that none of the companies mentioned in this article are affiliated with Indeed.
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