Posts tagged "Python programming language"

Developer

Python and Its Utilization in the Fintech Industry

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Python and Its Utilization in the Fintech Industry

What is Fintech?

Financial technologies and companies, commonly known as ‘Fintech,’ have been defined as “businesses that leverage new technology to create new and better financial services for both consumers and businesses.” The Fintech industry continues to grow, with investments continuously growing since 2010. From 2017 to 2019, the value of investment into financial technologies doubled.

What is Python?

Python is a high-level programming language with a wide range of usability. It is the most used programming language, used as the primary coding language by approximately 80% of developers. Companies running on Python include Facebook, Netflix, and Intel.

Python is preferred over other methods due to its ease of use combined with its multi-purpose solutions.

Technological Challenges in the Fintech Industry: How Python can Help

There are several challenges that the Fintech industry faces every day. Below are explanations of these issues and how Python can be used to counteract these problems.

Data Security

Concerns with virtual security are an ever-growing issue. Fintech is unable to be guarded as traditional banking systems, and hackers can immediately drain accounts and receive rewards. Python can easily implement data encryption and utilize security features such as two-factor authorization and biometric authentication. Python also allows for banking software to be created more efficiently and cheaper than other options.

            Ease of Use & Learning and Integration

An issue in financial technology is the lack of expertise in creating user-friendly app development services. Python allows fintech developers to focus on the structure of the software and its complexities rather than maneuvering the coding language itself. This also allows for collaborations and integrations with other services, such as budgeting and banking apps. The language and libraries also have analytics solutions for the layperson, the primary one being the digital visualization tools. The ease with which Python is used is the primary reason for its successful utilization in the Fintech industry.

AI Integration and Machine Learning

Machine learning in the financial technology industry is beneficial for automated trading, fraud detection, regulatory compliance, customer service, and more. Using AI technology also allows organizations to collect personal information and the financial behavior and habits of users- this allows for automated management of transactions and risks analysis. Implementing AI technology for Fintech is an issue due to the fact that it requires constant maintenance and exceptional knowledge and skill. The Python language allows for large amounts of data to be processed, making machine learning simple. Python also has an extensive pre-built library selection, helping to implement more functionality with less code. Listed below are some of the libraries that Python utilizes for AI and machine learning:

  • NumPy
  • Pandas
  • FinmarketPy
  • PyFolio
  • SciPy
  • Pyalgotrade

We face many challenges in the FinTech industry, but utilizing Python will counteract these issues as it has proven to be useful in almost every avenue for financial technology.

Employer

Is Python a Good Fit For Your Next Project?’

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Is Python a Good Fit For Your Next Project?’

The choice of the programming language you use depends on various factors: what the purpose of your product is, what is its function requirement, what security needs to be in place, etc.

History Of Python

Python has been present on the market for almost 30 years. It was created by Guido Van Rossum, a Dutch programmer. While the coding language was first invented in the 1980s, however, it wasn’t released until 11 years later in 1991.

So, is Python a good fit for your next project?

In 2018, Python was rated as the #1 programming language. Its popularity has also increased over the years. In addition, Stack Overflow forecasts Python outgrowing all over programming languages–including C, Java, and C++. Much of this increase has to do with its large number of libraries that allow for both machine learning and artificial intelligence. It’s used for small projects, but also by companies like Google, Facebook, Microsoft, Netflix, Dropbox, Mozilla, or NASA.

There is also a draw to Python embedded versions that can be found in microcontrollers, as well as Python’s ability for big data analysis.

Python is an easy programming language to learn and has a low entrance barrier.

Beginner developers are able to easily learn the language and begin using it. The data visualization libraries available in Python also makes it easy for users to comprehend and visualize complex data.

Python supports different programming styles.

If you ever decide to change how you approach development, Python will be able to keep up. Unlike Java, Python is a less-limited programming option that fully supports various programming styles like procedural, functional, or even object-oriented.

Python provides its users with lots of open-source libraries.

These libraries help to streamline the process of developing programs. Both time and money are saved by using these libraries. And, Python libraries hold a significant amount of pre-written coding options, so developers don’t have to waste any extra time to write the basics.

Python is really helpful in creating prototypes and MVPs.

Its code is efficient and programmers are able to create the same functionality using fewer coding lines when compared to any other computer language. If you ever need to test a product on its audience or quickly show investors your ideas, Python is the go-to option.