Exploring the Merits of Python Applications in Finance and Banking

Posted by Indrajeet on January 21st, 2020

Programming languages contribute to the success of an app. Java, Python, C++ are some of the popular programming languages that developers use today in app development. Some apps are simple while some are complex. To deal with the complexities of app developers choose Python. Python is a simple programming language and is used mostly for apps that are complicated like the banking apps. Our Python app developers receive requests for Python-based online banking and payment solutions. We have delivered Python-based banking products using that enables users to seamlessly navigate from one page to the other and provide high level security of transactions to the users.

Find out why Python is the developer’s first choice to design financial service or banking apps:- 

Simple and Flexible: Python app development framework is easy to write and deploy. It makes the development of incredibly complex to design financial service applications easier. Python’s simple syntax boosts the app development speed and enables app developers to accelerate the software development cycle. It reduces the error rate for developing an app for a heavily-regulated industry like finance. 

Builds MVP Quickly: Python is highly flexible and scalable to build banking apps that are more agile and responsive to cater to customer expectations. Python is capable of designing higher functionality apps that provide personalized experiences to the users of the app. Python app developers use Python and Django combination to create a robust MVP to find a market/product fit easily. MVP validation enables businesses to easily change code parts or add new codes to create feature-rich apps.

Bridges Economics and Data Science: Economists often use Python language instead of Matlab or R to make their calculations easier. Python’s simplicity and practicality make it the first choice in creating algorithms and formulas within the finance space. Also, economists can easily integrate their work into Python-based platforms due to language simplicity. 

Rich Ecosystem Of Libraries And Tools: Python consists of a cluster of rich libraries and tools that prevents Python app developers to build the tools from scratch. The predesigned tools and libraries of Python save developers time and money on the development projects.  Fintech products often require integration with third parties and Python libraries make the integration easier. Python's app development speed is enhanced with its ecosystem of tools and libraries that address the needs of changing consumer needs.

Rich Developers Community: Python community has passionate and experienced developers that contribute to building practical tools, open-source projects, and organize events to share their experience of developing with Python. This programming language is evolving fast and gaining popularity year after year. Banking organizations planning to invest in a Python app can be sure that the technology is stable and will not obsolete. 

Read this blog: Understanding The Role of Python In IoT Development

Using Python in Finance and Banking 

Python provides a range of applications. Let’s explore some popular uses of Python in the financial services industry.

Banking software: Various finance or banking organizations are using Python to build online banking and payment solutions with Python.  Venmo is a very famous digital wallet built with Python and it is now a full-fledged social network. Using Venmo people can easily make and share payments with friends.  Python’s simplicity and flexibility enable developers to create ATM software to enhance payment processing. 

Popular banking products built with Python: Venmo, Zopa, Stripe, Robinhood, Affirm 

Cryptocurrency: Businesses that sell cryptocurrencies require tools that enable them to carry out cryptocurrency market analysis to gather insights and predictions. Anaconda, Python’s data science ecosystem allows developers to retrieve the prices of the cryptocurrency and analyze or create visualizations. Python facilitates web developers to easily deal with cryptocurrency analysis. 

Python-Based Cryptocurrency Platforms: Dash, ZeroNet, Enigma, Koinim, Crypto-signal, Koinim

Building a trading strategy with Python: Python facilitates the stock market with the analysis of the massive amount of data generated by it. It enables developers to create solutions that evaluate trading strategies and provide predictive analytical insights based on specific market conditions. 

Examples of such products: Quantopian, Zipline, Quantconnect, IBPy, Backtrader 

Are you planning to launch your Python-based financial service application? We are a Python App development company that designs and delivers banking apps using Python. Get in touch with us to know more! 

Source