FinTech Software Development - A Guide On Most Efficient Technologies

July 31, 2018
by Roman Koss

Challenges and Importance of Financial & Banking Software Solutions

Considerable setbacks often give birth to better solutions. Same is for FinTech, as after the crisis at the end of the 2000s, software needed to come back safer and stronger. It gave the push to the development processes, and a new market of FinTech solutions emerged.

The set of challenges remains unchanged for years, covering the most critical aspects of the financial industry and digitized economies.

Security

FinTech software development must come up with ideas to improve existing security protocols and create new technologies to protect systems across the globe from possible harm. The trick is to predict unpredictable and build a defense wall capable of neglecting damage from outside while keeping the privacy and personal data of the users, both enterprises, and physical entities.

High Volume Of Operations

This challenge is closely tied with scaling. Software engineers are tasked with developing technologies capable of withstanding high and consistently growing traffic. Financial ecosystems thrive, end user count is rising, and the software must take on the pressure while protecting information and preventing fraudulent operations.

Providing Services For Huge Market

2010 has become the inception of advanced technologies for FinTech development. It has contributed to the rapid increase of market volume, which peaked at 27,4 billion USD in 2017, Consultancy reports.

FinTech has grown from obscure industry into a financial powerhouse, attracting venture capital, which then boosted the influx of skilled developers ready to offer new solutions, fast. Competition is high, and race for better technologies is hot. Enterprises seek to provide valuable solutions and invest heavily in innovative research, analytics and adequate response to the market by launching new products.

FinTech Graph

Changing The Way Finance & Banking System Works

FinTech business solutions offer more eloquent ways of conducting financial operations each year. Today users can transfer the funds with lighting speed, do the operations without even entering physical offices of banks, perform trading activities online and store money using secure cloud-based products, to name a few.

This progress is ensured by sufficient technologies and newest advancements that are covered below.

Stable And Proven Technologies For FinTech Development

The industry has had enough time to determine what works and what doesn’t. Here’s the list of technologies that are well-established and almost guarantee a good result.

  • Front End. UI/UX is the sacred sanctuary of your service. It is how users see and feel what you’re offering them. This element can be built using already existing services that would not require you to burn the budgets and focus on the skeleton of your system. Bootstrap is your pal to get over with mobile, AngularJS and ReactJS are UI-focused. Other things to consider are Java, Ruby, Python, LAMP.
  • Back End. While Front End is your appearance, Back End is the muscles and bones. Storage solutions vary greatly depending on your needs, SQL + NoSQL should do the trick. Scalability is critical with this one, so you have to be picky about programming languages. Common (and good) choice is Erlang as a functional programming language, but you are free to stick with any decent equivalent. Products built using Java show remarkable agility and endurance when it comes to scaling, and it might be an excellent choice to stick with it for the whole ride.

Innovative Technologies To Stay On Top Of FinTech Development Wave

Going with proven techs for stability and performance is all good, yet there is something you need to consider. Market evolves, and if you are planning to reach measurable success, you have to change with it.

Here are some technologies that are already implemented in FinTech and sooner rather than later may become "the classic."

Here are some technologies that are already implemented in FinTech and sooner rather than later may become "the classic."

  • Blockchain & Digital Currencies. The beauty of decentralized systems lies in their anonymity and absence of regulation. Your FinTech product may need implementing blockchain if recorded data is not changeable or a ledger system with equal rights between members is required. Digital currencies, though their market is volatile, attract investors that may be interested in your services as well.
  • Artificial Intelligence. AI requires talented developers, large budgets and a lot of bravery, not even mentioning profound multi-year research. Despite that, the immense potential is in place, and soon FinTech may finally see the full range of its benefits.
  • Biometrics. A considerable part of modern financial solutions. Identity verification, payment processing, quicker banking services - biometrics are amassing their share of the market, and you should take advantage of that if there's a plan to compete with industry leaders or becoming one yourself.
  • Data Science. Crucial for assessing risks, conducting in-depth analysis, scam elimination and adequate targeting.

COMMENTS
Our Mission:“To be the Face of Ukraine for the rest of the World”.
United States
151 New Park Ave, Hartford, CT 06106 United States +1 (203) 302-9545
Ukraine
102, Ivan Franko str, Lviv, Ukraine USA: +1 (929) 999 1232UA: +38 097 110 9848