The banking industry’s growth has brought more modern approaches to financial processes. Currently, banking apps that facilitate transactions from any location are gaining popularity. But these tech solutions must obey the factors influencing the financial world. This means they must offer optimal security, performance, and user satisfaction.

Such necessities define the type of codebase used to create a banking app. So, developers must match their strengths with the software objectives. Based on report findings, a majority of millennials (60%), Generation Z (57%), and Generation X (52%) are utilizing mobile banking apps as their primary banking method, underscoring the vital role of advanced programming languages in the financial technology sector.

Let’s explore how programming languages influence a banking app’s capacity. We’ll also check out how you can choose the best coding language to match your FinTech project.

What Are Programming Languages?

Strings of codes form the foundation of all computer software. Think of them as the app’s DNA structure. Each code carries a series of instructions that determines the app’s function, behavior, structure, and performance. Similar to how protein blocks write DNA, these codes also require a language foundation.

This explains the essence of programming languages. They’re a set of syntactic and semantic rules that direct a software program. Coding languages are, in a way, grammatical because they feature a distinct vocabulary. This includes unique keyword sets and special syntaxes to form an organized program instruction.

These languages have been in existence since the invention of the computer. In the early times, these codes were simpler and designed for multipurpose uses. Now, a variety of coding languages exist, with many designed to suit specific needs. Their diverse options allow their use in industries such as retail, entertainment, fashion, cosmetics, and, of course, finance.

The global software development market, valued at $660 billion in 2023, is projected to reach $1 trillion by 2030. Financial apps primarily use Java (40-45%), Python (25-30%), and C++ (15-20%), while modern developers typically know 4-6 programming languages, with proficiency in 2-3.

Popular Programming Languages in Banking Apps

In the past, the limited availability of coding languages hindered engineers from making them more versatile. The BASIC programming language, for instance, was so multi-purpose that it’s still in high use today. It’s also one of the earliest high-level languages still in use today.

Still, BASIC owes its development to other earlier installments. For instance, the FORTRAN programming language emerged nearly ten years prior to BASIC, in 1957. Particularly in statistical and mathematical projects, it remains widely used. The same goes for Algol, currently used for publishing algorithms, and COBOL, used in credit card processing today.

Today, most banking apps feature some of the most famous programming languages, such as:

Java

Java stands as one of the most dependable programming languages. Java codes allow developers to create secure, easy-to-maintain apps. It’s also ideal for multiple platform operations. Goldman Sachs, a leading investment bank, uses Java extensively in its trading platforms. Their system processes millions of transactions daily, demonstrating Java’s reliability in high-stakes financial environments.

C#

The C programming language responds to its cousin’s limitations in games and operating systems. Its web development capacity makes it ideal for fintech apps.

Python

PayPal uses Python for fraud detection algorithms. Their machine learning models, built using Python’s robust libraries, analyze transaction patterns in real time to prevent unauthorized activities.

Python is one of the most popular options available today. The Python programming language is renowned for its high-security capacity. It also allows a diverse selection of frameworks and libraries.

Ruby

This option brings simplicity and effectiveness to banking app development. The Ruby programming language is a key option for projects looking to integrate payment gateways. TransferWise (now Wise) uses Ruby to create a seamless international money transfer experience, reducing transaction costs when compared to traditional banks.

JavaScript

Revolut, a digital banking platform, leverages JavaScript for creating responsive, cross-platform mobile banking experiences that work seamlessly across iOS and Android. This language is handy for web pages and front-end tech. It’s very secure, ideal for cross-platform projects, and handles massive amounts of data.

R

It is a top contender for statistics and data manipulation. The R programming language is a wonderful addition to apps that predict market behavior.

How Programming Languages Affect Banking Apps

Some of the most popular programming languages excel because they meet key requirements. This is crucial because the codebase language determines how well the app works. Let’s explore how the different language options influence your banking app.

Performance

During peak hours, a banking app must handle thousands of simultaneous transactions. Banking apps thrive on speed and responsiveness. So, it’s important to pick a coding language that delivers this advantage. For instance, the C programming language family is known for its latency reduction. That’s why many FinTech apps consider using C# in their app projects.

Some languages may also feature additional code bases to support performance. For instance, the Groovy programming language complements Java backgrounds. That’s why it’s interoperable with the latter’s libraries and frameworks.

Diverse Features

Banking apps also need to be versatile, especially since most financial brands are always adding new features. This need also determines the language developers select. Python’s versatile environment is why its uses extend beyond the financial industry. The Perl programming language also allows more user-interface-related apps.

Sometimes, an app project picks a language that provides the best performance for platform-specific features. For instance, the Swift programming language excels above most others on macOS and iOS. Despite being exclusive to this platform, the resulting apps are renowned for their critical performance.

Security

In 2022, the financial sector experienced over 1,800 cyber attacks. Languages like Rust and Java became critical in developing multi-layered security protocols that prevented potential breaches.

This might be the most crucial aspect to consider when developing banking applications. We must protect user information at all costs and ensure that data transfer remains encrypted. Java sees massive adoption for this reason, as do C# and JavaScript. Modern options like the Rust programming language also provide this advantage.

To provide security features, some languages build on existing ones. For example, the Bend programming language builds upon Rust. So, it provides just as much data and code security as its parent language.

Database Capacity

Banking apps operate using a massive amount of data, so the chosen language must permit this feature. The Python programming language, for example, is known for its extensive databases and libraries. JavaScript also analyzes a massive amount of data without issues.

However, the primary goal of other languages is to manage large databases. SQL, for instance, provides a distinct database interaction advantage. Its domain-specific nature gives it more leverage than other options.

Choosing The Ideal Programming Language For Your Banking App

Programming languages are available in various types and styles. Therefore, choosing one can often be challenging. However, you can avoid this dilemma by keeping these tips in mind:

Assess Your Project’s Requirements

Analyze the market idea, your audience type, and the project’s objective. These factors will drive you toward picking a programming language that fits.

Assess Expert Availability

If your in-house development team is skilled in, say, the Go programming language, then use that. Otherwise, train them in the option you’ll prefer. You can also hire outside help by outsourcing the project.

Assess The Available Resource Stack

Does your selected programming language provide active community support? Are the available libraries and frameworks sufficient? Do the existing tools match your needs? Confirm these and more before making a choice.

Consider The Program’s Scalability

Choose an option that can match your project’s scaling needs. For instance, C# is often better than the Ruby programming language for high performance. Also, consider future maintenance, support, and cross-platform possibilities.

Compare Project Time and Budget

Some programming languages attract high licensing costs while others are free. Some programming languages also require more development time, which can significantly impact the project. Weigh the differences in these factors before making a choice.

How We Can Help.

North South Tech cuts through the complexity of banking app development with precision-driven solutions. We don’t just select programming languages—we architect technological ecosystems tailored to your financial software’s unique demands. Our approach dissects the intricate landscape of coding languages, matching each project’s specific requirements with the most strategic technological foundation.

We understand that behind every successful banking application lies a meticulous selection process. Our engineers conduct comprehensive assessments, evaluating performance metrics, security protocols, database capabilities, and scalability potential across Java, Python, C#, and emerging languages like Rust. We don’t just recommend technologies; we design holistic technological strategies that transform your financial software vision into a robust, secure, and user-centric reality.

Are you prepared to transform your banking app from a mere concept into a market-leading solution? Let’s build something extraordinary together. Drop us a message and discover how North South Tech turns technological challenges into competitive advantages.