FinTech Companies Can’t Stay Away from Python Anymore. Here’s Why
In 2005, Zopa was launched as a peer-to-peer application, cutting the middleman between lenders and borrowers. The biggest advantage of Zopa is that the product spreads the client’s investments across multiple loans. It entails that no customer gets more than 1% of any investor’s investment. The largest amount individuals can borrow is £25,000.
Python is a primary technology stack in making the features and interactiveness possible in the Zopa app.
In 2018, Zopa became the first platform to surpass £3 billion in lending. The company is strongly committed to Python and its frameworks – Django and Flask. Their data science and Machine Learning team use Python, along with Scikit-Learn and Keras, to achieve an efficient user experience in Zopa.
The company has also raised money to create a digital challenger bank, the license for which it applied a couple of years ago.
(Source: STX NEXT)
The Growth of Python in FinTech
In the last 2 years, finance-related jobs mentioning Python have almost tripled and went from 270 to 800. This growth is a result of the demand for Python in the FinTech industry. Secure app development is one of the biggest advantages of Python in finance.
Python for FinTech appears to be one of the most in-demand technologies in the banking industry. Companies like Citigroup also offer Python coding classes to banking analysts as a part of their continuing education program.
Even at Bank of America, there are over 5,000 Python developers. There are close to 10 million lines of Python code in Quartz, and there are close to 4,000 commits per day. Today, most financial services companies are utilizing Python in their technology because of how well it can handle complex enterprise applications.
Python is a useful tool to create multiple types of FinTech applications. Analytics solutions, banking software, cryptocurrency platforms, P2P lending solutions, investment apps, e-wallets, etc. are a few of the solutions that developers can build using Python in finance.
Let’s have a look at why Python is suitable for building FinTech apps.
3 Reasons Python is Amazing for FinTech Solutions
Python has great features that make it a good fit for FinTech applications. Here are a few reasons why Python is suitable for FinTech solutions:
- Faster MVP Development: The financial sector needs faster applications. Banks need to be responsive and agile. Therefore, they need solutions that can quickly fulfill the customer’s needs. Python has frameworks like Django and Flask that allow developers and enterprises to reduce the development time by 10% to 30%.
- Data science Integrations: Python is highly practical in creating algorithms and formulas. It’s simple in integrations with data science. It’s easier to integrate the work of economists into Python-based platforms. SciPy, NumPy, and MatplotLib are a couple of tools for data science applications.
- Flexible app Development: While it boosts development speed, Python for FinTech firms is perfect for handling and modifying applications easily. They can quickly bring products to market and make changes accordingly. Python development goes seamlessly with agile methodology of project management, enabling financial companies to achieve better results with their digital initiatives.
Apart from that, Python also has a wide community of developers who are ready to provide all the assistance that enterprises need. There are amazing libraries, frameworks, and other tools that simplify the process of software development using Python for FinTech enterprise.
Read more: Redefining FinTech in 2022
Python is one of the most popular programming languages in the world of technology. The FinTech sector invariably seeks technologies and innovative stacks that can help them digitize easily. Python has multiple integrations that simplify FinTech solutions development and allow companies to easily achieve the desired outcomes from their digital initiatives. To achieve this level of digital transformation, financial institutions need a software product engineering company like Tntra that can assist them with FinTech solutions and products for better customer engagement and streamlining their operations.
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