There are several reasons to consider adding Python to your FinTech project’s technology stack. Let’s take a look at the most important ones:
- Fewer critical errors
As the financial industry is one of the most regulated, providing a high-quality and scalable solution is crucial. In particular, the industry has strict requirements for how user and program data should be processed.
With Python, you can significantly reduce the number of critical bugs in your solution thanks to the language’s simple syntax that resembles plain English. This allows developers to quickly identify potential errors during code reviews – if not avoid critical errors. Along with coding guidelines such as PEP 8, Python offers a wide variety of standard and third-party code review tools designed to help developers verify readability and maintainability, as well as identify high-risk bugs and vulnerabilities.
- Quick delivery of first results
By providing a significant increase in development speed, Python allows your development team to reduce the overall time to market for your software.
Python works well for rapid prototyping and minimum viable products (MVPs). Starting with a basic set of functions, you can evaluate your business idea, test how customers react to your offer, and find investors for your Python FinTech project.
It also provides the flexibility you need to make timely adjustments, which is critical for FinTech solutions. With productive Python code, you can easily modify existing features as well as add new features to your software while maintaining the required level of performance and security.
- Wide range of third-party libraries
With hundreds of thousands of libraries and packages to choose from, Python offers a wide range of solutions for creating high-quality FinTech products. Most tools and libraries are open source.
You can easily find a library to perform complex computations, incorporate machine learning models, create data-driven predictions, or integrate your product with a third-party service. In the next two sections, you can learn about some of the most popular Python libraries and packages and the tasks you can use them for.
- Data analysis capabilities
Another reason to choose Python for FinTech solutions is that it works well for all types of math problems and provides seamless integration with data science tools. Using this language, you can easily create formulas and algorithms to perform complex financial calculations. - Cross-platform compatibility
Last but not least, by using Python for enterprise FinTech solutions, you can easily make your product available on multiple platforms. Delivering cross-platform software is a surefire way to reach a wider audience, attract new customers, and improve the interaction with existing ones.