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Top Technologies for Fintech Software Development

12 min read
 /  2194
Published: May 4, 2021
Julia Korsun
/ Content Lead

Fintech, or financial technology, has become an appealing alternative to traditional banking. It has transformed the financial services industry and changed the way we manage money. Therefore, many companies who understand the powerful impact of the technology are incorporating fintech into their existing processes. Others are developing fintech startups from scratch.
However, like many other endeavors, new businesses require planning and elaborate preparation –  especially ones related to an emerging industry like fintech. So, when deciding on the core features and tech stack for your startup, it’s crucial to examine the main market requirements and trends, and – most importantly –  the most frequently used and reliable technologies and software.
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In this post, we’ll walk you through the details so you can enter the market with a viable fintech product built with the best programming language for the finance industry.

Fintech Market Overview

The evolution of fintech has propelled both pure fintech players and digital-ready banks forward and caused them to share markets and leave traditional banking in the dust. Because fintech is evolving rapidly thanks to a host of technologies such as artificial intelligence, robotic process automation, IoT, big data, and cloud computing, the future of this industry is almost limitless.
Today, a big part of fintech involves innovating traditional services. Startups develop new solutions and offer them to existing businesses, specifically to those that are establishing mobile wallets and payment systems. In particular, mobile banking has gained considerable popularity among young people, who prefer to use online banking apps.
According to Statista research, the largest fintech market segment is digital payments. They generated $4,406,431 million US dollars in transaction value in 2020, an amount that’s likely to double by 2024.
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In terms of fintech distribution throughout the world, the United States counted 8,775 startups in February 2020, which put it ahead of 7,385 in Europe, the Middle East, and Africa (EMEA)  and the Asia-Pacific region’s 4,765.
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The pace of fintech adoption depends on mobile internet usage, the credibility of technological companies, as well as the levels of trust in and access to traditional financial services in certain regions. Local investment in fintech, in turn, depends on regional variables and determines access to capital.

Today, the fintech industry is full of innovative solutions and services. Robotics, cloud technologies, shared ledgers, and other solutions are seen more frequently in projects that are setting new trends and strengthening competition in the financial market. Let’s look at those trends.

The Internet of Things and Secure Payment

With so many smart, interconnected devices appearing every day, IoT technologies will see comprehensive development in coming years.
Specialists will continue to refine contactless payment methods. Although people can already pay for purchases with their smartphones, in the near future, contactless payment will also become possible on many other devices.


Personalization is another global trend that will determine the further evolution of the financial industry. It forces fintech companies to offer personalized services and create websites, email messages, popular fintech apps, notifications, payment confirmations, invoices, chatbots, and messages on social media websites that are all focused on the client. Personalization comes first in many areas, especially retail banking.

Digital Banking

The erosion of customer trust in old-fashioned traditional banking has created a space for alternative digital options – also known as challenger banks or non-banks – in the financial industry. These players are known for their use of technology, but also for offering higher interest rates, lower fees, and superior customer support.
Two of the most popular digital bank ventures include the Fidor and Zelf. Both are virtual-only banks that enable the user to avoid red tape. With fintech applications, there’s no need to waste time visiting a bricks-and-mortar banks — now, it’s possible to complete all financial transactions on the go.
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Regardless of the undisguised skepticism of players in the traditional financial sector, challenger banks keep on growing and affecting different segments of the financial market. The rising interest in digital solutions is highlighted in a Facebook white paper that reveals that 92% of millennials in the US express distrust in traditional financial institutions. Further, 45% of them are ready to switch to fintech solutions.
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The rapid development of fintech may leave the impression that it’s driving banks out of business. However, if they can’t get a finance license, startups are most likely to collaborate with banks by providing them with innovative solutions in return for access to the bank’s client base.

AI and Robotics

The global spread of financial technologies has led to drastic changes and forced banks to align their operations with those changes. That’s where digitalization comes into play. It’s leading robotic machines to replace bank employees to gain efficiency and higher profits. Chatbots are replacing call centers and customer care specialists, as communication can be handled by robots just as plausibly as with humans.
The role of artificial intelligence in fintech is highlighted in the Mizuho Financial Group case. Mizuho, a Japanese megabank, will cut about 19 thousand jobs by 2026 and replace them with computers to keep up with changing industry trends.

Fintech Market Requirements

The main challenge when selecting the optimal technology for a fintech app is the requirement that it performs as efficiently as possible. Six directions that are critical for a fintech software development company include the technology’s uniqueness, safety, credibility, agility, data handling, and flexibility.


New fintech ventures are launched almost every day. That makes the competition fierce and obligates you to enter the market with a unique and outstanding product. Before successfully bringing your startup to life, make sure you determine a specific niche for your project and all the advantages your fintech solution provides.


Because all fintech apps deal with money and financial data, they must ensure secure access and protect data from theft. So, to maintain your clients’ trust in your brand, prevent even small failures in the safety system by using the most sophisticated technologies.


People who switch to fintech solutions expect that they will not experience any downtime when obtaining financial services. The task for a financial technology provider is to ensure instant and unimpeded access to the users’ money.


When entering the market with their projects, fintech companies face cutthroat competition with industry leaders who have been occupying the niche for years. To stand out, the technology you use must be agile enough to let you react to changing market trends promptly and apply changes to your product. Being flexible is vital.

Data Handling

Insights about clients – including their purchasing behavior, credit ratings, and income – help financial companies build their business and provide an excellent user experience. However, to manage and analyze customer information properly, fintech startups must stick to technology used in data science.


Every single company, no matter what niche it’s in,  is a part of a business ecosystem. That means your startup project should be flexible enough to quickly integrate with other systems and popular fintech apps.

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Technologies Used in Fintech Software Development

The technology hiring platform HackerRank specified the six most effective coding languages in the fintech sector. The list included Python, Java, C++, C#, C, and Ruby. Before selecting the right technology stack for back-end development, consider their pros and cons along with successful use cases to make an informed decision. The choice of coding language for a fintech app should always depend on the project’s technical and business requirements.
From our experience, the mix of Python language and Django framework appears to make it a piece of cake. Here’s why.


Unlike the finance industry, where Java and C++ lead the way, fintech is the business sector where Python is the preferred development language. In fact, it offers 50% more opportunities than good old Java.
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It is one of the most dynamically developing programming languages to have an impact on the financial field. That’s why, fintech players are more likely to choose technology over classic traders. For instance, Bank of America embarked on the trail of digital transformation and used fintech strategies that led it to convert its technology stack from unsupported IT components to Python.

What Makes Python the Best Programming Language for Fintech Development?

Python, being a perfect match for startups, brings great value to the fintech sector specifically. What are they?

  1. Python is extremely popular among developers, which guarantees there will be a continuously growing number of specialists and superior-quality financial apps. Top Technologies for Fintech Software Development 7
  2. Python code is transparent, which results in fewer bugs during development. This comes in especially handy when you’re building fintech applications and providing flawless service.
  3. The time to market is short due to the language’s simplicity and transparency. Writing code in Python doesn’t take much time, while a mix of Python and Django technology ensures the quick and safe release of completed components and  MVPs that meet users’ expectations.
  4. The technology offers a wide collection of open-source libraries. The latter prevents fintech Python developers from having to create separate components from scratch. The most popular libraries – SciPy, NumPy, pandas, ffn, finmarketpy, pyalgotrade, zipline, and scikit-learn – give you a clear idea of the possibilities Python offers.

Python and Django Combined

Now that we’ve discussed why Python is the dominant programming language for financial technology, let’s take a closer look at how it works in combination with the Django framework and why this mix may work for you as a pure financial technology player.
Above all, Django is a Python-based open-source web framework developed to simplify web design by enabling less code to be used, low coupling, and reusability of components. Choosing Django technology for your application development offers significant benefits and makes the development process hassle-free. Here’s how:

  1. It enables you to build a minimum viable product quickly to draw the attention of early adopters and adapt to ever-changing financial rules.
  2. Django is a sustainable framework. During 13 years of use, no global company has experienced an unexpected crash. You can rely on this framework.
  3. Django technology comes equipped with a ton of built-in features, so developers don’t have to surf the Internet for necessary tools every time they build a new app. That saves time you can spend on more essential business processes.
  4. The framework ensures easy integration with REST APIs, including banking platforms.

Python-Based Fintech Projects

We’ve established that Python is a great solution for fintech endeavors. But while theory is all well and good, what about real-life performance? Which top companies use Python in their technology stack? Let’s consider a few in detail:


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Molo is the UK’s first fully digital mortgage lender. The company’s main challenge is to completely transform the mortgage acquisition process to reduce unnecessary complexity and help consumers save a lot of time. Molo’s direct-to-consumer services allow instant online mortgage loan approvals instead of traditional paperwork and bureaucracy.
Tech Stack: The Molo web platform’s main technologies are Python, Django, and Django REST framework alongside Nginx, Redis, React, and others.


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Moneypark is Switzerland’s most technologically advanced mortgage and insurance products advisory service. The agency serves as a middleman between customers and banks and offers high-quality consulting to help residents find mortgages and insurance with the best rates. Getting the best mortgage for you doesn’t take long — all you have to do is contact the specialists at Moneypark, determine the optimal financial solution, and sign a contract.
Tech Stack: Moneypark has been built using a combination of Python and Django, Redis, Django REST framework, HTML5, CSS3, etc.

Molo and Moneypark are two of several fintech projects our engineers have had a hand in. You can read about some of our other projects here.

Thought Machine

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Thought Machine was founded in 2014 to wean the banking industry off of legacy IT platforms. Today, it’s a top fintech project known for cloud-native technology designed to radically change the core banking systems. For this purpose, the company created Vault, a retail banking platform that ensures hassle-free configuration to meet the needs of any bank.
Tech Stack: The largest tech marketplace, G2, detects the Python included in Thought Machine’s tech stack. They are fans of JS and use a mix of Python and Java for their servers and Cassandra database.


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Using the Robinhood mobile app, both regular folks and affluent people can trade stocks with no brokerage fee. Back in 2018, the app was updated with cryptocurrency features, which meant users in five US states could buy and sell Bitcoin and Ethereum.
Tech Stack: While Python is presented in a tech stack as a server-side language, the Django framework is used to build an app. In addition to a mix of Python and Django, Robinhood’s founders also chose to work with the Go language.

Wrap Up

Fintech is a rapidly evolving and highly promising sector in the financial industry, one with long-term perspectives and endless opportunities. This is why many financial companies seek to integrate technology into their operations or start their own fintech project. To do it right,  it’s important to choose the most advanced tech stack possible for your startup.
Python has proven to be the best programming language for fintech due to its simple and transparent code, clean syntax, short time to market, and wide variety of open-source libraries.
If you need any help on where to start, feel free to talk to our developers.

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