The global FinTech market is continuously growing. Its expansion is disrupting traditional financial services operations and replacing these with technology solutions.
Here in the UK, we are at the forefront of global financial technology. The UK has an estimated 1,600 active firms in the sector. By 2030, it’s been estimated that this number will double.
Fintech Techstack 2023.
If you’re a financial technology entrepreneur and you want to develop a new app, what technology should you use? The one you choose will depend upon your project.
Here are the most relevant technology stacks in use within the sector.
Frontend stack for fintech apps.
The frontend refers to the representation layer that your customers will interact with. Choosing the right frontend tech stack is really important as this will be the main point of customer engagement. It also creates a road map for the look and feel of the app, as well as affecting the user experience and user interaction.
The key frontend technologies used in fintech app projects may include,
HTML (Hypertext Markup Language).
- HTML is mainly used to show content in an accessible and interactive manner on web pages.
- Historically, HTML has been the most reliable language for showcasing text content on web pages.
- The latest version; HTML5 extends the original capabilities through a set of dynamic features.
CSS (Cascading Style Sheets).
- CSS is used by web projects to incorporate various design elements, such as font size and style, colour, layout, and other visual elements.
JavaScript.
- JavaScript allows web developers to incorporate interactive elements.
- JavaScript is used in fintech web projects through several leading frontend frameworks, including jQuery, AngularJS, ReactJS, VueJS.
TypeScript.
- As dynamic as JavaScript, TypeScript is trending as a favourite programming language among web developers.
Backend stack for fintech apps.
The backend is the server side of a web project. Although this is the part of the app that won’t be seen by your customers, it is critical to user experience. The backend refers to the configuration and tools that facilitate fast server response times against the user queries from the frontend of the app.
Choosing the right backend stack for app projects is critical. It enables faster loading times, robust security, and ease of transactions.
The key backend technologies used in fintech app projects may include,
Python.
- Python is regarded to be the most popular backend programming language.
- Python offers an easy coding approach. It has a mass of open-source libraries that are full of reusable components.
- Python is transparent and has a straightforward syntax.
- Many of the leading fintech apps use Python, including iwoca, Stripe, venmo and zopa.
C++.
- C++ is a preferred programming language because of its handling of quantitative finance and analytics.
- C++ is one of the most efficient languages to ensure high-speed execution and therefore a quicker time to market.
C#.
- C# is regarded as a more advanced version of C++.
- C# was created mainly for the .NET framework of Microsoft.
- Using the Microsoft ecosystem of technologies, C# is a better equipped object-oriented programming language for developing highly dynamic fintech apps.
- C# ensures optimum security and ease of development. It is supported by a large developer community and a robust repository of tools.
Ruby.
- Ruby has been a preferred programming language across many banking software app projects.
- Ruby’s popularity with fintech app developers lies in its ease of asset management, dashboard development, e-wallet, and mobile wallet development.
- Ruby also offers inbuilt security features which also helps to make it a popular choice within the fintech app developer community.
Database solutions for fintech apps.
The database is another key area of the technology stack for any web app project.
The choice of the database is critical for fintech apps. It is essential for smooth app performance, as well as delivering robust and uncompromising app security.
The key database technologies used in fintech app projects include,
SQL Database.
- SQL is considered a better option for app projects as it uses a highly structured format ensuring easier access and categorisation.
- The SQL database has a stringent data structure and is therefore helpful in improving app security.
PostgreSQL.
- PostgreSQL is perhaps the most widely used database technology.
- Its popularity is mostly due to its rapid response time to queries.
- This database technology provides an array of additional features and capabilities, including improved securities, transparent data encryption, and data masking.
Full stack development options for Fintech apps.
MEAN, MERN and MEVN are all full stack development options for Fintech apps.
MEAN stack is particularly helpful for fintech app projects as it permits two-way data binding.
Why MEAN stack?
- The composite parts of the MEAN stack are MongoDB, ExpressJS, AngularJS and NodeJS.
- They are all leading technologies. Each has an extensive global developer community and therefore offers continuous support for all development tasks.
- Each component helps improve user experience. For example, NodeJS is a high-speed server-side development framework. It offers easier and quicker execution of server configuration and other back-end tasks. This speed avoids clunky and slow fintech app performance.
- MEAN stack technologies use JSON file format. This JavaScript-based file system helps make transfer data highly readable. Ultimately, this speeds up frontend-backend-database communication resulting in faster and more efficient development.
In sum.
Fintech apps have changed the way we perform routine transactions. They have become a staple in how we manage our money and control our financial activity.
The fintech market in the UK is booming and therefore the techstack choices in app development are critical. In such a crowded market, the user experience will help disruptive financial services organisations rise above the competition. Ease of use and a seamless experience will be favoured over laboured and slow app performance.
As the sector becomes more established, regulation over data security and consumer protection will become more important. The development of these apps must be security led; able to withstand fraudulent activity and other forms of cybercrime.
Are you an app developer who wishes to pursue a career in financial technology? Get in touch today.