The Top 5 Reasons Why You Should Use Java for Your Next FinTech Project

6 minute read
Java in fintech

What can make your fintech app more secure, user-friendly, and cloud-oriented? The answer is simple: just use the Java-based technologies.

Why Java is so popular

Launching in 1995, Java has become one of the most extensively deployed programming languages in the world. Currently, it holds the second position in the TIOBE rating, with almost 12% of developers stating that it is their preferred programming language. As of 2019, there were around 7 million Java developers worldwide. At over 25 years old, it remains a frontrunner in the realm of code engineering and a leading language in the job market, despite the growing popularity of Python.

There are about 9 million Java programmers across the globe, so when you are putting together a development team, what should be considered? It can be challenging to hire professional Java developers due to the sheer number of specialists internationally, along with competition driven by extra market demand. There is a wide pool of developers globally, with hourly rates from $10 to $100, but hiring professionals according to your budget is not the most difficult part. It becomes even harder to select the right Java programmers to fit your project requirements, standards, and preferred method of communication.

Why choose Java development for your next FinTech project? Java programming advantages

Java allows for the building of FinTech applications with robust architecture, clear code, and high coverage with unit testing. It is also a reliable and predictable choice for solid FinTech SaaS architecture. Java provides a strong and dependable development template and allows developers to easily manage any issues moving forward.

Ultimately, Java can make the operation, maintenance, and expansion of SaaS applications easier and more efficient in terms of operational costs. Most of the FinTech products require powerful data management tools, which makes Java perfect for the case. If you are planning to create a data-heavy financial project enabled with artificial intelligence or machine learning (which obviously also includes data collecting and analytics), Java should be your top choice.

It’s a proven choice for the financial sector

For a couple of decades, Java has been a primary choice for financial software development. It is still the main language when it comes to traditional banking software, which relies on Java’s object-oriented models and superior, fraud-proof security features. As the FinTech sector rapidly grows, and with more than $50 billion being invested in FinTech startups annually, Java is expanding its coverage to another branch of banking software. This is no surprise – with all the appealing and proven Java advantages, it is expected to remain one of the top choices for FinTech project development.

Reliability and safety

In the financial industry, bullet-proof security is a non-negotiable priority. Java seems to fulfill this demand successfully with its runtime constraints and built-in security systems like Java Virtual Machine. Additionally, it’s a type-safe programming language. In environments with massive amounts of different types of data, especially financial records, there is no room for type errors. Java is a type-safe language that prevents data misconfigurations and ensures operations are performed with the right type of data. Consequently, it is the primary choice for most developers working with data-heavy projects, like FinTech startups.

Platform independence (WORA)

Applications built on Java can be run from any operational environment, whether it’s Android, iOS, Linux, or Windows, and operated from any device. Being a completely portable language that allows code or the entire application to be moved between a variety of platforms, Java lets FinTech companies reach wider markets than rival languages would enable them to do.

A variety of libraries and features

Java already has a significant set of data science tools, features, and libraries, like Weka, MLib, and Deeplearning4j. Each new Java release comes packed with new features for FinTech projects with tons of data. Apart from being a cost-effective solution, this variety enables agility and versatility for your FinTech project developers.

Open-source tools

Most big data tools that are written in Java are open-source, which means they are free and accessible to developers. This is a critical factor, as many FinTech projects that are just entering the market are concerned with budget. Open-source technologies let companies significantly save on their tech stack, without losing top-notch quality, security and flexibility.

Different Types Of Java Platforms

As Java is used for multiple purposes, including mobile, web, and desktop application development, there are different Java platforms. These Java concepts are divided into four essential editions for Java development, maintenance, and distribution:

  • Java SE (Standard Edition)
  • Java EE (Enterprise Edition)
  • Java ME (Micro Editions)
  • Java FX (Java Effects)

Companies That Use Java

Despite its age, Java remains a superstar among programming languages, and many large companies still use it for its scalability, object-oriented coding, and wide framework choice. Interestingly, more than 40% of companies who use Java are in the United States, followed by 7% of users in India and 6% in the United Kingdom. On average, 15% of Java companies are large businesses with more than $1 billion in revenue.

One of the world’s biggest companies, Google, relies on Java for a huge part of its development. Other famous companies that use Java in their programming practices are Airbnb, TripAdvisor, Evernote, Slack, Intel, and Philips. Additionally, Uber, eBay, Spotify, and Pinterest are mostly based on Java.

As Java is considered one of the best options for Fintech, many companies use it for financial applications. For instance, a German neobank, N26, provides its services in Europe and the US and has a mobile application built on Rx Java.

Other prominent applications developed with Java include Barclays Banking, an application of British multinational investment bank and financial services company. 

Python vs Java for FinTech

While Java is superior when it comes to traditional finance, in the Fintech realm, Python has come close as a key competitor for startups’ attention. Python has gained recognition for its comprehensive set of open-source libraries and simple structure, which makes it easier to learn for financial developers, and therefore, reduces errors. Also, its syntax is similar to mathematical algorithms, which makes it easier for banking professionals to understand and use Python.

However, considering Java’s maturity and decades-old presence as a leader in the financial sector, it is a more reliable choice to make. Apart from its unmatched safety, reliability, and flexibility, it has been mostly used for large banking solutions. Most FinTech products will need integration with traditional banking products, which means Java development provides more opportunity for a FinTech application to be easily integrated and adopted.

Why hire offshore Java developers in Ukraine?

Ukraine is one of the most attractive outsourcing development destinations, with its combination of an extensive talent pool, vibrant Java community, high-quality professionals, and moderate pricing. According to Stack Overflow , there are around 166,000 developers in Ukraine (and over 8,000 Java developers), which is the second largest number in Eastern Europe. More than half of them have higher education and good English language skills. This means you will have a wide talent pool with experience in FinTech for a reasonable price.

Java FinTech Development with Erbis

Erbis has extensive experience in creating projects with a Java development stack. Our experts have built advanced and sophisticated solutions in the fintech, supply chain, healthcare, and retail industries. Erbis’ Java development team can build your project from scratch or enhance its current technology with ease and professionalism.

April 23, 2021