Fintech is a maze. It’s a thrilling and extremely complex industry for software development. There are state level regulations, integrations with different services and institutions, bank API connections, etc. to deal with. Another challenge is the high level of trust from the end users required to run finance, mortgages, investments and such. These, in turn, require the highest level of security, functionality, and correspondence with requirements.
What I’m trying to say is that the more unique the software is, the higher it’s valued. Without a properly working and trustworthy software, any financial venture will die down and lose worth. People need financial technology that will last, and I’m going to tell you how we achieved this with Python/Django technological stack while developing fintech products. It’s especially pleasant to say after Python has become the world’s most popular coding language.
Fintech: The Importance of Being Unique
In the world of finance, there are two streams that still coexist. On one hand, there are the millennials who stride gloriously into the future while mastering contactless payments, using on-line banking and all kinds of digital financing services. In an effort to avoid old school bureaucracy, they build their lives in a way that no generation before them did.
On the other hand, there’s the good old traditional financing services. This is a hell of a machine, hundreds of years old, that you can’t stop that easily. Even if it acknowledges the effect that new technology has on finance, it still doesn’t see it as neither as a threat, nor as a worthy competitor.
An attitude like this is especially typical of the most developed countries, such as the G7, which have the most of the money. The most of the old money, I might add. As well as the most people who are ready to operate it and the most highly technological startups. However, the thing is, their financial system is so old and hard-shelled, that it’s not always ready to change.
“Surprisingly, with regard to mobile payments, 40 percent of executives from the United States expect little to no impact to their industry. With the caveat that the sample size is relatively small, 7 out of the 17 US banks (41 percent) saw little to
no impact from mobile wallets and other payment technologies, vs. 14 out of 36
(37 percent) of the nonbanks.”
Meanwhile, developing countries have a number of black holes in the financial sector that allow space for growth. These black holes are slowly but surely being taken over by fintech. By doing so, it gives people in these countries more opportunities, like working with
developed countries and getting paid easily and securely. Fintech removes financial borders, and that’s one of my favorite things about it.
Usage of emerging technologies: G7 vs rest of the world (ROW)