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The fintech sector is growing by leaps and bounds globally. Banking and financial organizations tend to offer online services with the utmost convenience and data security to their customers. A reputed Golang development company can fulfil this requirement by using one of the most prominent programming languages, Go or Golang. In this blog, we will discuss the role of Golang in the fintech industry with important use cases. Let’s start with discussing the importance of fintech in our lives.
More people switch to mobile banking and look for online payment solutions for their shopping or other transactions. Moreover, cryptocurrency has taken a world by storm as an investment and trading tool. In such a scenario, new players emerge as service providers in different areas of banking and finance.
The above-mentioned graph shows the increasing number of fintech companies across different regions including the Americas and APAC. The steady growth indicates the vital role of the fintech sector in meeting the customer’s financial requirements on a 24x7 basis. These requirements are related to investment, trading, and banking.
Fintech startups and companies deal with the customer’s financial information to give them personalized recommendations for saving and spending money. Various fintech applications are available with different features. Let’s understand how a Golang web development company can help the fintech sector to get advanced web application solutions.
Security and scalability are the primary requirements of any fintech solution. Golang can meet these requirements effectively. Here we mention the top benefits of using Golang in fintech software development services -
One of the most important tasks for a fintech application is to handle multiple transactions and a vast online traffic simultaneously. Be it online messaging or requests, comments or payments, all these high-load services need attention on a 24x7 basis. Here, Golang is capable to meet these high-load requirements with high scalability and simplicity.
Golang is one of the most suitable languages for building software for fintech industry. All thanks to this programming language’s efficient garbage collection feature. Made by Google developers, this language can run directly without requiring any additional layer. It results in powerful performance even when handling complex situations.
The fintech sector requires memory management. Golang web development companies can meet this requirement effectively by optimizing the system memory at a top-tier level. A seamless memory management in fintech solutions can attract more people and retain their trust in your company.
This is an essential functionality for the fintech software. Golang, with its exceptional cross-platform compatibility, can enable your customized software or application to run across multiple OS or platforms. As a result, you can reach a huge audience consisting of Android phone users, iPhone users, and laptop or desktop owners.
Golang fintech solutions offer robust security features. As a soft target for cybercriminals, fintech solutions always remain vulnerable. As per the research report, over 1/4th of all malware attacks are happened on the BFSI sector alone. Golang, with its 3 symmetric encryption algorithms packages, can make the fintech applications highly secure for data.
Golang can run programs separately from one another in a fintech solution. Its built-in goroutines offer incredible flexibility and speed. This language also enable multiple apps to run at once. This concurrency advantage is highly beneficial for the thriving fintech sector and helps your company deliver better user experience.
All these benefits make Golang a preferred language for fintech software developers. However, it is fair to mention that the Golang web development services face several challenges. You can hire Golang developers from a reputed web development company to get rid of the following challenges.
Fintech software development services face several challenges while using Golang for making robust solutions. These challenges include-
Golang needs stronger library support and developers may find it challenging to select the right framework for this language
Usage of GoLang Pro is not suitable for object-oriented programming in fintech applications
Golang is a high-level language with some low-level features that may bring hurdles in development
A few internal imperfections of this language can ruin its simplicity and make the development complicated
A reliable Golang development company can address these challenges effectively. It can assist you to leverage the benefits of this Google-created language through making a proper decision. However, it is fair to mention that as an entrepreneur, you should check the benefits and challenges of the Go programming language before proceeding for software development. Let’s go through some interesting use cases of Golang for fintech software development.
As per the Deloitte report, global fintech industry revenue stood at approximately USD 90 billion in the year 2017. It has grown by more than 2 times in just 7 years as it has reached around USD 183 billion in 2024. Customized and feature-rich fintech software has played a vital role in the growth of this promising industry.
Here are some interesting and beneficial fintech solutions based on Golang.
It a popular eCommerce platform in Latin America with operations in over 18 countries worldwide. Around a decade ago, app developers decided to migrate the MercadoLibre application to Golang language instead of Groovy on Grails.
This migration becomes highly beneficial for the company. Today, MercadoLibre application can process around 20 million requests in one minute thanks to a robust, rapid, and scalable system based on Golang.
It is a renowned finance firm that has operations in many countries globally. The increasing volume of transactions has compelled American Express to find a perfect solution to make its payment infrastructure ready for global challenges.
Software developers at American Express chose Golang for its capability of processing over 140,000 requests every second with other advanced features. Go has brought a significant increase in the system’s speed for processing real-time transactions.
It is one of the most famous payment platforms across the world. PayPal decided to make its platform ready to offer the necessary stability to its growing user base. It switched to Golang from NoSQL database system for programming its SDN infrastructure.
Golang language has helped PayPal get the necessary stability and speed with high scalability and concurrency. It is useful for the platform’s seamless performance.
Simply put, the fintech sector has emerged as a medium of bringing disruptive changes in the way customers transact, shop, and make payments. Golang can drive its growth in the future with its inherent benefits and flawless performance.
The fintech sector has recorded steady growth so far. We can expect that it will continue its stellar performance as more people prefer online financial services. Google’s Go language contributes to the growth of this sector by giving advanced and scalable solutions. Fintech companies will hire Golang developers to leverage the benefits of this powerful yet simple language with various useful features.
Silicon IT Hub is a renowned Golang development company. Our in-house team of Golang developers have hands-on experience in using this programming language. We can build advanced fintech solutions that can drive growth for your company through user-friendly features. Contact us to learn more about our Golang development services.
Golang is ideal for fintech app development because of its inherent scalability and speed with ability to handle concurrent processes.
Golang has a capability to reduce vulnerabilities related to memory leaks and type errors. Its simplicity and straightforward syntax also minimize security risks.
Companies like PayPal, Coinbase, and Robinhood use Golang because of its speed and scalability.
Yes, Golang is designed with scalability in mind, supporting concurrent processing with Goroutines. This enables growing fintech applications to scale efficiently.
Golang is commonly used in backend development, microservices, and real-time analytics in fintech. It is ideal for payment gateways, fraud detection systems, and data-intensive applications.
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