Benefits of Using Golang to Develop Fintech Applications

 

The primary requirements of a Fintech solution are security, speed, and scalability, and Golang perfectly meets these requirements. As a result, go for Fintech with Golang!

 

 

Go is a statically typed programming language. It allows compilers to go through the source code early on, preventing and correcting all potential errors before they occur. Despite its similarities to other languages, particularly Python and C++, many developers have recently switched to Golang. A wide range of fintech companies are also considering switching to Golang for application development. Let's take a closer look at the main benefits of using Golang for app development in the FinTech industry.

 

Handling Heavy-Load Services

FinTech applications must be available 24 hours a day, seven days a week. Furthermore, this industry necessitates the rapid identification and resolution of errors, as well as the provision of high-load services such as online messaging, chats, and requests that must be addressed and processed efficiently. Golang is well-built to meet high load requirements because it has the ability to run multiple apps concurrently, addressing each responsibility individually.

 

Outstanding performance

The performance of Golang is the second most notable advantage of using it in the FinTech industry. All because of its effective garbage collection feature. Because Go is built into the binary, it can communicate directly with the hardware, eliminating the need for an additional layer such as the Java Virtual Machine. In terms of performance in complex and challenging situations, Go outperforms all other languages.

 

The simplicity

One excellent example of this feature is the payment behemoth American Express. According to the company, Golang is a straightforward and easy-to-learn language due to its simplicity. Developers with little experience can master the programming language in a month, and beginners can quickly grasp its fundamentals.

 

Unrivaled memory management

Another critical aspect of the FinTech industry is memory management. Golang, which has this feature, assigns blocks to multiple running programmes, handling, monitoring, and coordinating each one on a system level. By performing these activities, Golang ensures that the system memory is optimised to the highest level possible.

 

Typing that is static

Languages that use static typing rather than dynamic typing have a short learning curve. In Golang, unlike a programming language that uses dynamic typing, developers can easily detect and correct code errors. Ultimately, throughout their fintech app development journey, developers benefit from the speed and accuracy of the language in which the code can be written.

 

High Level of Security

This is one of the most important advantages of using Go in the FinTech industry. The finance industry is one such industry that cybercriminals frequently target. According to statistics, financial institutions and banks account for more than a quarter of all malware attacks. Access to customer data has become very simple thanks to techniques such as reverse engineering, clickjacking, and so on. Golang, on the other hand, has the ideal set of tools for making codes and applications extremely secure. The Go Module is one such excellent example. Typically, Golang provides three symmetric encryption algorithm packages: base64, AES, and DES. To ensure the security of your application, you can request that your developer follow the best security practises, such as:

 

Encoding web content with a template/HTML package, protecting users from cross-site scripting attacks.

Using Go's static binding feature in conjunction with minimal base images in containers to reduce the container attack surface. Concurrency

One of the key premises on which Go was built is its ability to run programmes independently of one another. Given that Golang allows multiple apps to run concurrently, it makes use of its simple built-in goroutines, which provide incredible flexibility and speed in comparison to Java. To summarise, the concurrency feature makes Golang for FinTech a preferred partner by improving performance.

 

Compatibility with multiple platforms

Without cross-platform compatibility, fintech applications are incomplete. Golang provides excellent cross-platform compatibility by allowing software or devices to run on one or more operating systems or hardware platforms. As a result, when a company uses this language, it gains access to a larger audience by providing them with access to apps across multiple devices/platforms such as smartphones, tablets, and laptops.

 

Exceptional Scalability

Creating a fintech application is not enough. When a company decides to launch a fintech app, it must ensure that the system is robust enough to handle a significant increase in the number of users. After all, leveraging market share is the primary need for any startup/company. Here, Golang provides excellent tools to its developers, such as concurrent Goroutines, to help them build a performant and scalable solution. Unlike traditional architecture, Goroutines allow a single process to serve a large number of requests at the same time. As a result, it is currently the preferred language for many Fintech developers.

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