Fintech is one of the biggest and fastest-growing IT markets today.
It is an emerging industry that uses technology to compete with traditional financial methods in the delivery of financial services. Mobile banking, investing services, and cryptocurrency are all solutions that make financial services more accessible to the general public.
One significant trend that we have witnessed in fintech is the use of functional programming languages. In this blog post, we will delve deeper into the state of fintech right now, and how exactly functional programming can improve modern fintech products. In the end, we will list some companies that use FP in their trading, banking, or fintech infrastructures.
Benefits of functional programming languages
Banks, trading firms, and fintech projects use functional programming languages like Haskell because of the properties which imperative programming does not provide. Most of the big companies mention three main reasons:
- Strong typing helps prevent errors in the code that could lead to problems somewhere down the path. For example, Barclays lists strong typing as one of the reasons for choosing Haskell for their derivative algorithms;
- The code is more readable and maintainable, and as a result, it is easier to find bugs and reduce the risk of exploits.
- Functional programming handles concurrency better, so these languages excel at complex tasks that involve parallel actions.
Let’s look at the most popular areas in fintech right now and how functional programming can help in their specific use cases.
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