Why Golang Is the Best Choice for Fintech Applications – Use Cases

Introduction: Go For The Fintech Industry

The FinTech sector necessitates 24-hour customer service. Financial organizations and banks must select a suitable programming language to ensure uninterrupted communication service. Golang, one of the most prominent and widely used languages in recent years, has greatly benefited the FinTech industry. This blog post discusses Golang for Fintech Industry Development Challenges and Considerations and Successful Golang Fintech Apps.

Understanding Go (Golang): An Overview of the Language

Go, often known as Golang, is an open-source programming language created by Google. Go is a programming language that programmers use to create a variety of operating systems, frameworks, web applications, cloud services, networking services, and other kinds of software. FinTech organizations, startups, and decision-makers in the financial services industry favor Golang For Fintech App Development.

Golang For Fintech was initially designed for carrying out heavy-duty tasks. It is built using an amalgamation of features from other languages. It eases, simplifies, and satisfies the demands of organizations and developers. 

Benefits Of Golang For Fintech App Development

A Fintech solution must prioritize security, speed, and scalability, and Golang ably satisfies these objectives. 

The language Go is statically typed. It facilitates compilers to review the source code relatively quickly, avoiding and fixing all probable errors before they even appear. Numerous fintech businesses are also thinking about migrating to Golang development services. The main benefits of using Golang in FinTech industry for app development are listed below.

• Performance And Efficiency

The most significant benefit of Go in FinTech industry is performance. Its efficient garbage-collection system is the reason for this. An essential component of the FinTech sector is memory management. This functionality allows Golang to handle, monitor, and coordinate each running program at the system level by assigning blocks to different running programs. Golang ensures that the system memory is optimized to the highest possible standard by carrying out these actions.

• Concurrency And Scalability

It’s not enough to build a custom mobile app development. Businesses must ensure that their infrastructure will be reliable enough to handle a major increase in the overall amount of users before launching a fintech app. Since this is the main requirement for every startup or business to leverage its market share. 

With the aid of its continuous Goroutines, Golang provides outstanding resources to its developers in this area to create a successful and scalable solution. Goroutines, in contrast with conventional architecture, allow a single process to handle numerous requests at once. Because of this, it is currently the language of choice for many Fintech developers.

• Security And Reliability

High security is one of the most important advantages of utilizing Go in the fintech industry. One such sector that is vulnerable to attack by cybercriminals is the finance sector. According to statistics, financial institutions and banks are the targets of more than one-fourth of all malware assaults. Reverse engineering, clickjacking, and other techniques have made it relatively simple to access customer data. However, Golang has the ideal combination of tools.

• Developer Productivity

The cross-platform interoperability feature is essential for fintech applications. Golang Development Services offers outstanding cross-platform compatibility by enabling applications of Golang or devices to run on various hardware or operating system platforms.

FinTech applications of Golang must function smoothly. Along with providing high-load solutions like online communication, chats, and requests that need to be responded to and handled quickly, this industry also necessitates the speedy identification and resolution of mistakes. Golang is well-built to handle substantial load requirements.

Source: Expense Ease – Credit Card Management App

Use Cases For Golang In Fintech App Development

Few Golang Use Cases are listed below.

• High-Frequency Trading Systems

Golang is renowned for features like simultaneous execution, concurrency, and fast compilation. Golang is a fantastic option for central banking and Go for FinTech app development and is well-suited to adapt to changing consumer needs and market trends.

• Payment Processing And Gateway Solutions

Golang is ideal for contemporary technologies like the cloud and is designed to improve the performance of software applications, including payment gateways.

• Blockchain And Cryptocurrency Application

Despite being designed as a language for a variety of high-performance programs, most programmers concur that Golang for blockchain is best suited for producing online applications.

• Risk Management And Compliance Tools

Base64, AES, and DES are the three symmetric encryption methods packages available in Golang. You can request that your developer follow the best security procedures by saying things like:

• Encoding web content using a template or HTML package will shield visitors from cross-site scripting (CSS) attacks.
• By means of the static binding function of Keeping base images in containers to a minimum to lessen the chance of a container attack surface.

Golang Frameworks And Libraries For Fintech App Development

With its foundation in object-oriented programming, Go has been used as an add-on language. Its great performance and low cost have made the development chores easier.

• Martini

Martini can incorporate third-party assistance while still maintaining a small Go for Fintech with Golang framework. It supports wildcards, regex structures, and variable parameters, among other features, and can handle exceptions.

• Beego

Beego uses Command-Line tools (CL) and is effective for developing apps from scratch or in the middle of existing ones.

• Gorilla

Gorilla is a preferred Golang Web Framework because of its scalability, extensions, modules, drop packages, and native support for web sockets.

Aslo Read: NodeJs or Golang for Backend Development?

Challenges And Considerations In Golang Fintech Development

Challenges:

• It needs stronger library support, and it is challenging to pick a framework to work with.
• As GoLang has its method of doing things, using GoLang Pro will prevent you from learning object-oriented programming.
• It has low-level features in a high-level language.
• A default implementation is not supported by its interface function.
• Its interior imperfections give the appearance that its simplicity is shallow.

Considerations:

Google created Golang; thus, the Windows operating system works incredibly well with it. You must make a sensible decision for your next endeavor after weighing its benefits and drawbacks. When selecting a programming language for a project, it is important to thoroughly weigh the benefits and drawbacks of the Go programming language.

Case Studies: Successful Fintech Apps Built with Golang

• Google

The Google employees that created Golang frequently utilize it for internal projects inside the company. In this approach, Google produced Google Earth and Google Chrome. Additionally, Google App Engine and YouTube also use it.

• Uber

Uber is one of the top Golang users. It is utilized there for the geofence service, which functions as the user’s location and the availability of products. With the help of geofencing, it is possible to accurately define the area that must meet certain criteria (for example, by considering airports) and to execute dynamic pricing.

• SoundCloud

SoundCloud is one of the top Golang users. According to its engineers, Golang is a WYSIWYG language, which implies that the entered code accomplishes exactly what is seen on the page. Additionally, they value the “one problem – one solution” approach, reducing the time spent contemplating the code.

• SendGrid

One of the largest organizations employing Golang is SendGrid, a cloud-based email provider specializing in sending transactional messages. It is primarily in charge of transmitting client inquiries, processing incoming messages, providing offers, and purchase confirmations. Go is the company’s main programming language of choice. This language’s advantages enable it to process more than 500 million messages each day in an effective manner.

• Dropbox

Another excellent example of a significant corporation employing Golang is Dropbox, one of the biggest names in cloud computing services. You can hire Golang developers to create the same sort of application for you. 

It needs a language to scale its systems more effectively. To achieve this, the developers used Python to move its crucial systems. Dropbox started creating its libraries to solve the issue of the Go libraries’ lack of depth and to be able to create larger systems.

Conclusion: Harnessing The Power Of Go For Fintech Innovation

Golang is used in various sectors, including banking, retail, streaming video, and Fintech. Due to its quickness, availability, and capacity for creating microservices, Go is a preferred choice in the financial industry.

When taken as a whole, these qualities are strong arguments in favor of using Golang when creating FinTech products as opposed to other programming languages. Because of these factors, create ground-breaking, industry-leading digital banking applications using Golang and microservices that are sufficiently scalable and adaptable to meet evolving client needs.

Despite its benefits, Golang development services aren’t significant, so consider that while trying to figure out if it’s an appropriate match for your company. This programming approach is best suited for large initiatives, but it’s not ideal for you if you don’t want to scale those projects. The time spent using them is a waste. You can construct a POC for investors or fundamental middleware by going there.