Technologies and Frameworks Used in Finance App Development

Yogesh Pant
Apr 18, 2024


Selecting the right technology stack is one of the most crucial steps in creating a successful mobile banking app. 

Why? Developing software involves more than just creating a user-friendly interface or user experience (UI/UX); it also consists of creating a reliable, secure, and maintainable product that draws in clients and makes it easier for businesses to grow. Here's where the appropriate technology may be helpful.

Did you know that, based on the most recent statistics, the worldwide fintech industry is expected to be valued at around $165.17 billion in 2023?

Aside from this, the fintech sector is expected to expand at a compound annual growth rate (CAGR) of 25.18% to reach $324 billion by 2026. Isn't it wonderful?

Working with different banks and financial institutions, we know that some of our customers often need help choosing the right tech stack when creating banking applications. Therefore, in this post, we'll discuss selecting the best tools for the job and examining the best tech stack for digital banking. 

Essential Things to Look for in a Tech Stack Selection for a Banking Application

A technological stack is a collection of resources explicitly used in the development of software products, such as libraries, frameworks, and programming languages. 

It's important to remember that only so many kits don't meet all needs. Depending on their unique requirements, various tech stacks will be needed for multiple projects. Thus, it's crucial to comprehend the factors in choosing a tech stack for a Fintech app development project before getting too technical. 

Complexity of the Project

It should go without saying that you will need additional technology to include the functionality you want in your banking app. Makeover: The program becomes quite complicated if you want to integrate third-party APIs, making it impossible to handle efficiently with a small number of technologies. 

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Simple software development only needs the functionality and UI solutions essential for banking applications. If not, an average level necessitates a more intricate tech stack with several layers and a mix of programming languages since these applications include cutting-edge features, increased synchronization, intricate displays, unique user interfaces, and API connections. Your banking app development project will need a flexible and appropriate tech stack as it grows. 

The Time of Sale

The rate at which a financial services app is developed affects both the development cost and time to market. It is obvious that related expenses rise in proportion to the length of the procedure. 

Utilizing technologies that provide pre-made solutions and streamline the development process may help you meet deadlines by reducing the amount of time spent creating functionality from scratch. 

For example, you may quickly write code and do simple tasks by combining Django with Python. Use this programming language and framework to benefit from easy maintenance and code reuse. On the other hand, if software development speed is not a critical limitation, you must consider using a more complex but adaptable tech stack, such as Java and the Spring Framework.  

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When developing banking apps, security is a top priority. Using secure frameworks and libraries is one of the best approaches to keeping the system safe. Cyberfraud and other dangers must not be a possibility for the selected tech stack. In addition, it is important to guarantee that the selected technologies meet industry standards (such as PCI DSS, CBDP, etc.) to provide a reliable and expandable digital banking system. 

Furthermore, integrating cutting-edge technologies like blockchain and artificial intelligence (AI) might provide a significant advantage by offering a high degree of security for transaction execution and data storage. 

Product Design

When building an application's architecture, a group of programmers decides how different product parts will work together. 

Because of the scalability and third-party integration possibilities offered by microservices architecture, many financial institutions choose to create their banking software on this platform. As a result, to manage several concurrent users while maintaining a microservices architecture, you need to opt for a highly scalable programming language like Ruby. 

Popular Fintech App Technology Stack

Tech stack used by fintech startups in 2023

Several technologies are emerging for mobile devices, and they differ according to the kind of application you want to create. You have the option of selecting a cross-platform solution, iOS or Android app development

Concerning Native Android Applications

Programming Languages

Java and Kotlin


MongoDB, MySQL, PostgreSQL, and SQLite.

Payment Gateways.

Stripe and PayPal


Programming Languages



MongoDB, MySQL, PostgreSQL, and SQLite.

Payment Gateways.

Stripe and PayPal

Concerning Applications Across Platforms

Appcelerator Titanium, Flutter, Ionic, Xamarin, and React Native are used in mobile applications.

Now that you know the essential elements and things to consider when constructing a tech stack for banking applications, it's time to investigate the most often used Fintech technologies. The creation of fintech applications requires security and performance. Thus, banking and payment solutions technologies must successfully address these two significant obstacles. The following is a typical technologies stack for developing financial apps:

Front End Technologies 


The client-side, or front end, of your application, is where end users interact directly; therefore, selecting the right technologies is crucial for a seamless and straightforward user experience. For the creation of web applications, front-end developers often combine HTML, CSS, and JavaScript. 

  • HTML helps organize page components, such as headers and paragraphs.
  • To visualize a document created using HTML, use CSS.
  • JavaScript enables the user interface to include dynamic elements like animations and interactive forms.

Frameworks are implemented to expedite the development process. Angular, React, and Vue.js are three of the most widely used frameworks for developing online applications because they make it possible to create dynamic and responsive user interfaces. 

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Back End Technologies 

The back end, often referred to as the server side of your application, handles the operating logic, data processing, and storage. Python, Java, and Kotlin are some of the financial industry's most popular back-end programming technologies. 




Python is one of the most popular programming languages in the financial industry. Banks, Fintech firms, and asset management companies all actively use it. Predictive analytics, compliance, and data efficiency are just a few of the banking challenges that Python can tackle. Additionally, a myriad of Fintech-focused libraries are available in this programming language to assist organizations in achieving various business goals more rapidly. 



Python is a straightforward and adaptable programming language. 

It’s inadequate for mobile computing.

It decreases the costs of software development and time to market.

It has some design constraints.

Sustains a multitude of libraries tailored for FinTech purposes.

Python uses a lot of RAM.

Provides high productivity of apps.


Many of the world's largest banks have been using Java for more than 25 years, and it remains a vital programming language despite the advent of new technology. It is the preferred technology because of its high degree of security and effective handling of large amounts of data.

Due to its versatility, Java is a desirable choice for many different types of financial applications, including big data apps, Android apps, IoT devices, and commercial software. 



Java is platform-independent. 

Java consumes a significant amount of memory.

It ensures high security.

Java code is usually verbose and complex.

Java comes with cost-effective maintenance.

It may offer a native desktop appearance but it well suited for mobile apps. 

Java Apps are stable and robust.

It enhances system performance and efficiency

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Although software professionals disagree greatly about Java Code's verbosity, Kotlin has steadily emerged as the primary substitute for Java. The greatest Java features are combined with a simpler, more current technology that solves Java's main shortcomings: Kotlin. This programming language is often used to create Android mobile and online applications. 



Kotlin offers cleaner code

As the language is particularly new, it lacks ready-made solutions and Kotlin professionals.

It contains more features than Java.

It is one of the highly secure programming languages.

Additionally, C++ and C# are widely used in situations requiring rapid and efficient analysis and analytical solutions. Ruby is becoming a popular language in the BFSI industry because it is reliable and scalable. Digital wallets, analytical platforms, and digital payment systems are a few well-known uses for Ruby. Discover which programming languages will be most demanded in 2023 for banking and Fintech. 

Mobile Development

A few technologies that may be considered for mobile app development include Mobile Angular UI, Xamarin, Kotlin, and Swift. Each tool has specific benefits and limitations and can be used to construct various kinds of applications. For instance, software developers often employ React Native, Flutter, or Ionic when trying to create cross-platform applications

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Because of its distinct benefits and features, Flutter, an adaptable open-source framework created by Google, is becoming a more popular choice for developing banking apps. Using the help of platform frameworks like Xamarin or React Native, developers may create applications using this programming language that function flawlessly across platforms. 

Futter's usage of the Skia graphics engine guarantees high-performance rendering of user interface components in banking applications, resulting in responsive animations and quick reaction times.



Flutter is a ready-made widget for quicker UI coding.

The developer community of Flutter is still small. 

It has a great development software.

It enables Android and iOS app development using a single codebase.

The official software development kits (SDKs) are used by native applications, which also connect with various unique native frameworks and libraries tailored to the creation of the targeted platform (iOS or Android). 

Java, a programming language that has been used by several banks worldwide for more than 25 years, and the Android UI or Jetpack Compose frameworks may be used to create an intuitive user interface for an Android banking app.

Xcode, Objective-C, the iOS SDK, and UIKit are some of the critical development environments that may be used to create iOS apps.


Database technology selection is critical in the financial services industry, where data dependability and accuracy are crucial. As your user base expands, the database should expand to handle more data and user activity. The database technology's horizontal scalability should support higher loads without sacrificing efficiency. 

In addition, banking applications need to handle data quickly and effectively since the eKYC (electronic Know-Your-Customer) function was introduced lately. As a result, trustworthy databases are essential for Fintech initiatives. 





Has strong analytical capabilities

Quick processing of massive volumes of data

Comparatively low reading speed

Slow performance


Hire Performance

Supports cross-platforms database

It’s difficult to scale

Cannot handle large-sized data effectively, resulting in decreased performance


Highly Scalable

Offers quick query response


Transactions using MongoDB are complicated


High performance and portability capacities

Supports wide range of database

High performance

Requires extensive knowledge to use

How to Select a Technical Stack for Your Finance Company

Finding the right balance is essential when choosing the right IT stack for your financial institution. It necessitates a thorough evaluation of your current needs and a firm knowledge of emerging trends. 

Consider Your Application's Features and Focal Point.

It's imperative that you assess your project's demands before proceeding. This entails considering the application's feature set, complexity, and market niche. 

Fintech includes a wide range of industries, including banking, payments, and personal money management. It also takes into account the recent upsurge in Insurtech and regulatory app use.

While there isn't a single, comprehensive approach to software development, the following characteristics are often seen in many financial apps:

A dashboard that allows users to compile financial data and generate reports.

  • Certain degrees of automation.
  • Implementation of push notifications.
  • Including digital payments or a payment gateway.
  • To safeguard sensitive information, we are implementing security measures.

Verify Regulatory Compliance

There are two justifications for following regulations: safeguarding user interests and business operations. Because Fintech firms are susceptible to risks like data breaches and money laundering, they must adopt adequate security measures against cyberattacks and fraudulent activities.  

Several regulatory laws and regulations must be considered when creating and integrating a financial software system. It would be beneficial if you assessed how well your chosen tech stack meets these requirements. 

For instance, machine learning and artificial intelligence technology can help identify changes in behavioral patterns that could point to potential money laundering cases. 

Give Security and Scalability First Priority.

Your tech stack selection has a significant effect on security and scalability.

Fintech applications prioritize security since they handle sensitive data. Your chosen technology directly impacts the system's ability to fight against common vulnerabilities and cyber threats like SQL injections and cross-site scripting (XSS). Lower these risks by prioritizing data encryption, using security-focused libraries in your tech stack, and choosing frameworks with integrated security features. A well-thought-out tech stack also guarantees that your application can handle the growing needs of modern financial systems. This covers tasks like managing enormous data sets and carrying out many financial transactions. 

Scalability, however, is more than simply numbers. Instead of battling to keep an application reliable and responsive by developing a robust infrastructure, Fintech businesses may concentrate on innovation. 

Technology Applied to the Development of Financial Apps


Technology is a critical factor in how our financial management is changing in the ever-changing world of finance. The use of cutting-edge technology has significantly altered the creation of finance apps. Let's explore some of the significant technological advancements that are transforming the financial app development sector.


Finance applications are now missing chatbots, which provide individualized support and increase user engagement. These AI-powered virtual assistants can handle transactions, respond to questions, and offer real-time help. Chatbots are vital for improving user experience in financial applications since they can mimic human-like discussions by using machine learning techniques and natural language processing (NLP). 

Artificial Intelligence, or AI

By providing predictive analytics, fraud detection, tailored recommendations, and risk assessment, artificial intelligence (AI) is completely changing the banking sector. AI algorithms can evaluate enormous volumes of data to provide insightful reports, automate procedures, and enhance decision-making in the finance app development industry. Artificial Intelligence is changing how financial services are provided via mobile applications, from credit scoring to investment management. 


Blockchain technology is revolutionizing the financial industry by offering a decentralized, transparent, and safe data storage and verification platform. It is being utilized in financial app development for smart contracts, digital indemnity verification, and safe peer-to-peer transactions. Blockchain increases trust and security in financial transactions within mobile applications by eliminating middlemen and guaranteeing data integrity. 

Utilizing Biometrics

Biometric identification techniques, including voice, face, and fingerprint recognition, are increasingly included in banking applications for increased security and user convenience. Finance applications may provide robust identity verification and safeguard private financial data from unwanted access by using biometric data for user identification. Thanks to biometrics, which provides a smooth and safe method, users may access their accounts and complete transactions with confidence. 


Constructing an advanced technology stack for flawless digital banking applications necessitates carefully considering several crucial elements. Technical specialists must be consulted to make an educated choice when selecting a technological stack for a fintech product, such as a digital banking app.

In conclusion, the integration of technologies like chatbots, AI, blockchain, and biometrics is transforming the creation of finance apps by boosting user experience, boosting security, and opening the door for cutting-edge financial services. These technologies will be vital in determining the direction of financial applications and altering how we handle our money in the digital era as the finance sector embraces digital transformation.

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