Finance is a sector that deals with a huge amount of data day by day. The data which we can’t imagine is that much huge. The transactions are enough for a finance manager to work for. The huge data was managed with the help of spreadsheets back ago. That was the next step used from the advent of computers. Small firms are still using this because they have only less amount of data to deal with. But institutions in the banking sector and other huge firms cant handle their enormous data with the help of excel or they cant use physical books. It is not an easy task nor it is a faster one. So they needed something more than a spreadsheet. So they studied the changes. The changes in technology, how other sectors deal their data, what are the new future in technology etc. These studies answer, Coding.
Coding is simply making communication between humans and computers possible. They help in developing websites, software, mobile applications, machine learning, Artificial Intelligence, etc. So these codes can easily handle enormous data with less time and more efficiency. Firms having more transactions find it easy to enter transactions and analyze the business position. Banks also used coding to record and analyze the transactions happening with them. So in the finance sector also coding is having a key role.
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Like every sector, coding has importance in the finance sector too. Most of the firms hired a technical team that will control and maintain all server-related and IT-related parts of the company. Some firms insist their employees learn to code. This is because coding is easy to learn. If an employee knows coding will be an added advantage to the firm. They can fulfill their job position and can help the firm in coding-related matters. So most of the companies are now providing chances for their employees to learn to code. Some companies give their coding work to freelance coders, which also is reasonable to the firm. They are not permanent employees of the firm. They do work on the firm’s demand.
Choosing Programming languages for Finance
We know there are many languages are out there. These programming languages are the key to developing software, websites, etc. So when coding is used, a programming language is also needed for the coding purpose. Before choosing the language we must know which type of programming languages we need. So for the finance sector, it is divided into three. Let us discuss this in detail.
- General-Purpose Programming Languages
These programming languages are used commonly. This is not used more in any sector. The features of these languages made it used in all sectors. The languages like C++, Java, Python are widely used in finance management. These are common languages that help in software development, web development, Artificial learning, etc. As finance is related to quantitative methods, C and C++ were widely used before. But now it is changing towards Python. This is because python shows maximum adaption in the finance sector. The rich libraries and community of python give enormous support to its developers. These are open-source libraries. The tools like IPython and frameworks also make python favorites in general-purpose languages for the finance sector.
- Specialized Languages
As the name suggests these languages are designed for special purposes. Finance is largely dependent on quantitative data. It involves statistical comparison and financial calculations. So the languages have to be supporting these features. Haskell a programming language used in measuring risks involved in portfolios. There are statistical languages like MATLAB and R. Even if these languages are preferred experts say it is better to use python as a primary language and use MATLAB or R as supporting languages to get the best results.
- Retail level Languages
These are languages developed by the firm itself. We know most of the banks have their applications which give customers almost all services provided. They needn’t go to the bank for everything. Like that, if a firm can develop a language for themselves according to their needs, it will be better for them. These are termed retail-level languages.
Role of Coding in Finance
The role of coding in finance is mainly to get the work done easily and fastly. There are other uses or roles too. They are:
- Analysis of Data
- Designing the Security Systems
- Measuring Risk
- Quantitative and statistical data analysis
- Build Financial Tools
- Build Financial Applications and Websites
- Design Trading Platforms
The financial sector is growing day by day. The data they are dealing with is also becoming huge and huge. So they need something extraordinary to deal with it. Here they can use the services of coding. Coding helps in making the data analysis easy and fast. It helps to build financial tools and frameworks. So coding helps the financial sector to drive through the future changes with ease.
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