What would it take for Java to dominate FinTech? A SWOT analysis
Strengths, weaknesses, opportunities, and threats; what does Java have to offer to the FinTech movement and what obstacles should it overcome in order to replicate the success it already has in finance?
JAXenter has been focused on the Java ecosystem since the very beginning and where I come from we say, if you do not praise your own home, it will come crashing down on you!
However, I am not going to simply praise Java’s superiority and fall into the trap of creating a biased piece. In this article, I will present a SWOT analysis in an attempt to assess Java’s role in the FinTech environment.
Let’s get started!
Strengths: The endless abilities!
Java has been one of the most desired skills for every employer in multiple sectors. Let’s have a closer look at some of the features that have established Java among the top programming languages.
- Portability and a huge range of applicability – “Write once, use anywhere”, probably one of the most prominent Java characteristics
- Compilation nature – great memory management, crucial for dealing with use amount of data
- Multithreading – can handle multiple users simultaneously
- Scalability – easily scalable, both vertically and horizontally
- Accountability – tested, secure and reasonably fast
- Auditability – easy for auditors to understand, if needed
To elaborate on this list a little bit more, specifically in relation to FinTech, Java offers a secure platform to handle financial data thanks to its compilation nature.
Weaknesses: Even Achilles had one!
In a previous article, I discussed the main features that make a language the perfect fit for FinTech. To briefly mention again:
- Easy to handle
- Coupled with ready-made libraries and components
With the last feature being the exception, after a quick look, Java seems to fulfill all those requirements. Nonetheless, there are others that do it better! More specifically, Java may be among the most required skills for developers, making it in a sense ‘common knowledge’, however, languages like Python have a much simpler syntax, closely related to the mathematical syntax, making it easier for other professionals within the financial sector, for example, economists to learn it. In that sense, Java does not make the cut as the easiest language to handle for the FinTech sector.
Moving a step further, time is key for everything; even more so for anything related to finance! The world of finance and especially the FinTech trend is moving forward with huge speed. That being said, it is crucial for a developer to create a FinTech app in the smallest amount of time possible.
Well, frankly, Java does not make the cut here either. Other languages, like Python (once again!), offer shorter codes that cut the development process shorter as a result; i. e. what every entrepreneur would request!
Opportunities: My community is bigger!
It is needless to say that Java has one of the biggest user communities worldwide.
Threats: How much faster can you go?
As mentioned earlier, developments in the FinTech sector are moving at the speed of light. Therefore, there is always the threat that a newer, faster, trendier language will come along that could turn Java into a … fossil.
It’s a fast, fast world!
One of the main objectives of the SWOT analysis is to identify the extent to which strengths can overcome weaknesses and how opportunities can eradicate threats.
In our case, the key to Java’s success in the FinTech sector lies in its community. Its long-standing community can offer all the support Java needs in order to develop and improve at the same speed as FinTech trends and keep up with its competitors.
Undoubtedly, the FinTech world is unlikely to slow down! It is the Java’s responsibility to keep up the pace.