Why is Java the Preferred Language when It Comes to Banking Applications?
Several reports have highlighted that a large number of financial institutions and banks rely on Java as a high performance programming language to build mission-critical financial applications. Unlike other financial applications, banking applications need to be modified and updated frequently to meet the most recent guidelines issued by the Central Bank. At the same time, the banking applications also need to be scaled regularly to meet Service Level Agreement (SLA). As Java is designed to have minimum implementation dependency, it becomes easier for the banks to maintain and scale their applications in a flexible way. There are also a number of factors that make Java the preferred language for building banking applications.
What Makes Java the Preferred Language for Banking Application Development?
Platform Independent
The compatibility of a banking application will have a huge impact on the user experience. The financial institutions opt for a programming language that makes it easier to move from one computer systems. In addition to allowing enterprises to easily switch from one computer system to another, Java further enables them to run the same program smoothly on multiple systems. As the programming language is platform-independent at both source and binary levels, it becomes easier for the developers to optimize the banking application’s compatibility.
Multithreaded
As a banking app has to perform a number of different tasks at a time, it becomes complex and complicated. The developers rely on Java as it is a multithreaded programming language. It can be seamlessly integrated into systems, procedures and applications. Unlike other programming languages, Java does not enable multithreading by relying on operating system-specific procedures. Thus, the banking application can be integrated seamlessly with third-party services, systems and applications.
Facilitates Distributed Computing
Nowadays, most banking applications are being deployed in a distributed environment. So programmers have to explore ways to simplify distributed computing. Java comes with networking capability that is integrated into it. So it makes it easier for developers to adopt distributed computing. The programmers can use Java to write network programs just like sending and receiving data to/from a file.
Reliable and Secure
Java is also considered as one of the most secure and reliable programming language for creating financial apps. As it emphasizes on checking errors during the early stages, it becomes easier for programmers to deliver a flawless application. Java compilers can effectively identify the problems that will appear during the execution time in other languages. Likewise, Java language, runtime environment, compiler and interpreter are designed with features to optimize the security and accessibility of banking apps.
Adopt Cloud-Based Technologies
A constant increase is noted in the number of financial institutions adopting cloud-based technologies to curtail hardware cost. As a server side programming language, Java enables enterprises to switch to cloud computing without any hassle. While developing a banking application, the enterprise Java developers need to concentrate on where the code will be deployed. They only need to ensure that the code passes the required unit tests. Thus, Java helps enterprises in launching banking apps with virtual infrastructure.
Easy to Update Applications
As noted earlier, in comparison to other financial apps, banking applications need to be updated more frequently. Whenever there is a change in the Central Bank guideline or Service Level Agreement, the banking app needs to be updated to incorporate these changes. Further, the banking applications must be modified immediately to implement the changes without any delay. In comparison to other programming languages, Java programs can be written, compiled and debugged in a quick and hassle-free way. Thus, Java makes it easier for programmers to update the banking apps without any delay.
Many enterprises even opt for Java while creating banking application to save money. As Java is an open source technology, it can be used without paying licensing fees and royalty to Oracle. The open source nature makes it easier for small financial institutions to launch banking applications that delivers richer user experience, without requiring customers to pay additional fees.
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