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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Make software development easier with Java 7

Java 7 has been in the software development world for quite some time now. The variety of features, bug fixes as well as enhancements in it has led to improved efficiency in the development as well as running of Java programs when compared to Java 6. In fact, many developers have a love-hate relationship with the next version; but about the benefits of this particular version almost all of those people are unanimous. There are many features that have led to this intense popularity. Some of them have been discussed here.

One catch block with multiple exception- The very first feature that most people have fallen in love with when using this version is the fact that multiple Exception can be caught in a single catch block. This feature known as multicatch block is an important feature in Exception handling since it helps in reduction of clutter in the handling code.

String used in Switch case- Before Java 7, String could not be used in case or Switch statement. Now with the addition of Strings the switch instruction has become much friendlier. Previously the alternative was to use else/if/else if statements which had to be paired with string.equals calls. The alternative implemented now has resulted in a more compact and cleaner code.

Automatic resource management- Generally a developer closes resources like input/outstreams, files, connections, etc manually through bog-standard codes. However, with this version the resources can be managed automatically. The operation is quite simple too; just the resources have to be declared.

Type inference through Diamond operator <>- With the introduction of Generics, programmers had to face a couple of tough challenges- its verbose nature and that duplicate code was generated. With the feature called Diamond operator <> introduced in Java 7, type inference is provided when Generic classes’ object is created. This method is very easy for that purpose and is far better than the Factory method creation.

Invokedynamic, for support of non-Java languages- Invokedynamic is a bytecode that has been newly introduced. This feature has an exciting part; improved support is provided for compiling programs where dynamic typing is used. Dynamically typed languages such as bash scripts, Ruby, etc as well as statically typed ones like Java need such instructions for the support of these kinds of variables. Many kinds of languages that are not Java based are supported by JVM. However, with the support of this instruction, the JVM becomes more language independent. This acts as great news for those who love implementing components in various languages or want interoperability between the standard Java programs and those languages.

Fork Join framework- The existence of Fork join framework has been as an individual JSR even before the particular version of the language came into existence. Now the version has got an additional feature in the form of this framework and it has become a part of its standard core library. By virtue of this framework, developers will be able to write codes by taking benefit of multiple cores that are available in modern servers.

Improved version of File IO API- Java.nio package has gone through many changes and finally a new package has emerged known as java.nio.file. This package has several interfaces as well as classes like Paths, Path, FileSystems, FileSystem, etc. The new classes have helped improve a developer’s life when he or she attempts to work with several file systems. Static methods are also provided for operations which are file related; like an entire file can be read very easily through readAllLines. Symbolic links can be created as well by this class. Another important feature is the setting of file permissions for file systems that are POSIX compliant.

Looking at the list of features that Java 7 has, it leaves no doubts as to why it has become so popular among developers over the other versions. Moreover these are only a few of the most popular features. There are several more features which have made software development a much easier action. You can get in touch with a java web development company India who can help you develop web apps that are stable, scalable and secure.

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