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.
You can get in touch with Java application development companies who can help you develop web apps that are stable, scalable and secure.
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