Java-banking

Why Java Is The Best Banking Solution For You

Technology is rapidly evolving across the globe. A new software language or framework is developed in every two years to support disruptive business innovation. Popular Java frameworks jQuery, AngularJS, and Backbone.js has completely changed the landscape of applications development in Java; NoSQL databases and JavaScript has revolutionized data storage and structuring methods.  

Companies need not only adopt emerging technologies, they can also improve the existing technologies in use. For instance, Java 8 includes several features that have existed for long in the form of other languages.  

Java is considered to be a "safe" software platform unless the JVM is hampered by a third-party application developer.  Following factors are the major reasons why the banking industry considers Java to be safe. 

Applications developed on Java perform critical functions inside a JVM.  Although the Java program gains access to your files, it is a safe and secure platform compared to other languages.

The program must be a part of a trusted resource having a valid signature. Even if a dubious application gains access to your files, you can force stop the JVM such that the application does not gain any access to your information. On the contrary, other applications developed on C or C++ allows users to continue regular activities with the applications running in the background. In addition, users can create new services for additional security; such level of results is tough for a Java application. 

A program written using Java is compiled to byte code. The code cannot be easily modified or attacked. Decompilers, however, are present that decompile this byte code to code in Java. It is a time-consuming activity though for a third party.  

Verifying the Java code before execution is crucial. The verification process avoids the Java application from running a program that is erroneous and saves the application from force stops. Variables are null-checked to avoid runtime errors. 

Memory management becomes easier with Java. Pointers may result in leakage of data to other unauthorized applications. Although, rare in Java but it is possible. Garbage collection is automatic that plays an important role in Java application development. 

The try-catch block can be used to avoid a program from exiting as a result of exceptions. The Java developer can specify if a particular block of code generates an error or exception and then give instructions to the JVM to act accordingly instead of exiting the program. 

Which is the best programming language?
Often, students of computer programming ask, which computer language is best at present? It is not a very easy question to answer. Every programming language comes with its own merits and demerits.  

Determining the best programming language depends on several factors. Each industry vertical has different needs of using technology. Normally, the banking industry implements a conservative approach in utilizing technology to improve its business processes.

Technology and banking_KelltonTech
Source: The Economic Times

The major concerns related to the banking industry are security, stability, and sustainable support in the long-term. If you explore the various options for online banking over the Internet you will find that most of the online banking solutions are developed using Java, C++, .Net and C languages. 

Big market players, C++, C and Java
Normally, Java has many important uses for the business world. A majority of the entrepreneurs use this language for developing web applications and providing web services. Several internal APIs and web apps for the banking sector run on the Java platform. In addition, desktop apps and few Applets are also available. Few banking web portals run as Java applets on the frontend portal of main customers. 

Another advantage of Java is its features of portability and compatibility. So, if you are developing a solution that will run only on a particular Java, you will ensure that the application will run on all subsequent versions of Java without any changes.

Hence, Java is a cross-platform software language and does not undergo major changes with new releases. Therefore, the language supports online banking applications and is quite popular among the banking industry. 

C# gives tough competition to C++ and Java. A major attribute is the software language is strongly integrated with Windows. Several internal applications use this language because it can be easily integrated with Microsoft products such as Office and Active Directory. Microsoft is able to create user-friendly tools and environment to increase the productivity of your developers. 

If you are a banking professional and want to develop an application on Windows with the help of Active Directory SSO, you will require internal Web Services to display some data, and C# would be a smart choice for you.

C++ is a good option for real-time banking operations, performance, and efficiency. Industry experts argue whether C++ is faster than non-native code such as .Net or Java.

Regardless of the speed comparison with C++, non-native languages are quick enough to be applied in real-time business applications. For instance, the code for Twitter is written on Scala, an application that runs on the Java platform. 

Internet Banking System project in Java
Designing and developing an Internet banking System on J2EE is primarily based on the fact that it provides secure and efficient net banking facilities to your customers who are looking for online banking solutions.

Mobile banking applications use languages like Java Server Pages, J2EE, Java, Enterprise Beans, Oracle database to develop apps where all banking customers can login from a secured web using login id and password, as provided by the bank while opening an account.  Users gain access to options and features in the specific application such as receiving foreign exchange, transfer funds to other beneficiaries, pay utilities’ bills monthly, recharge prepaid mobile, pay postpaid mobile bills, etc. 

mobile banking_0


Source: www.telecoms.com

However, if you are looking for an online banking solution to be developed in Java, you must consider the following factors:

  • Reliable system support: In case the application server fails to work, the enterprises must provide able assistance to banking customers to resolve the issues. Instead of investing huge amounts in database servers provided by big players, you can try to avail the services of free MySQL servers. 
  • Certified Technology Partners: The service provider must be certified and possess technical expertise in Java application development. Certifications are not available for PHP and Node.js. Developers can become certified Java developers and JBoss admin.  
  • Technologies used: banking industry has made huge investments in software languages particularly Java. Do not scrap the old resources. However, you can equip your developers with latest java development skills through trainings and workshops. 
  • Market Knowledge: Java plays an important role in the software industry and is a popular language to develop mobile and web applications. Even Gartner quadrant displays Node JS and PHP in the bottom left while .Net and Java is located on the top right, that means these are the most preferred languages for developing web applications. 
  • Scalability: Java is well known for securing businesses and improving business scalability.  PHP is considered to be slow and insecure due to lack of skilled resources. Node.js is a new language that needs time to outshine the existing players and make a mark for itself with larger enterprise projects. 

Banks will rarely use Node.js and PHP to develop their web applications and prefer Java and .Net because it supports their mission-critical objectives.