Digitalisation in the banking and finance sector brought significant changes. We no longer use books for tracking the records of transactions and accounts. Digital technology has revolutionised the financial industry. Banks and financial institutions have been using Java as their primary choice of programming language for over 20 years now. It is considered a very safe and secured platform for building web applications in the Fintech industry. Using Java in the Big Data ecosystem makes more sense since it is an object-oriented language. Java makes it possible to manage enormous data with full security.
The programming language is continuously growing, and a huge community is backing up the use of this technology in the finance industry.
Why Fintech Companies Prefer Java?
Every firm in the financial sector wants top-notch stability and security. Java is existing for over 25 years now. According to the Stack Overflow Developer Survey 2019, Java stands among the top 5 famous technologies. More than 41 per cent of the developers are working with the Java programming language.
The competition among programming languages is growing stiff. Many other programming languages can also be used for developing financial applications and platforms. However, Java still remains the dominant programming language. Banks and insurance companies prefer this language for its incredible security, scalability and reliability. These companies have to do heavy processing of big and sensitive data.
Top Security Features
Every financial institution wants top-notch security measures to fight against criminals and remain one step ahead of them. They also want to provide the best availability rates, and an incredible user experience since the market has become very competitive. Java programming language is ideal for big data processing and security. There are many in-built security features, advanced security managers, and runtime constraints. Interestingly, Java is platform-independent, which makes it able to run on almost any device. This gives it a significant advantage over other technologies. We can use the same code to launch it anywhere by operating in a virtual environment. It is possible to move Java applications from one device to another without any hassle. Irrespective of the operating system, Java applications can be installed on any device. Thus, the end-user can launch the application on a smartphone, laptop, or any other machine. The Java Virtual Machine supports other programming languages such as Kotlin, Groovy, and Scale. A Java Bootcamp can help you master the security features of Java.
Tried and Tested Technology
The long existence and the huge community are other reasons why fintech companies prefer Java. Some of the oldest banks and finance companies have been using Java for developing their internal system for a very long time. They prefer Java for its ability of amazing data processing, structure and in-built safety features. This long history of Java in the fintech industry makes it ideal for developing banking and finance-related applications. Plus, the huge community of developers have years of experience with the requirements, culture, and reality of using Java. They have worked in various markets with different systems. This long history also brings tons of libraries and ready-to-use solutions for credit-card features, personal finance features, and other important features.
Amazing Scalability
Businesses prefer Java for its amazing capabilities for improving business scalability. In comparison, other languages might be slow due to less skilled resources. Java remains tried and tested among financial institutions for easily scaling the infrastructure. A java certification course can help you learn to build scalable applications.
Reliable Language
The active community and continuous development make Java one of the most reliable programming languages in the world. Every bank and financial institution need a guarantee of reliability in its digital infrastructure. Java provides a very reliable platform for developing banking and finance applications. The language focuses on achieving high performance with great fault tolerance. For this reason, Java is considered a smooth language for powering banking applications.
Integration of Cloud-Based Technologies
As mentioned before, Java is constantly evolving with time. It is one of the most flexible languages that support cloud computing. The banking and finance sector is also getting reliant on cloud-based technologies to decrease the hardware cost. This makes Java the perfect language for a smooth transition from traditional technologies to cloud computing. Java developers just need to focus on the code deployment; the rest can be achieved easily.
Advantage of Distributed Computing
Modern banking apps work in a distributed environment. Thus, the developers need to develop applications that can take advantage of distributed computing. Java is a well-known language suitable for distributed computing. The adoption of this type of computing is much easier when developers prefer Java over other languages.
How is Java Being Used in the Current Finance Industry?
Chatbots (Finance Sector)
For the past decade, banking organisations and financial institutions have been greatly using chatbots. This is primarily to improve the consumer’s digital experiences and reduce the expenditure of hiring real chat support. Modern chatbots are able to analyse a customer’s expenditure habits, loan repayment habits, credit scores, and more. Java and its incredible frameworks play an important role in developing chatbots with portability, transparency, maintainability, debugging, visualisation, etc. Java is widely used for creating chatbots with machine learning or multi-robot systems.
Fraud Detection (Finance Sector)
Banks and finance companies have been using Artificial Intelligence tools to detect fraudulent credit card or bank account activities. Java is one of the preferred programming languages for AI application development. It can be used for security and fraud identification effectively. The high-level security features in Java makes it very beneficial for developing AI tools that help make complicated decisions in determining a fraud or legit transaction.
Trading and Investments (Finance Sector)
Finance companies greatly use data scientists, and finance companies greatly use data science to predict the market’s future trends. The majority of them rely on Java to process a humongous amount of data in a very short period of time and simultaneously. Developers can use Java to develop analytical tools and prediction models necessary in the investment market.
Mobile Wallets (Finance Sector)
Managing our finance is challenging if we don’t have much experience with accounts. However, the amalgamation of Java frameworks, machine learning, and artificial intelligence makes the work a lot easier for us. Today, e-wallets and mobile wallets have become necessary for our lives. Developers use Java-based algorithms and Artificial intelligence to develop these e-wallets that help people make critical decisions while spending their money.
Future of Java in the Fintech Industry
Despite having too much competition in recent times from other programming languages, Java is set to dominate the finance industry’s future. The continuous evolution of the language and the huge community support are some of the reasons that could contribute to this dominance. Java technologies are known for providing faster and more efficient solutions. Enrolling on a java certification course is a great way to take advantage of this future.
Learn Java with LSET
If you are planning to learn Java to develop enterprise applications or enter the banking industry, then the LSET Java certification course and java Bootcamp could be the best way to kickstart your career. You will get the best practical learning experience with tons of hands-on activities.