ITECH 5403 Language Design Essay: Programming Languages in Banking

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ITECH 5403
Language Design Essay
Assignment 1

Contents
Introduction................................................................................................................................2
Background of Banking Segment..............................................................................................2
The purpose of the language......................................................................................................3
Choice of programming language for Banking..........................................................................4
Discussion of memory management and scoping feature..........................................................7
Selection of one of the language................................................................................................9
Conclusion................................................................................................................................11
References................................................................................................................................12

Introduction
The following report aim at enhancing the knowledge regarding the different programming
language used in various field to carry out distinct operations. Every language has its own
specification and is designed to fulfil the different requirements. For example, some
languages have dynamic memory allocation while others not, there are languages which
support union and packages but some not. Hence every language is made either to solve the
glitches in its previous hierarchy or to perform special tasks and function. Here in this report
programming language which is used in banking segments are discussed. This report helps to
analyze the different languages which are used in the banking domain to successfully carry
out different operations and processes. Languages have been utilized so that they increase the
speed, provide robustness, account for accuracy and enhance the flexibility in the system. The
report first discusses the purpose of the language and then compares the memory
management and scoping feature of different languages.
Background of Banking Segment
Banking segment is a concern with building the payment solutions and creating the online
platform for the transaction. The basic and main functionality which are performed by the
banks is opening of the customer account, creating the file, maintaining the funds, withdraw
and deposits of money, reserving and maintaining of the (Bucchiarone, et.al, 2018) accounts,
maintaining the databases, loans, trade, finance and many more. The features which must be
exhibited by the banking applications are given below in the following section.
 The storage and memory management should be able to handle a large number of
details regarding customer and their banking accounts.
 The software must be able to concurrently and simultaneously able to handle the user
session efficiently.
 The programming language should have the ability to connect with other applications
like databases, word, excel and etc.
 The application should not take much time in processing or buffering as it will delay
all the process and will lead to a loss.
 Auditing process should be efficient so that it helps in solving the problems on time
and also solve troubleshoots of the customer queries.

 Language should be created in such a way that it can be easily deployed on any
platform.
 Language should provide with the ACID property which stands for atomicity,
Consistency, Isolation and durability characteristics.
 The software created with the help of languages should be able to support multiple
services like loan, banking, transaction, card facilities and services.
 The software must provide the recovery and backup characteristics so that at the time
of the crash or any incident data can be easily recovered.
 The language used in the application of banking must be in the form of readability so
that new member can be able to decode it easily and does not cause any hindrance.
The purpose of the language
Banking segments is made up of different segments for example business, finance,
accountability, managing the customer relation, calculating the interest and manage all the
mathematical work etc. Hence when talked about language in programming in the banking
segment then it must have specification and enormous feature to solve and make the
processes and conduct the operations with quicker phase. The main purpose of programming
languages are described below: -
Programming languages help in performing bank applications and processed with greater
efficiency and increases its effectiveness.
 It helps in maintaining the code and allows the (Hilpisch, 2018) feature of reusability.
 It also helps in saving a whole of time as the language performs with the greater
speed.
 It gives the flexibility and reliability of the design
 If the code is written correctly then, it results in providing the accuracy and precision
of the calculations and functions.
 It helps to find the solution to many technical problems related to the data types and
structures.
 The main functionality provided by the programming language is its robustness to
perform the operations.

 Data can be easily searched with the help of programming languages, one don’t need
to refer to the piles of databases, they just need to write code for intended data and the
language will work to show the required data.
 It also helps in providing security and privacy of the data (Yan, 2017) which is the
biggest matter in the field of data.
 With the help of programming languages, much software and banking application are
created that helps in performing the task.
Choice of programming language for Banking
Different languages are designed to perform specific tasks and have been utilized by different
professions. For example, Java is considered best for the trading system; Python goes hand in
hand for the investment bankers. Statistical designing and work are generally done with the
help of Matlab and R. The system concerning the management of the risk and numerical
systems generally go with the code of C++. Hence different application has different
programming base.
Discussing the banking segments, every bank has its own functionality which differs from
one another and so they might use the different language according to different requirement
and functionality. There are banks that create their own language to perform the operations to
maintain security and privacy. In general, there are enormous types of languages used in the
banking sector and with the help of these languages many software can be created and
developed to be utilized for the banking segments. Banking (Berwick & Chomsky, 2016)
needs a different operation to work simultaneously like conducting transactions, maintain the
data of the customer, calculating the interest, managing the fund, credit and debit of amount
and etc. Hence the language which is used in the segment must be able to perform all these
tasks and function properly and efficiently. Different languages available are C++, Java,
Python, C#, .Net and many more.
Banking sector rather uses the technologies in some conservative way as it is a concern with
the consistency, stability and security of the accounts of their customer, these factors also go
in term of programming languages too. Bank basically selects the language which is static
based and flexibly strong in performing the task. Given below are some of the most widely
used programming languages that are used for banking applications and creating software
with the help of these languages.

Python – In the banking segment python is being used for managing the risk, calculating the
prices and looking the maintenance of the trade management. They are widely used because
of their unique capability of modelling and the greatest property to provide easy use. Python
is used for carrying out and writing the scripts, web services and maintaining the algorithms
related to the analysis of the data. It is also used to (Hilpisch, 2018) create the abstraction
layers and frontend for the customer portals. It is preferably favoured because of their agile
and dynamic feature. The software and programs are easy to develop in this language and aim
at quicker and faster development. The main idea behind developing this language is to be
simple and must use the minimum amount of the syntax. It is nowadays, been used for
cryptocurrency trend and market. It is one of the consistent and one of the most scalable
programming language.
C# - The greatest feature which is offered by C# is its low latency and quantity
characteristics. It is the language which is widely used after the C++ and Java languages. It is
generally used because of its integration and collaboration with Windows. C# also offers
integration with office and Active directory for carrying out the internal process. It is
considered as the great choice if any bank application is (Carpenter,et.al, 2017) developed
with the help of SSO directory which is used to display data with the help of web services.
The syntax which is used in the C# is the same as C languages. It is generally used to
create .NET applications, mobile application and games. The main advantage of this
language is that it allows creating the functions in another language and can be extended in
this language. It is one of the safest languages as this language does not allow to use any
variables which are not initialized.
Java – The banking sector utilizes the Java language for its web services. Java APIs and
applets are still in great use for the many front end application of the bank. Java language is
most popular due to its greatest feature of portability (Li & Tao, 2017) and compatibility.
Java is created in such a way that it can be run on any platform without making any changes
in the code. It is considered as the cross-platform for the
C++ - C++ programming language is been used in the banking segment for its speed
functionality. It is always favoured due to its efficiency and performing in the real-time
situation and condition. It offers development of speed, the capability to debug and great
availability of functionality and the cost is feasible and effective. Banking segments require
much calculation and the computation and hence C++ language is developed to carry out

numerous computations at greater speed. It is considered one of the best languages for
quantitative analytics and finance sector. The efficiency speed of this language can be
contributed to its metaprogramming and the type of data structure-property. Some projects in
banking are very complex and hence code reusability factor in C++ language help in carrying
these project with the ease. The biggest advantage of this programming language is that it
offers library known with the name Standard Template which can solve any type of problem.
SQL - Banking is related to the storage and handling of large data. The best software and
application that is used to maintain that data is SQL systems. The SQL system allows and
enables to manage the large set of data, modify it, and retrieve on time. The data can be easily
fetched at the time of requirement. The basic property which attracts the most banking sector
towards the SQL software is its ACID properties. The SQL injection in the SQL software
helps to prevent many attackers from exploiting and attacking (Berwick & Chomsky, 2016)
the databases which are stored in the devices or system of the bank. Banking segment is all
about accounts, users, deposits and transfer of money which can be easily handled by the
SQL software. The greatest feature which is supported by this software is transaction
processing. It also allows the application of data integrity which restricts the duplicity and
unauthorized party.
Scala – The very feature of Scala is its scalability nature which is the trusted part of this
software that financial services and banks sectors use. Banking sector uses this language for
its three most and greatest feature which are security, sustainability and stability. It is
considered as one of the most efficient solutions which are (Gupta, et.al, 2017) used in the
banking sector. The basic functionality which is performed by the Scala is it helps to conduct
and maintain the communication within the corporate boundary. It also helps in increasing
product sales and helps in monitoring and training process. It is the newest technology which
has come in the banking sector for maintaining the connectivity with the customer.
HTML – The banking segment will require HTML for developing the online solution and
creating the mobile application for the banks. It can be used with the help of other languages
to create interactive pages. HTML uses simple tags so that it can format the application and
mark up the content. It is considered as one of the easiest languages to learn and provide great
ease of usability. The main advantage of HTML is (Kennedy & Musciano, 2017) that it all
browsers support the features and application of the HTML. It is considered as the widely and
friendly Search Engine Available. The banking sector has a lot of updates and modification

and hence it provides a platform to easily edit the code and program. It is considered a
lightweight language which is present in highly compressed form and it does not require
much space to download the code of HTML.

Discussion of memory management and scoping feature
The below section is used to compare the different programing language on the various
aspects which are described below with the help of table
Feature /
Languages
python Java C# C++ Scala HTML
Simplicity It is a
very
simple
language
It is
comparativel
y bigger than
c and C++
No Very long
code
Code is
long but
easy to
learn
Very
easy to
use and
learn
Data types Integers,
complex
no.,
Boolean,
floating
Primitive and
not-
primitive
data type
Three types
of data –
value,
pointer and
reference
Derived,
user-
defined and
built-in
datatypes
Double,
short,
byte,
char,
float,
Boolean,
integer
They
have so
many
data
types
includin
g TEXT,
NAME
etc.
Structure of
syntax
Divided
into
many
logical
lines
It uses
keyword
More like
C and C++
It uses
keyword
Syntax
used are
Tags are
used for
the
syntax
Access
Control
Name
Mangling
Package,
private,
public,
protected
Protected,
internal,
private,
public
Friends,
protected,
private,
public
Public.
protected,
internal
No
Exception
Handling
Yes for
flow
Yes for flow
control
Yes for
unpredictab
Yes for
unpredictab
Yes for
control
None

control le and
abnormal
activity
le and
abnormal
activity
flow
Type
checking
yes yes yes yes yes No
Abstract
properties
yes Yes with the
help of
abstract
keyword
yes yes yes No
Inheritance Multiple Interfaces,
single and
multiple
Interfaces,
single and
multiple
Multiple multiple None
Object –
Orientation
paradigm
Hybrid Hybrid Hybrid Hybrid as
well as
multiple
Hybrid None
Static/
Dynamic
Dynamic Static Static static Static static
Pointer No No Yes yes Yes No
Collection of
garbage
Referenc
e
Counting
Generational,
mark &
swipe
Mark &
swipe
None Mark and
swipe
None
Uniform
Access
No No No No No None
Operator
overloading
yes No yes Yes Yes Yes
Method
overloading
No yes yes yes Yes No
Security No yes yes No yes No
Multithreadi
ng
yes yes Yes Libraries Yes yes
Paradigm Reflectiv Multiparadig Structure, Procedural, Imperativ No

e,
imperativ
e, object
–
oriented,
functiona
l as well
as
procedur
al
m. class-
based,
generic,
concurrent,
structure,
imperative
object-
oriented,
event as
well as task
driven,
reflective,
generic
object-
oriented as
well as
generic
e,
structure
as well as
procedur
al
paradigm
Platform Cross-
platform
OS,
Windows,
Linux
Common
Infrastructu
re
Windows
and Linux
Cross-
platform
Object –
oriented,
based on
a
prototyp
e, event
– driven,
tags
Discipline of
typing
Strong
and
dynamic
Static,
strong, safe,
manifest
Both
dynamic as
well as
static,
inferred
partially,
safe, strong
Nominative
, static and
inferred
Nominal,
static,
weak,
manifest
All
browser
s
Selection of one of the language
Python is the best and leading language for the finance and banking sector. Banking sector
contains many segments; the different segments in the banking department are as follows
software which is used in banks, analysis, and cryptocurrency and trading

The various features of the python which make helpful in banking domain are described
below –
Multi paradigm – The python uses multiple (Hilpisch, 2018) paradigms which are
imperative, procedural, functional, object – oriented programming
Garbage Collection – The python-support the dynamic memory allocation and hence it can be
seen that it has an automatic collection of the garbage which helps programmer to manage the
use of memory effectively and efficiently.
Interpreted – the interpretation which is used by the python is CPython which help in
converting code into the byte codes.
Open Source – It is the open-source language which is available open and gives great
flexibility to the application.
Cross Platform – This means that a language should be created in such a way that it can be
used on many platforms. Python has cross platform properties and can be used by many OS.
The functionality of the python is such that it can run on very big clusters as well on small
servers too.
Multi-purpose – Python has the multi – purpose qualities including the development of the
code, for making application and desktop versions. It aims at creating code at a rapid pace. It
is used for both high task and low operation tasks.
Indentation - Python has the great feature of using indentation which is used for highlighting
the code rather than using brackets, semicolons and parentheses.
Dynamically typed – python uses the inferred (Yan, 2017) types during the time of run while
it is not declared statically which is done by any programming languages.
Scalability – it is considered as the most scalable language as it does not require much effort
to learn. It is a simple language and provides flexibility to a greater extent.
Laconic code – the code which is written in the python is present in very short form. It helps
developers to complete the process with the help of fewer code lines.
Strong framework - The framework which is used in the python is Django. The main property
of Django is that it has self-functionality characteristics.