Transaction Isolation Level in Financial Apps

Question

I'm reading about transaction isolation levels (serializable, repeatable read, read committed, read uncommitted) and am a bit confused about their respective uses. Do I understand it correct that for example in banking apps (money transfers etc) the isolation level used is probably serializable since no relaxation of this rule is allowed?

Answer 1

It is up to you to choose the isolation level depending on how you want your application to work. You may require different isolation levels for different db calls, depending on what you are doing with the data.

There are no hard and fast rules for any specific industries such as banking, however some data (for example financial transaction data) is obviously important and you want to do all you can to avoid data loss and data inconsistency.

Isolation levels are explained better than I can here.
http://en.wikipedia.org/wiki/Isolation_%28database_systems%29