Org. Springframework. Dao. Dataaccessresourcefailureexception

I'm getting the following errors

Exception in thread "main" org.springframework.dao.DataAccessResourceFailureException: Error retrieving database metadata; nested exception is org.springframework.jdbc.support.MetaDataAccessException: Could not get Connection for extracting meta data; nested exception is org.springframework.jdbc.CannotGetJdbcConnectionException: Could not get JDBC Connection; nested exception is org.apache.commons.dbcp.SQLNestedException: Cannot create PoolableConnectionFactory (Client does not support authentication protocol requested by server; consider upgrading MySQL client)
    at org.springframework.jdbc.core.metadata.TableMetaDataProviderFactory.createMetaDataProvider(TableMetaDataProviderFactory.java:103)
    at org.springframework.jdbc.core.metadata.TableMetaDataContext.processMetaData(TableMetaDataContext.java:205)
    at org.springframework.jdbc.core.simple.AbstractJdbcInsert.compileInternal(AbstractJdbcInsert.java:276)
    at org.springframework.jdbc.core.simple.AbstractJdbcInsert.compile(AbstractJdbcInsert.java:263)
    at org.springframework.jdbc.core.simple.AbstractJdbcInsert.checkCompiled(AbstractJdbcInsert.java:309)
    at org.springframework.jdbc.core.simple.AbstractJdbcInsert.doExecuteAndReturnKey(AbstractJdbcInsert.java:369)
    at org.springframework.jdbc.core.simple.SimpleJdbcInsert.executeAndReturnKey(SimpleJdbcInsert.java:133)
    at sample.spring.chapter07.bankapp.dao.BankAccountDaoImpl.createBankAccount(BankAccountDaoImpl.java:35)
    at sample.spring.chapter07.bankapp.service.BankAccountServiceImpl.createBankAccount(BankAccountServiceImpl.java:17)
    at sample.spring.chapter07.bankapp.BankApp.main(BankApp.java:28)
Caused by: org.springframework.jdbc.support.MetaDataAccessException: Could not get Connection for extracting meta data; nested exception is org.springframework.jdbc.CannotGetJdbcConnectionException: Could not get JDBC Connection; nested exception is org.apache.commons.dbcp.SQLNestedException: Cannot create PoolableConnectionFactory (Client does not support authentication protocol requested by server; consider upgrading MySQL client)
    at org.springframework.jdbc.support.JdbcUtils.extractDatabaseMetaData(JdbcUtils.java:293)
    at org.springframework.jdbc.core.metadata.TableMetaDataProviderFactory.createMetaDataProvider(TableMetaDataProviderFactory.java:63)
    ... 9 more

when I try to execute the following main file

package sample.spring.chapter07.bankapp;

import java.util.Date;

import org.apache.log4j.Logger;
import org.springframework.context.ApplicationContext;
import org.springframework.context.support.ClassPathXmlApplicationContext;

import sample.spring.chapter07.bankapp.domain.BankAccountDetails;
import sample.spring.chapter07.bankapp.domain.FixedDepositDetails;
import sample.spring.chapter07.bankapp.service.BankAccountService;
import sample.spring.chapter07.bankapp.service.FixedDepositService;

public class BankApp {
    private static Logger logger = Logger.getLogger(BankApp.class);

    public static void main(String args[]) throws Exception {
        ApplicationContext context = new ClassPathXmlApplicationContext(
                "classpath:META-INF/spring/applicationContext.xml");

        BankAccountService bankAccountService = context
                .getBean(BankAccountService.class);
        BankAccountDetails bankAccountDetails = new BankAccountDetails();
        bankAccountDetails.setBalanceAmount(1000);
        bankAccountDetails.setLastTransactionTimestamp(new Date());

        int bankAccountId = bankAccountService
                .createBankAccount(bankAccountDetails);

        logger.info("Created bank account with id - " + bankAccountId);

        FixedDepositService fixedDepositService = context
                .getBean(FixedDepositService.class);

        FixedDepositDetails fdd = new FixedDepositDetails();
        fdd.setActive("Y");
        fdd.setBankAccountId(bankAccountId);
        fdd.setFdCreationDate(new Date());
        fdd.setFdAmount(500);
        fdd.setTenure(12);
        int fixedDepositId = fixedDepositService.createFixedDeposit(fdd);
        logger.info("Created fixed deposit with id - " + fixedDepositId);

        logger.info(fixedDepositService.getFixedDeposit(fixedDepositId));
    }
}

This is the application context file

<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<beans xmlns=""
    xmlns:context="" xmlns:tx=""
               xmlns:jee=""
    xmlns:xsi=""
    xsi:schemaLocation="   
          
         
               
        ">

    <context:component-scan base-package="sample.spring.chapter07.bankapp" />

    <context:property-placeholder
        location="classpath*:META-INF/spring/database.properties" />

    <bean id="jdbcTemplate" class="org.springframework.jdbc.core.JdbcTemplate">
        <property name="dataSource" ref="dataSource" />
    </bean>

    <bean id="namedJdbcTemplate"
        class="org.springframework.jdbc.core.namedparam.NamedParameterJdbcTemplate">
        <constructor-arg index="0" ref="dataSource" />
    </bean>

    <bean class="org.apache.commons.dbcp.BasicDataSource"
        destroy-method="close" id="dataSource">
        <property name="driverClassName" value="${database.driverClassName}" />
        <property name="url" value="${database.url}" />
        <property name="username" value="${database.username}" />
        <property name="password" value="${database.password}" />
    </bean>

    <tx:annotation-driven transaction-manager="txManager" />

    <bean id="txManager"
        class="org.springframework.jdbc.datasource.DataSourceTransactionManager">
        <property name="dataSource" ref="dataSource" />
    </bean>

</beans>

and this is the database.properties file

database.driverClassName=com.mysql.jdbc.Driver
database.url=jdbc\:mysql\://localhost\:3306/spring_bank_app_db
database.username=root
database.password=root

What's wrong with this code?