Compared to other economic sectors, the financial industry has historically been at the cutting edge of innovation and technological development. Customers in today’s highly connected and digitalized society want to be able to access and manage their money wherever they happen to be, whenever they want, with the help of straightforward mobile applications, all while keeping sensitive information like their credit card details safe.
DevOps refers to integrating development and operations teams to improve product quality, speed up time to market, and reduce operational costs. DevOps is a viable path at all three levels of financial institutions, for global financial companies bracing for post-COVID challenges, a regional bank looking to improve performance, or a microfinance app looking to update. Maveric is the most suited to help you access a wide range of technologies and a pool of technologists throughout a wide range of projects.
DevOps is bringing the edge in Banking and Finance
DevOps has positively affected 99% of respondents, as per the Atlassian Survey 2020.
- The quickness of service: Businesses worldwide that have adopted DevOps are much more likely to make modifications, enhancements, and upgrades than those that have not. Following the implementation of DevOps best practices, the failure rate decreases. Also, embracing DevOps increases the likelihood that a development team can recover from failure more quickly. By encouraging DevOps approaches like a delivery pipeline, the code can open up a new universe of features and capacities while enforcing good discipline.
- Conformity with Security Standards: In financial matter, security is a matter of top conern. Data related to investments, transactions, and other activities handled by financial services providers must be safeguarded at all times. To accomplish this, a top-tier software application that conforms to stringent cloud-based safety guidelines is needed. Development security operations, also known as DevOps as security compliance, is an essential practice that must be implemented before adopting DevOps.
- The Cloud can be adopted and integrated more easily: Many banks are migrating their non-core banking applications to the Cloud, despite security and compliance concerns still preventing them from fully realizing the benefits of cloud services. Banks can reap the benefits of DevOps’s agility and scalability while enhancing the client experience across all channels. As a result, financial institutions may now employ data analytics and insights to create user-friendly mobile apps for their customers.
- Updating Outdated Computer Technology: While the concept of online banking dates back to the 1980s, it was in 1994 that the first dedicated online bank was launched. Since then, the majority of banks have moved their operations online. It’s safe to assume that by the 2010s, most of their infrastructure had become hopelessly dated and insufficient. On the other hand, a significant financial institution must do more than throw out all of its old technology and start over. DevOps is designed specifically for situations like this. By following these guidelines, an aging system can be modernized in a programmatic fashion.
- Researching and appraising markets and assets: In addition to a growing number of input feeds and databases, these functions require many calculations. Many businesses can create asset valuation formulas by combining a wide variety of industry-specific data, insights, processes, and analyses. Financial institutions that seek to differentiate themselves in the marketplace through the generation of novel insights will also need to master the art of rapidly scaling up novel data-driven formulae.
Conclusion
To improve teamwork and accelerate the rollout of new software and products, leading banks are adopting “DevOps”—a set of techniques at the intersection of operations and IT development. Operations and IT development teams have vastly different goals, but DevOps aims to bring them together. Maintaining dependable systems is paramount to the work of the operations team. The focus of development teams, in contrast, is on constant evolution. They are responsible for developing new software or modifying existing programs to serve end users and customers better.
About Maveric Systems
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.
