Ninety-nine percent of respondents to a recent Atlassian Survey – DevOps Trends state that DevOps has positively influenced their firm. There is a reason why post-COVID, DevOps has an increased preference for leading banks and FIs.
Amidst the epidemic, some financial institutions were compelled to augment their digital service to accommodate consumers’ evolving desires. Transformations of the front end, such as digital account opening, Know Your Customer, mobile banking, online customer assistance, and self-service, must be completed quickly.
This significant effort to improve the digital customer experience (CX) has had a ripple effect on backend systems and supporting IT operations. A rising digital footprint spanning on-premises software and the cloud necessitates improved cadence for managing new deployments, target infrastructure, and legacy cores with new digital add-ons. Working with deep domain experts – like Maveric – creates market-defining value propositions.
How is DevOps offering game-changing rhythms in the BFSI sector?
Robotic Process Automation
DevOps significantly accelerates internal procedures within the financial services business. Automating tasks across the process chain or software delivery cycle effectively achieves efficient resource utilization, improved product quality, and increased developer productivity while balancing responsibilities across cross-project requirements, frequent updates, and enterprise-level process management.
Security
Security is the fundamental reason financial service organizations embrace DevOps as part of their digital transformation efforts. Even though the rapid delivery method of DevOps was previously perceived as a security risk, numerous financial institutions have claimed improved security and faster recovery due to DevOps principles.
Creating a performance culture
DevOps is a combination of Development (Dev) and Operations (Ops) that is valued more for the organizational culture it fosters than for the technology itself (Ops). DevOps culture facilitates the concurrent functioning of development, operations, and Quality Assurance (QA), promoting effective collaboration and knowledge-sharing, thereby easing internal processes. DevOps approaches unite several teams on a single platform while connecting them to a project pipeline.
Effective Management Outcomes
Large firms frequently need help with their widely dispersed internal teams, which may result in misunderstandings that disrupt the process flow when necessary. DevOps handles all steps of the software delivery pipeline (release, deploy, test, and build) to ensure shared visibility and process control between teams. This includes preventing differences between groups and eliminating functional silos by properly addressing every component of the software delivery chain.
Creating Tomorrow’s Modernization Dynamics
Digital banking is nothing new. DevOps enables you to modernize systems continuously without putting your business at risk by bringing it offline. Alternately, if companies start from scratch, DevOps enables modernization at the construct stage, responding to the current trends without the outcome that the newly-released solution is already obsolete.
Boosting Transparency
Previously, financial software was developed independently using a very hierarchical procedure. Participants worked effectively in silos, focusing on their part of the assignment and nothing else, which was beneficial for information security but hampered efficiency. All of this has changed. DevOps in finance necessitates the participation and collaboration of multiple teams, including QA, engineering, content, compliance, legal, etc., to guarantee that the software solution is up to par. The an
Conclusion
The rapid delivery of services has become crucial for businesses across all industry verticals to compete in the current market environment. Financial services are essential businesses characterized by high customer reliance and the consequent necessity for rapid delivery of solutions to fulfill the ever-increasing end-user requirements. As a sector that engages in high-level financial operations, such as banking, financial services necessitate uninterruptible client service and a solid internal infrastructure for streamlined processes.
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.
