How DevOps is Transforming the Finance and Banking Industry

Sep 6, 2021 | DevOps, Finance | 0 comments

JPMorgan, Capital One, and America Expressare just some of the big names adopting DevOps as an essential tool in their technology kit. Recently, Development Operations, or DevOps for short, has been trending in the financial world. Known for its speed and to-market time, it appears to answer financial organizations’ prayers, ensuring their products meet their clients’ rapidly developing demands. However, the question is, why choose DevOps for your financial organization?

In the changing market scenario, quick delivery of services has become critical to firms across various industry verticals to succeed in the race.

Financial services are such vital industries involving high customer dependence and resultant demand for quick delivery of solutions to meet the ever-growing end-user needs. As an industry involving high-level financial operations such as banking, among others, financial services naturally demand uninterrupted customer service and robust internal infrastructure for seamless operations.

This eventually resulted in a demand for technology integration. And, one technology solution that appeared as an immediate answer for seamless and faster delivery of services is DevOps, a technology recognized more as a culture.

Let’s take a look at the primary ways in which DevOps is transforming the finance and banking industry:

Process Automation

This is the crucial aspect of DevOps that can substantially benefit the financial services industry in quickening internal processes. Automation of tasks across the process chain or software delivery cycle comes as an effective means to achieve efficient resource utilization, improved product quality and enhanced developer productivity while balancing responsibilities across the cross-project requirements, frequent updates and overall process management at the enterprise level.

In fact, this leads to continuous delivery and eventually lessens the time for market release while ensuring scalability and compliance with standards.

Security

This is the very fundamental factor that stopped or concerned firms in the financial services industry while on their move for digital transformation. Though the quick delivery process of DevOps was initially considered as a means to compromise security, many financial services on the way forward reported security enhancement and faster recovery through DevOps practices.

DevSecOps came as an additional advantage ensuring full-fledged security integration across the pipeline. Resultant, many firms in the industry started looking at DevOps as a resource to address security.

Internal Functioning or Culture

More than a technology, DevOps is appreciated for the cultural setup it brings to an organization, and that aspect forms DevOps as a combination of Development (Dev) & Operations (Ops). DevOps practices bring together different teams on to a single platform while connecting all of them to a project pipeline. This can be of prime importance for financial services firms on their move to digital race as DevOps culture facilitates together functioning of development, operations, Quality Assurance (QA), while also promoting effective collaboration and knowledge-sharing bringing in the ease in internal functioning.

Management

Large organizations often face issues because of widely-distributed internal teams which might lead to miscommunication distracting the process flow when required. DevOps handles all software delivery pipeline stages (release, deploy, test and build) in an effective way to ensure shared visibility and process control among teams. This includes avoiding discrepancies among teams and breaking down functional silos by effectively dealing with every aspect of the software delivery pipeline. This is accomplished by integrating advanced IT processes across all levels of the organization to ensure smooth process flow to production.

Modernization

Digital banking is nothing new. In fact, according to one source, it dates way back to 1994. However, technology has come a long way since then. Aside from some significant advancements, there’s one other thing that’s built up too – legacy tech. This is the outdated code that some essential services still hang on. While your old tech might be too outdated to work efficiently, it’s not always possible just to throw it out and start afresh. It’s integral to your operations. This is where DevOps comes in handy. It allows you to continuously work to modernize your systems while not jeopardizing taking your business offline to do so.

Alternatively, if you are starting from scratch, DevOps allows you to modernize as you build, adapting to the latest trends without the feeling that your just-released solution is already out-of-date.

Increasing Transparency

Previously, financial software was developed in isolation following a relatively strict hierarchical process. Participants were working essentially in silos, concerned only with their own area of the task and nothing else, which was great for information security, but created challenges in effectiveness. That has all changed. DevOps in finance requires teams from across the board – QA, engineering, content, compliance, legal, etc. – to participate and work together to ensure the software solution is up to scratch. By drawing expertise from all areas, the solution becomes more robust and effective. Meanwhile, with greater transparency, processes can occur faster and lead to a more successful outcome.

Conclusion

DevOps methodology is literally transforming the banking and financial sector: it enables to provide to the market a major amount of quality services in a safer and more efficient way, in harmony with the strategies that settle governance, risk, security and conformity. We at AppleTech have the experience and expertise in developing DevOps based solutions for your business. Reach out to us today.

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