Today, DevOps has gained a wide influence over software-powered companies. It has also taken in its shade the organizations in the finance industry. However, the pace of adoption for DevOps in fintech companies is lower than in the other domains. There is no doubt that fintech is one such domain that is at the forefront of digital innovation in this area of cloud-native technology at present.
Besides, Fintech organizations can leverage DevOps’ incredible benefits by implementing a few recommendations on deploying DevOps in their domain.
Here, we will discuss these tricks and the benefits of DevOps in the fintech domain.
What is DevOps
Patrick Debois was the first person to make the world familiar with DevOps. It is a term that is an amalgamation of two separate concepts: Development and Operations. It is the first point that provides a space for an individual to figure out what exactly it is.
DevOps is a software development and IT industry approach. DevOps is a set of techniques and tools. It integrates and automates software development (Dev) and IT operations (Ops) activity. It also improves and shortens the systems development life cycle.
In a nutshell, we can say that DevOps is not a method but a tool.
The Contemporary Relevance of DevOps in Fintech
Years have passed, and Fintech companies have been very cautious about the method to manage their infrastructure. They still find comfort in deploying the archaic system for their operation. Thus, they are very calculative and tentative when adopting a novel framework or operation.
Yet, the graph has changed with DevOps coming into the frame. The contemporary relevance of DevOps in fintech is that companies are enthusiastic about adopting DevOps initiatives to improve efficiency, reduce costs, and stay competitive in the market.
Many fintech companies have implemented DevOps in their daily functions and benefiting themselves.
For instance, we can look at how top digital payment service providers have used the DevOps tool. They have achieved faster time-to-market and improved client experiences.
Manifestation of Fintech with DevOps
Fintech companies have a history of being habitual to long-developed operations and tools. Their basic manifestation of DevOps is achieving consistency, safety, and reliability in innovation.
DevOps helps fintech automate its functions and procedures. It allows them quick and efficient deployment of its features and applications.
DevOps keeps in mind the interconnected and complex infrastructure of fintech. Thus, it paves the way for the safe and scalable management of many technology stacks and platforms.
Fintech is a domain open to innovations and evolution to keep up with the developments. Thus, DevOps can help them remain successful and unshakeable. As a result, DevOps adoption provides a greater sense of continuous server dependability and faster upgrades.
Fintechs can use the DevOps technique to exploit many growing technologies, such as blockchain and AI, while remaining relevant in its domain.
Best Ways to Implement DevOps in Fintech
Here are some of the best ways to implement DevOps in fintech:
Configuration management
Configuration management is a specified source of trustworthy information for their configuration. CM system helps fintech companies ensure that all the software and hardware resources used in their functioning are recognized and can be tracked in their time of need.
This implies using a version control system (VCS) or an up-to-date and accessible database of these assets over their entire life cycle.
Using its automated processing system, companies can replicate and manage the system and software using CMS and VCS. They can also roll out the development if find any issues. This brings flexibility to the fintech business. It helps them expand their capacity to change and improvise while spending little time and money.
Infrastructure as code
Human error in IT poses a severe security threat to FinTech. The more likely a manual process is to contain human errors, the higher the security hazards for the firm. Thus, businesses are adopting flexible principles for their functioning. Still, the flexibility principle fails when the IT division relies more on the human process.
Companies can implement an Infrastructure as Code (IaC) DevOps technique. They only need to automate many processes that need many IT workers. The perk of adding IaC is improving security as it replaces human discrepancies with an automated process.
Disintegrating teams
Disintegration is a used practice in large, multi-regional, or international-level corporations. Thus, there is a rise of artificial resistance that creates hurdle in productive collaboration and slow down all IT processes.
Implementing DevOps helps prevent this issue by inculcating frequent feedback between the various project/product teams.
DevOps also reduces the complexity of their code, allowing them to reduce delivery risks and improve the services they supply. As a result, developers’ confidence and code quality increase by a large margin.
Automation and frequent monitoring
After implementing DevOps, automation is a crucial asset for high-performing fintech. The process of automation helps streamline the complex financial process. It enables it by enhancing efficiency and reducing human error. Continuous integration and deployment (CI/CD) automates the code delivery. It allows feature updates of applications while maintaining security and reliance on fintech.
Advantages of Implementing DevOps in Fintech
There are many benefits of implementing DevOps in fintech. We are mentioning a few below.
● DevOps enables fintech to offer speedy delivery. Those businesses that have adopted the DevOps technique in their daily functions witness a drastic change. They experience and update their infrastructure. While those who resist implementing DevOps are still lagging.
● For a domain that deals with money and transactions, security is a major concern. Thus, they hesitate when it comes to adopting or introducing a new technology to their system. But, DevOps has strengthened the security practices of fintech companies. DevOps offers the finest software application. This software complies with the leading cloud security standards and guidelines. It helps maintain the safety measures of fintech companies.
● It is very seen that financial institutions lose hundreds of thousands of dollars in an hour when the infrastructure goes down. DevOps shreds away such mishappenings by ensuring the least downtime. Using a fintech software app, which allows a company to have a collection of discrete and customized services and mandates a microservice model for its development, DevOps allows fintech to launch with minimal downtime.
Conclusion
There is no second thought when we say that DevOps is the future of fintech. DevOps benefits fintechs, enabling organizations to stay ahead of the competition and meet the demands of the evolving digital landscape.
Since financial institutions need stringent and complex software development techniques to cater to the needs of corporate and regulatory standards, DevOps is the best fit for their needs.
DevOps developers help fintech organizations to have a growing and secure future. It helps optimize the best technology and practices in an organization’s complex infrastructure. It also fosters a culture of collaboration, empowering teams to work together, break down silos, and drive continuous improvement.
