A world-renowned bank's CEO was recently cited as claiming that, while there are hundreds of manual banks now, just a handful of digital banks will exist in the future. A large number of banks, like the rest of the world's essential business sectors, are migrating to virtual platforms. This move is being managed by some of the greatest DevOps personnel available in the worldwide FinTech business.
The ease of access to personalised services that are always available has increased the banking sector's reliance on DevOps operations. When the COVID-19 epidemic occurred, limiting physical banking services, enterprise banking systems were already in the cloud. Most bank workers were forced to work from home, hastening the adoption of virtual offices.
Agile processes help with digital transformation.
To keep ahead of the competition, most banks have implemented agile procedures. The key reason for this is to keep up with the regular business requirements that come with efforts to improve the banking experiences of clients. The DevOps teams would primarily focus on fine-tuning project planning and execution processes that support this goal of improvement.
Applications would be developed using the agile methodology for banking in small, manageable chunks called as sprints. Each stage is thoroughly checked before it can be judged executable or complete. Before building on top of the provided component, adequate channels for real-time feedback and course correction are followed. The end goal is for the customer to receive a valuable product in a significantly shorter timescale than is achievable through any other development procedure.
Faster Success for Banking DevOps Teams
Large banks require billions of dollars in assets and millions of additional clients to successfully drive new digital banking services. It all comes down to moving their operations to a more granular control approach and constantly improving it.
In cases like these, where DevOps practises must be embraced proactively, the client's line of business (LOB) teams quickly adopt agile planning methodologies.
Reducing Service Delivery Errors
The team can provide continuous build and integration functionality by utilising workflow management technologies. They can launch automatic integration builds on specialised cloud or on-premises infrastructures, reducing service delivery failures. In the final audit trail, a bill of materials is generated for each construction, allowing developers to rectify mistakes retrospectively as well.
Banking Product Release Cycles Should Be Reduced
DevOps creates a very stable and reusable basis for the bank's business to thrive while decreasing release cycle time with each iteration. This means that with each new banking service supplied, the development lifecycle is incrementally improved. In rare circumstances, the release cycle might be cut by more than half of its original length.
While service delivery is improved, release engineers are freed up to work on urgent activities that are critical to the deployment window. More deployments take place while the bank or financial institution remains compliant with regulatory criteria. Learn more about Daffodil's DevOps Services to see how you can improve the agility of your financial ecosystem.
