How DevOps is a Gamechanger in Financial Services?
In today’s fast-changing world and economy with unexpected technological, political and economic changes it is very necessary to adapt quickly to these changes to stay relevant in the market. It is applicable to the financial services sector as well, where it is very much required to stand upon the everchanging demands and expectations of the customers and provide them unbeatable service.
Be it a small trading firm or the big players like private banks and exchanges, all are in the never-ending race of delivering unbeatable features, content, and service to their customers. To provide great customer experience before their competitor it is leading them to opt for DevOps tools and practices to solve the rising problems in the financial system.
Following the DevOps methodology, the dev and ops teams work together from the very beginning, starting from design, development, testing till production deployments, monitoring, and support. The financial services industry is not often associated with innovation and change. Moreover, it seems reluctant to adopt DevOps principles. But, adopting the DevOps approach enables them to adopt various booming technologies like blockchain, etc. In this article, we will see how DevOps is transforming the finance industry.
Ways in which DevOps is transforming financial services
As mentioned earlier, companies in the financial sector are facing new challenges in their day-to-day operations in complying to the standards laid down by unicorns. To stay relevant in the market, these service companies need to modernize their back-end system and processes which is only possible by saying yes to the change required.
Moreover, using the legacy systems, code or infrastructure, it is very difficult for these companies to meet the new standard set by the government, complying with the regulations and reducing the risk for better security. Keeping all this in mind and moving forward rapidly is not possible. It makes the entire software innovation cycle a big challenge.
But with the changing times and in the past few years the financial sector is not hesitant and lagging behind in adopting the latest technology and agile software development practices like DevOps, Continuous Integration (CI) and Continuous Delivery (CD).
Executives in the financial industry now view DevOps as a way that brings value to the market in a more efficient and better way. DevOps allows financial services to enhance the quality of the application and also makes the whole process of meeting the security standards, compliance and governance strategies easier. Let’s see how DevOps in transforming the finance industry.
Reducing potential security threats
One of the key reasons for not being able to stay updated with the current market trends is compliance and security in the financial industry. These concerns have been the major roadblocks in replacing the legacy development practices of software development and delivery. Initially, DevOps was considered to be unsafe and the increased velocity of the software releases was thought to be the major risk to the security and regulatory controls.
Some of the enterprises who adopted DevOps have proved the preconceived notions to be wrong and realized that the DevOps implementation has reduced the security problems and time to address the threats. Now, using DevOps help them in frequent releases and stay up to date with the market trends.
Following the footsteps, many companies have embraced the automation practices that enable and enforce compliance, security and audit requirements. Today, rather considering it to be a threat, financial services companies view DevOps as a resource for security.
Automating all the processes
To enhance resource utilization, product quality, and increase developer productivity it is very necessary to automate the entire process through the software delivery pipeline. It allows enterprise-scale management and visibility in financial services. Automation and agile development is the base of DevOps initiative and it enables speed, scalability and helps in achieving great product quality.
With DevOps, enterprises get an efficient approach to reduce risk and release software updates frequently. Using tools like PWSLab they get a single centralized platform to automate the complete software development life cycle. They get visibility into the progress of all processes and it gets really simple to optimize, govern the delivery pipelines while evolving.
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