DevOps have shown to have big advantages over the Financial Services Industry due to the impact of its core tents, such as continuous delivery and continuous integration (CI/CD), plus the implementation and optimization of services and technologies over the infrastructure.
In this blog post, we are going to start talking about what are the Financial Services and continue with the definition of DevOps, the Top benefits of DevOps, and finishing with the importance of implementing those practices in a Financial Service Application.
DevOps is a methodology and a set of practices, not simply a toolbox.
To begin with, we need to understand what Financial Services are. We can understand them as all those facilities such as saving accounts, baking platforms, insurance companies, and capital markets. In other words, Financial Services are the processes through which the consumers can acquire financial goods.
Back in the past, the Financial Services Industry was limited to banks, investment, and insurance companies.
Nowadays, Fintechs join the revolution and present the opportunity of having a financial experience through the newest technology. Therefore, the companies immersed in financial services have the main business of managing money.
On the other hand, a typical question around this topic is What is DevOps?
Well, DevOps is a model where the development and operations teams are not separated anymore but consolidated as a single team. With this new concept, engineers have the opportunity to work across the entire application lifecycle. And apart from this benefit, there are many more that you can start integrating into your company.
But maybe you are wondering… What is the relation between Financial Services and DevOps?
Well, since Financial Services companies are all about working with money, they need to be sure to count on quick delivery of their services in order to have continuous money flow, and as a result, a higher customer experience, which translates to higher engagement. And the only way to achieve these is through DevOps practices.
Top 6 Benefits of DevOps
Having said that, let’s talk about the top benefits that DevOps can bring to Financial Services. Benefits of continuous Delivery in DevOps. There are six remarkable benefits that DevOps delivers to Fintechs, and they are:
Reliability has two main fields. On one side, applying DevOps for Financial Services ensures that your applications are up and running all the time without any interruptions, or at least, just a few of them. Certainly, if this happens, your customers are going to be happy with your services because they are permanently available without any kind of downtime.
On the other hand, reliability also means that you have a team you can rely on. A nearshore team would be an excellent idea. Why? Because you can be sure that you are working at the right time with experts in the field. As a curious fact, a remote work on DevOps increases the productivity of the worker.
2. Security Compliance
Financial Services are always dealing with investments and transactions, in consequence, they need to have all their data protected. That’s why security is a key aspect of your company and a well-protected app needs to be regulated by the best security standards and regulations in the Cloud. One of the most important aspects of security compliance is DevSecOps which is a practice to implement security during all the Software Development Lifecycle (SDLC) of DevOps practices.
Read more about What is DevSecOps and How to enable it on your SDLC? This blog post might help you to better understand the importance of DevSecOps and the process to enable it on your Software Development Lifecycle.
DevOps can help Financial Services to automate their processes, a really valuable benefit because sometimes it can take a lot of time. For example, if you deal constantly with repetitive tasks, you can automate them and simplify the processes that are too complicated. This automation can help to create even from reports to big data.
In addition, automation minimize human errors and as a result, increases accuracy and safety measures. With automation, Fintech companies can benefit from reducing costs and increasing the speed of their services.
4. Cost savings
Migrating to the cloud can help your company reduce your costs by 20% or 30%. And if after that, you adopt the DevOps practices you can reduce your costs another 20% or 30%. Outsourcing a DevOps company in the USA will cost you around 90 – 120 USD; with a nearshore company, it’ll be around 45 – 60 USD. In the end, while outsourcing Remote DevOps you’ll have a cost reduction on DevOps for a considerable 50%.
With new laws being enforced and customers concerned about the optimization and security, compliance is such a great benefit. With Soc2, customers will be confident of not getting their data compromised due to hacking or attacks. What is Soc2 and what is it required to get compliant? Soc2 is an international standard that establishes the basic security criteria to fully protect your application interface and your customers’ data. Getting compliant will increase security protection and faster releases to the market while decreasing
Speeding up the time to market is an excellent benefit because, in a matter of days or even seconds, you can release new issues instead of waiting a long time. In order to fulfill these objectives, companies need to adopt the best DevOps practices to reduce their time to market.
Nowadays, most of the business work with applications with the objective of complete sales and operate in an easier way. In consequence, they need to bring those applications to the market very quickly so they can’t miss available opportunities.
Financial Services are full of important customer data that need to be protected all the time. Taking into account that the technological world is changing very fast, companies have to keep in mind to improve their cloud experience by applying for the best of DevOps Benefits. At the time of following the best practices in the Cloud, and taking into consideration customers’ satisfaction and experience.
Integrating DevOps with Financial Services can bring to your company multiple benefits. And the best part is that you can improve your processes within your business and while having happy clients. In the end, the Benefits of DevOps are a lot, and it is up to you if you want to keep your Fintech protected under the best security standards.