March 17, 2021

The Impact of DevOps for Financial services

A lot has been debated in the recent years on the trend towards DevOps and agile methodologies for development and transformation.

The financial services and banking Industry are always quick to adapt to any new technology innovations. The banking Industry especially has come along a long way from the legacy systems to the digital era now. The aligning risks that come along with these innovations are towards mitigating compliance, security, and also meeting the governance regulations.

DevOps comes first in the list whenever Digital Transformation is being discussed among executives in the financial services industry. DevOps has always demonstrated practices that mitigate potential security threats and enables better compliance and audit requirements.

Security and compliance objections mitigated by DevOps

DevOps provides an enhanced security framework. Audit capabilities and integrated security are part of the framework in most DevOps processes. Some of the other processes that come onto the framework include but not limited to automation, more enhanced testing, feedback tickets and many more.
These processes come along the entire framework right from code development to infrastructure deployment. DevOps enables you to securely start, automate, test and fix things quickly. Organizations are now looking into DevOps as a resource for more security rather than a risk.

Control & visibility

The recent advancement in mobile technology demands frequent application updates and releases.
DevOps enable organizations to implement an effective framework to mitigate risk from software updates and releases. The end-to-end pipeline is automated and all the updates and releases are managed from one central platform, thereby enabling organizations to get better visualization and visibility into their systems and process. This helps the decision makers optimize, control and gain better control to their framework as they keep growing.

Geographically distributed silos

The CTO's and CIO’s of the banking and finance industry are often relying on the stand software development methodology of build, deploy, test and release. This approach is usually distributed among silos that are geographically distributed. It has millions of jobs, executed by hundreds of people. Several thousand tasks are built around different processes spanning across geographies. This leads to handoff delays, errors and incomplete process. Adopting DevOps now comes in handy for the financial institutions due to the fragmented processes and geographically distributed silos.

DevOps often helps reduce iterated processes and creates a pipeline approach to handle friction among teams. This enables organizations to create an orchestrated software delivery pipeline enabling fewer human interventions. The visibility allows seamless releases and updates of software distributed among geographies.

Summary

A good DevOps framework not only enhances security and quality but also saves time and cost. Financial Institutions are adapting to an automated real-time DevOps visibility solution to gain better control, governance and faster deployment and releases. This change in the financial industry must be taken not only in the technology perspective but also from a team culture perspective. DevOps should be focused on creating value and offer all stakeholders a shared environment to scale, operate, deploy and work.