DevOps in Financial Services – The Game Changer
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.
Driving cultural transformation
DevOps helps in achieving an environment where developers, testers, operations teams, and management work as a single team towards a shared goal. Embedding security practices while evolving is the major step. DevOps is a mindset which brings the cultural change within the organization.
The required change happens gradually and over a period of time as it involves change not only at the technology level but at the cultural and organizational level as well. DevOps enables companies in the financial industry to keep pace with the unicorns and modernize their services with the ever-changing market.
The four basic stages of the delivery pipeline in financial services companies consist of numerous processes and jobs involving many people. The toolsets and processes are often executed in silos, making the task even more challenging and time-consuming.
People may become the master at their job by working in silos but from the organizational perspective, there is no end to end visibility of the complete path. This leads to a lack of governance, delays and fragmented processes and takes a lot of time to achieve a simple task.
The IT operations and development teams in the large organizations are distributed at different locations and hence it is very important to enable shared visibility into different processes. The process of software delivery should not be considered as a separate problem. It should be handled in the same way manufacturers of cars apply lean manufacturing principles through their production lines.
DevOps implementation is spreading quickly in the financial services sector due to the value it brings to the table. DevOps accomplishes this by promoting the latest IT processes across the entire organization to enable an end-to-end, robust path to production.
Eliminating friction between teams and breaking down functional silos by orchestrating every aspect of the software delivery pipeline to create repeatable, predictable processes that can operate frequently with minimal human intervention prevents many of the challenges distributed companies face.
Benefits for Developers
There is no secret how the finance industry is benefitting from DevOps implementation. DevOps has brought better security, improved compliance and audit results. Teams are more collaborative and managers have improved visibility and control over all the aspects of a project. DevOps has brought cultural change at the organization level.
Whenever a development-centric methodology is adopted in the development industry, people within it can benefit immensely. Not only it creates new jobs but also drives innovation and growth for all. Naturally, the same is true for the widespread adoption of DevOps in the finance industry. Solutions such as mobile-only banking and contact-less or mobile payments offer a push in the right direction.
As companies look to adopt more agile processes, they will need experienced and knowledgeable professionals to guide and educate them, more and more. Furthermore, DevOps professionals will be in demand — especially those with a versatile and open background.
Even facing strong opposition in the beginning, many organizations took a risk of implementing DevOps and have benefited substantially. Today, many technologies such as big data analytics are evolving rapidly and have been implemented by many organizations around the world. Those companies that embraced analytics as part of their activities have gained huge benefits from it. In the same way, any new technology such as DevOps has to be embraced by organizations in an effective manner to enhance their overall productivity.