With rapid digital transformations in the financial sector, there is an increasing need of solutions that are agile to rapid changes in the market, and scale easier and faster.
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The real value of microservices is realised when we focus on two key aspects: speed and safety, and on finding an effective balance between them at scale. The desire for speed is a desire for immediate change and ultimately a desire for adaptability.
Simplification of processes and the speeding up of workflow can be driven by the independence of individual microservices, where each application can be developed, tested and published independently, in turn feeding innovation. Less centralisation results in fewer bottlenecks and less resistance to change, while more autonomy means that changes and decisions can be made much quicker. The fact that different services can be monitored individually means both better security and monetary savings since codes can be reused and resources concentrated on specific services where they are most needed.
With digital transformation in the financial sector, it allows the solving of several problems that financial institutions have faced, such as the lack of agility, the slow pace of delivering new functions, complicated software testing procedures and difficulties with solution scaling concurrent with an increase in the customer base. Individual services are easier to maintain and are much faster to develop and adjust to meet customer demand. And no more crashes, if one service fails the next one takes over.
So let’s go over the benefits of of Microservices Architecture once more.
Agility — microservices allow an application or company to adapt more quickly and staying relevant as the market changes.
Improved Scalability — many startups face problems when it comes to scalability and adding features is often both costly and time consuming. With Microservices, an application is much more scalable since it reduces both the cost and security risk of scaling.
Faster Time-To-Market — microservices allow an application to be developed much faster, whether you are adding-on or building a completely new system.
Easier Debugging and Maintenance — debugging is very time-consuming especially when it comes to re-engineering an existing application. Microservices are easier to debug, as well as maintain, because you have multiple services compiled together instead of one large mess.
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