We are part of a digital era that is constantly evolving. Adapting to the latest changes has become a necessity for every business’s survival.
According to a recent study by Forbes, “We should consider digital transformation less as a technology project to be finished than as a state of perpetual agility, always ready to evolve for whatever customers want next, and we’ll be pointed down the right path.”
DevOps is an example of such digital transformation. It helps in infusing agility into software development using the right combination of strategies, tools, and technologies, which successively drives the rapid delivery of digital offerings.
Speeding up software delivery through a faster software development life cycle (SDLC), DevOps acts as a catalyst for digitalization in the banking and finance industry.
What is DevOps?
With the rise of the digital era, it became important for every industry to hop on to this digital bandwagon.
The banking industry which was completely operating using its traditional ways soon realized the need to make some major changes, thus it introduced various new banking mobile and web applications.
However, the problem with these banking apps was that they were created and were forgotten until new competition came along. To remain in the first position, the banking industry needed to keep its apps updated at all times, which was not an easy task. Keeping this in mind, DevOps was introduced.
DevOps refers to the set of practices, tools, and technologies, combined to increase an organization’s capability to deliver applications quickly and efficiently. It automates and combines IT and software development teams’ processes to develop, test, and release software faster.
DevOps’ ability to deliver reliable apps at a faster rate allows the industry to stay ahead of its competitors and fulfill every customer’s expectations.
How has DevOps Transformed the Banking Industry?
According to ALLIED MARKET RESEARCH, the DevOps market was valued at $2,885 million in 2016 and is projected to reach $9,407 million by 2023, growing at a CAGR of 18.7% from 2017 to 2023.
DevOps emerged as one of the fastest-growing technologies because of its advanced features, such as fast application delivery, enhanced security, process automation, and increased collaboration, among others.
Let’s have a deeper look at these features:
Process automation is among the key features of DevOps. This feature helps in increasing the workflow by optimizing the resource’s work and the developer’s productivity, thus resulting in faster and qualitative app development.
Process automation starts from the initial stage of planning and development and ends with feedback, thereby providing transparency at all levels and allowing banking software developers to have better control over the process.
With process automation, DevOps can transform the banking industry’s traditional way of operating by automating the whole app development process, resulting in quicker delivery of apps. This will assist in an effective continuous integration and improvement approach to ensure competitive advantage. Furthermore, it created a stress-free work environment by reducing the manual workload.
Security was the main concern for the banking industry while it was on its move for digital transformation. This is where DevSecOps came in.
DevSecOps is a combination of three words, Development, Security, and Operations. It helps to identify any security vulnerabilities in the DevOps app development process by running the code through a security analysis tool. It secures the whole process by detecting risks at early stages and finding the solution for them. Furthermore, it helps banks to ensure robust software with proper encryption.
Building an app requires a development, operation, and Quality Assurance (QA) team. Before DevOps, these teams, working together towards a common goal was not an option but DevOps made it happen. This resulted in a major shift in the work culture of companies.
DevOps allowed the development and operation team to work together on a single platform while connecting them to a project pipeline. The teams handle all the software delivery pipeline stages, such as release, distribution, testing, and creation. This collaboration eliminated the chances of miscommunication, thus ensuring an efficient work process and better results.
Large industries like the banking industry face a lot of challenges due to miscommunication between different teams operating separately. DevOps is a one-stop solution for all these challenges as it allows different teams to work together effectively while ensuring transparency and control.
Customer satisfaction is the key to success for every business and the banking industry was way behind on this before DevOps.
By delivering apps at faster rates and updating them frequently with new features, DevOps improved the service quality of the apps by making them responsive and fast. This allowed the customers to avail banking services right on their mobile phones within a few seconds without having to wait for hours for the app to load.
According to THE BUSINESS RESEARCH COMPANY, the global financial and banking services market is expected to grow from $20490.46 billion in 2020 to $22515.17 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%. It is expected to reach $28529.29 billion in 2025 at a CAGR of 6%.
With a growth rate like this, the banking industry needs to revolutionize its way of operating and DevOps can surely help with it.
DevOps can revamp the software development and delivery rate, thus transforming the whole app development process. This will eventually lead to better digital offerings and higher customer satisfaction.
If you are looking for banking software like DevOps to transform your organization’s operations then leading software development companies like Jellyfish Technologies can help you with it.
Jellyfish Technologies provides banking services to some of the leading banking and finance startups and companies. JFT team understands the technology, banking & finance domain, and has experience in delivering banking and finance products.