The Banking industry and the financial sector have grown significantly over the last decade, with a large pie of growth attributed to the technologies and practices that challenged the conventional Banking model. The Banking industry is now experiencing a seismic shift towards digitization, and is striving to bring the Banking operating model and experience closer to consumer expectations.
This growing disruption in the Banking industry has created fresh challenges for the Banks who want to stay competitive and relevant. Banks are facing increased competition, growing regulatory compliances, cultural shifts, changing business models, and growing customer expectations. This has led to the need for a mature digital foundation, as Banks and financial service providers are now entering the next frontier of providing the customer centric solution relevant in today’s digital landscape. The industry has started to incline towards a platform banking approach, and microservices-based architecture is the foundation of the platform banking.
Why Choose Microservices?
Microservices offers better modularity, and make applications easier to develop, test, deploy, and change, and maintain. In the case of a monolithic architecture, whenever a change is made, the entire application needs to be updated, thereby, increasing the probability of new bugs every time a new feature is added. Since everything is tied to a single codebase, one is unable to scale a specific function or service. This leads to scaling up of the entire application, translating to significantly higher costs.
How does Arttha’s Microservices Architecture help?
Arttha’s microservices architecture offers agility, faster development and deployment cycles, scalability, and the ability to develop solutions using a mixture of technologies. With Arttha’s microservices architecture, banks can build agile and scalable cloud-based solutions and deliver ease to their customer at every point-of-touch. Banks can even offer the continuous delivery of large and complex software applications while having the edge to innovate as required on its technology stack.
Advantages of Arttha’s Microservices Architecture
- Arttha’s Microservices architecture is device- and platform-agnostic and thus enables businesses to build applications that promise consistent user experiences across various platforms.
- Arttha’s Microservices architecture increases resilience- With a microservices architecture, the entire application is decentralized and decoupled into services that act as separate entities.
- Microservices architecture improves scalability – Scalability is the key aspect of microservices. As each service is a separate component, a specific service or function can be scaled up without any need to scale the entire application.
- Faster time to market– Microservices architecture works with loosely coupled services, thereby not requiring one to rewrite the entire codebase to change, add or modify a feature. It allows making changes to a specific service resulting in faster deliveries.
- Improved ROI with reduced TCO- Arttha’s microservices architecture allows multiple teams to work on independent services, thereby enabling Banks to deploy more quickly — and pivot more easily when they need it. The high efficiency of microservices reduces the entire infrastructure costs, while also minimizing the downtime.
- Continuous delivery – Arttha’s microservices architecture allows a continuous delivery model, which makes testing and debugging easy and instant. As a result, code is continuously developed, tested, and deployed, optimizing the delivery cycle
Many banks and financial institutions have started following a platform banking approach and are deploying a microservices-based platform for banking. If you are also thinking on the same lines to stay relevant and competitive moving forward, you can explore opportunities with Arttha, a unified fintech platform.
– Lead Engineer
- Legacy modernization: A great way for banks to keep up with the new digital generation
- The easiest way to build BNPL Fintech services and outrank competition
- The Fintech (Financial Technology) Phenomenon in Africa 2021
- The current state of Fintech in Africa.
- Digital Transformation is the road to success for Banks