Automation Can Help Financial Institutions Gain a Competitive Edge Through DevOps

CIO Review Europe | Friday, May 13, 2022

Over the years, DevOps has matured and is now a necessity for financial institutions.

FREMONT, CA: To be competitive in today's economy, financial institutions must embrace digital change. They may improve business agility, automate processes, eliminate bottlenecks, and deliver dependable software more effectively and securely using DevOps technologies and methods. To meet consumers' 'always on' mentalities and expectations for speedy services, fast online banking, and smooth-running financial apps are required, compounding the need for agility and automation. Legacy institutions can keep up with the expectations of today's technology-savvy clients by utilizing DevOps technologies and cloud-based systems. Customers have become increasingly impatient with buggy and unstable software that is difficult to operate.

Customers generate opinions about any organization based on their user experience, which can be positive or negative. When it comes to financial institutions, this gets amplified. Building societies and banks cannot afford to let a bug or a delayed app impair their customers' experience journey in an industry where trust is essential. As a result, features like ease of use, stability, quality, and continual improvements are critical. Control and security within an organization are equally important. With automation, institutions may work faster and more efficiently, but they can also gain a better understanding of their enterprises' controls and security posture. Financial institutions have significant responsibility for handling extremely sensitive data while remaining compliant. They must follow a set of industry-wide standards that are liable to change.

As there is less room for human mistakes and security regulations can be enforced continually, automation reduces the risk of a financial institution obtaining a compliance fine or experiencing a severe data breach. There are several fascinating DevOps tools and solutions that can help organizations embed more control while also allowing them to operate more quickly. It's also essential to link digital transformation to its economic value and analyze how DevOps may help financial institutions compete in an increasingly competitive market.

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