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5 Benefits Of Microservice Architecture In Fintech

5 Benefits Of Microservice Architecture In Fintech

If you’re looking for ways to improve the scalability of your financial services, you should consider microservices. Microservice architecture is a groundbreaking approach that is essential for any industry to take advantage of scaling its IT infrastructure. Think of how Netflix has managed to scale its service offering to millions of customers across the globe. If you have a fintech consultancy like Cane Bay Partners and you wish to take advantage of this digital transformation to grow your business, you’re not alone. This is why understanding how microservice architecture benefits your business is important. You should keep on reading to find out more. 

5 Major Benefits of Microservice Architecture 

Continuously deployed systems have seen a rise in microservices. Major web and tech giants have seen a successful transformation with the implementation of this innovative architectural approach. But how does it benefit your financial services from a business value perspective? And what makes it so special in data science? 

It Provides Simplicity 

The key principle of any application is that it should offer you simplicity. The best way to achieve this is when your app is divided into smaller fragments. Not only does this provide you with an easy platform, but it also makes it easier for you to manage the code. When you have composable fragments to work with, managing your programming languages independently makes it easier to create a sustainable software environment. Moreover, you don’t have to worry about any heavy load or memory issues on your entire application. The thing is when it’s divided, you focus on issues separately while the rest of the platform maintains functionality. 

It Enhances Business Capabilities 

The most important goal of your financial services is to create products that your customers need. You don’t want to spend any more resources trying to write code for a project that might not take off. Instead, you want to have a platform where you invite teams to build products that enhance your business capabilities. This makes it easier to create services that are focused on your business processes. In addition, you reuse these products or develop them according to the adaptable needs of your customers. 

Better Productivity and Speed

When your applications are divided into composable fragments, it’s easier to assess any issues that are associated with productivity. And it’s simpler to improve the speed of many smaller apps than one large app with memory issues. It’s better to locate and modify separate microservices without having to wait for one team to finish their chunk of the work first. As a result, this provides your app with improved quality assurance since testing of each microservice can be achieved as the fragments are being developed. 

Flexibility and Scalability 

You’d be surprised to find that you can write each microservice with different technology. This is a great way to simplify the selection of your most appropriate technology for each service. Yet, you can rest assured that each programming language used integrates seamlessly with each microservice fragment. If you want to scale your microservice architecture in the future, you have the flexibility to do so without interfering with any existing processes. 

Distribution of Teams

The fact of the matter is that to ensure that your app reaches customers in all the corners of the glove, you need teams set up in different regions. This is why a monolithic platform can cause problems, because you need your teams to work together at all times. However, microservice architecture reduces this need by giving your developers the independence they need to make fast technical decisions despite their location. 

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