Author : Prateek
Author : Prateek
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
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.
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