How to Choose a DevOps Service Provider for FinTech Industry
Situations where businesses get started with DevOps and never go back to the old ways are extremely common, especially when it comes to DevOps in banking. However, still, not everyone understands why DevOps and FinTech are truly a match made in Heaven, and how exactly DevOps can change the way their business operates. In today’s guide, we’ll tell you more about DevOps for Financial Services and the best ways to find a reliable provider. Have a nice read!
More and more businesses have already implemented DevOps technology, and they have significantly improved their operations and product quality since then. Situations where businesses get started with DevOps and never go back to the old ways are extremely common, especially when it comes to DevOps in banking. However, still, not everyone understands why DevOps and FinTech are truly a match made in Heaven, and how exactly DevOps can change the way their business operates. In today’s guide, we’ll tell you more about DevOps for Financial Services and the best ways to find a reliable provider. Have a nice read!
The Role of DevOps in the financial services industry
So how is DevOps helping financial services? It is hard to underestimate the role of DevOps FinTech. This industry has to face all sorts of challenges on a daily basis while trying to survive in the ever-changing market. Every FinTech company has to learn how to adjust to the changes and survive new obstacles and technological revolutions without having to constantly reinvent themselves and build businesses from scratch. And the key solution, in this case, is DevOps.
DevOps is one of the best ways to learn how to adjust to the said changes, while still delivering top-notch services, mitigating all possible risks, and complying with the laws and regulations. In other words, DevOps is something that directly influences the success of the company, no matter how big or small it is.
What are the benefits of using DevOps in FinTech?
Businesses all over the world have already adopted DevOps practices to improve their services and enable faster and more efficient software delivery. The benefits of using DevOps for FinTech may vary from company to company, but here are some that are pretty much universal and guaranteed:
- Faster time to market
The classic, pretty standard benefit that probably everyone will tell you about, but, nonetheless, it continues to hold significant importance that is capable of completely changing the direction in which the company is headed. DevOps practices such as continuous integration and continuous delivery are capable of streamlining the FinTech software development/deployment process and providing financial institutions with an opportunity to release new products and services much more quickly. And, as we all know, this allows businesses to attain a competitive foothold in the market.
- Better communication and collaboration
The promotion of collaboration between different in-house teams is another thing DevOps is famous for – and we all know how advantageous and powerful it can be if carried out in the right way. Utilization of DevOps practices allows companies to break down silos and improve communication between workers, which always results in better results, new achievements, and improved quality of the product.
Every product from a FinTech company has to be reliable – otherwise, it will quickly fail. By using DevOps, a company can quickly pinpoint and remove bottlenecks in the very early stages of development, which prevents possible issues from resurfacing later, when they might be even more harmful. As a result, more customers will be satisfied with the product and stay loyal to the company.
If a business’ infrastructure fails, even for a few minutes, it could cost a company thousands of dollars. And when it comes to the FinTech industry, things could get even worse, since frequent downtime and system crashes could lead to a loss of many clients and a bad reputation. DevOps is what can save the day by enabling scalability, which becomes possible thanks to automated provisioning and deployment and constant monitoring, which gives businesses an opportunity to quickly detect when it’s time to upscale or downscale their systems.
- Stronger security practices
Security is probably one of those things in the FinTech industry without which a company cannot exist. Integration of security measures and compliance controls is one of the primary tasks of any business, especially in FinTech. Otherwise, a company would quickly fail to protect its users and adhere to certain regulations. To guarantee complete safety, a company must do everything in its power to provide users with the utmost security, which definitely becomes possible with DevOps.
- Continuous improvement
With DevOps, continuous improvement becomes a huge part of any company’s processes. Continuous improvement is a big part of DevOps culture, and once a FinTech business implements it, it will be on a sure path to optimization of all processes, iterative improvements, enhanced quality, better customer experience, and tons of other things that only come if a company is prepped for continuous improvement and takes action to achieve it.
DevOps is what drives positive change and innovation and helps financial services and organizations achieve their goals faster. This is why you should not overlook the importance of DevOps in financial services – all potential challenges will be easy to tackle with the power of DevOps.
DevOps best practices for FinTechs
DevOps offers a ton of tools and practices that can be used in a myriad of ways. Let’s talk about some of the best DevOps practices that can turn organizations into successful businesses with ease:
One of the best DevOps practices is the automation of most processes in an organization. It doesn’t only help the in-house team get rid of time-consuming tasks, but also leaves a lot of room for more creativity and innovation. Thanks to automation, businesses can roll out new features and updates faster, while ensuring consistency and security.
CT is a process of constantly testing the software instead of doing it at later stages of product deployment and development. Continuous testing also involves automation of the whole testing process, which decreases the possibility of mistakes that could have been made if the testing was done manually. Moreover, continuous testing is a great way to improve the quality of your product in short terms without an additional cost, since all possible issues can be detected and removed at early stages, making the product even better.
Continuous integration and continuous deployment are one of the core practices of DevOps, and, as with almost everything in the DevOps culture, they encourage the automation of most processes. CI/CD decreases the number of human errors, fosters continuous improvement, improves collaboration between teams, and does many other marvelous things that all result in a product always being updated and monitored. As a result, your clients will get improved versions much quicker, and with minimal bugs.
DevOps culture, when integrated into FinTech, can have a significant impact on all business processes. Of course, every business that starts implementing DevOps practice has to ready itself for some big changes, but each of them is worth it. This is why it is better to team up with professional DevOps service providers to ensure that everything goes smoothly.
DevOps Outsourcing for Financial Services
Many companies choose to outsource the DevOps transformation and implementation to professional services instead of doing everything on their own. And this kind of approach is probably the best one. Here are some of the reasons why FinTech companies should use DevOps outsourcing services:
- Assistance from seasoned professionals
The biggest advantage of working with DevOps services is an opportunity to get insights from experts who have literally seen it all. These are the people that have worked on at least a few dozen projects of various difficulties, and they won’t be afraid of any challenge. When you have a team of experts by your side, nothing seems like an obstacle – more like an opportunity to grow and become better.
- Budget-friendly solution
Since there is no need in hiring in-house DevOps teams, companies can save up and hire outside professionals instead. As a result, organizations don’t have to spend a lot of money on hiring extra staff, but the quality of the services stays the same, if not better.
- Risk mitigation
One of the biggest concerns of any company that’s introduced to DevOps for the first time is safety. And the best way to guarantee complete security and compliance is to ensure that there is a professional overseeing the whole DevOps implementation. A team of experts will be able to implement security measures and monitor systems, which minimizes the risk of anything happening to data or software.
- Focus on core competencies
Is it worth working with DevOps outsourcing services? The short answer is yes, but you always have to keep your needs, goals, and capabilities in mind. What is true is that with the help of a DevOps service provider, you will be able to attain your goals much faster, while saving more resources. Sometimes it is better to delegate some tasks to the experts, who know how to carry them out in a timely and efficient manner, instead of trying to do everything on our own. And DevOps implementation is the kind of project that should be handled by those who know everything about DevOps culture from A to Z.
- Increased flexibility
When you hire a FinTech DevOps service provider, you don’t just get assistance from a group of experts. You also get solutions that are tailored to your specific needs. Thanks to that, you will always know when there is a need to scale up or down your operations and will be able to do it at the right time. After DevOps implementation, a business can promptly adjust to changes without having to disrupt daily operations in the company.
- Higher quality
The likelihood of bugs decreases thanks to the implementation of DevOps best practices, which at first might seem impossible, since after this happens, there are usually more updates of software. However, thanks to continuous improvements, testing, and performance monitoring, your software will exhibit fewer bugs and errors, while also displaying improved reliability and quality.
Implementation of DevOps practices brings about a range of advantages. From increased collaboration to maximized productivity, companies can experience many improvements within short periods of time. And all of that can happen without squandering time and resources on either trying to do everything by themselves or hiring in-house engineers.
How to select DevOps services in financial industry
Selection of a proper DevOps service is a task that should be treated with all seriousness and responsibility since those are the people that can either have a huge positive impact on your company or have an adverse effect. When looking for the best service provider for your business, use the following advice.
Know what you need
This sounds a little bit too obvious, yet, many companies miss this step, which can ruin everything and set off a catastrophic chain reaction akin to the domino effect. Make sure you understand your goals and needs and communicate them with the chosen service provider. By knowing what you need, you’ll also be able to understand what kind of service will be able to meet your requirements.
Check client references and reviews
Read as many reviews as you can find on websites where all reviews are real and written by actual customers. You need to find answers to many questions, such as: How can this service guarantee DevOps security for FinTech? What type of solutions do they offer? What are their values? All of these questions will help you determine if the service is right for you.
Make sure the chosen service provider is culturally fit
A DevOps service provider for FinTech should have values and work approaches that align with your own. Otherwise, It would be hard for you to work with a team that doesn’t understand you and your business.
Pay attention to compliance audits and certifications
The best service provider will gladly show you all compliance audits and certifications since those are proof that the company is legit. Look for SOC 2, ISO 27001, and other certifications that prove their compliance and legitness. Compliance in FinTech is an important aspect, so it’s best to dedicate some time to looking for a service that takes care of clients’ safety and security.
Make sure the service is ready to assist with risk management
DevOps financial services should be able to provide you with assistance in case something happens. There is always a risk that something might go wrong, especially when it comes to financial institutions. The chosen service provider must offer such services as disaster recovery, data backup, and risk management.
Once you follow these steps, it will be much easier to select the best service provider. However, there are a few more factors to consider before making a final decision, and we’ll tell you about them right now.
Factors to consider when choosing a DevOps service provider
For a DevOps implementation to be successful, you need to select a service provider that is both trustworthy and reliable. Here is what the perfect provider should look like:
- Be experienced
Your service provider has to hold knowledge of all the most important aspects of the DevOps industry and have appropriate experience in it. This means that they should not only know a lot about DevOps but also have a variety of cases explaining how they have successfully assisted other businesses.
- Be available around the clock
The hired DevOps team should be at your disposal at almost all times. You never know what kind of situation might happen, and oftentimes, it’s the professional developers and engineers who will be able to handle it in the best and most efficient way possible.
- Offer customized solutions
Your future provider should be able to offer more than just their expertise – it’s their task to create a high-level solution and a mapped-out plan that contains all essential strategies and steps you need to take to succeed. And this type of plan should be tailored to your specific needs, and not just be general.
- Be knowledgeable about the latest technology and trends
DevOps is not something that is always stable and never changes. It’s quite the opposite, actually – DevOps technology continues to evolve, and a good service provider must always be aware of the latest trends and technologies so that they could easily incorporate them into their work and provide solutions to you that are both innovative and efficient.
These are 4 main factors to keep in mind when choosing a DevOps service. However, if there are some other factors that are important to you, make sure to include them in the list.
Reap the benefits of DevOps with IT Svit
The right DevOps service provider is key to the long-term success and improvement of the company. And even though it might take some time, you’ll definitely find a DevOps service provider for FinTech. Here at itsvit.com, we offer a wide selection of services for businesses of all sizes and industries, so give us a call or leave a message, if you are ready to get started with your DevOps journey!
Why is it important to choose the right DevOps service provider?
Choosing the right provider is an important task that could result in either a waste of time and results, or improved business processes inside your organization. Here is what a reliable DevOps service can help you with:
- Automated testing
- Infrastructure management
- Microservices architecture
- Machine learning
- Data Analytics
- Regulatory compliance
- Risk management
- Agile Methodology
- Infrastructure as Code
- Cloud Computing
- Cloud-native applications
How can I evaluate a DevOps service provider’s experience?
When looking for a DevOps team for FinTech, it’s important to pay attention to the following criteria:
- Client portfolio
- Years in operation
- Industry recognition
It’s important to speak to the representatives of the chosen service provider to find out what their values are, and how they operate. Only then you’ll understand if this service is the right one for you.
How can a DevOps service provider help my business?
DevOps can help businesses of any size with automation and streamlining of most operations and workflows. Here are some of the benefits of implementing DevOps:
- Continuous integration and delivery for FinTech software
- Reduced cost of development and maintenance
- Continuous improvement and innovation
- Enhanced collaboration and communication
- Improved quality of software
- Increased scalability
- Faster time-to-market
All of these advantages are just the beginning. Your DevOps journey might not be easy, but it is definitely worth it since DevOps technology is what can help you stay ahead of the competition and win the hearts of your many customers.
How can I ensure that a DevOps service provider is the right fit for my business?
When looking for the best service that offers DevOps outsourcing for FinTech, consider the following steps:
- Understand your requirements and needs.
- Conduct thorough research to find out more about services available on the market.
- Look for references and case studies.
- Read reviews and testimonials.
- Assess safety measures.
- Pay attention to pricing.
- Talk to the service’s representatives in person, during an interview, or on a call.
By using these tips, you will speed up the process of looking for the best service provider and will be able to ensure that the chosen company is the best fit for your business.