DevOps is making its impact on almost every software powered company these days, and that being said, when it came to companies in the finance domain, they were perhaps the slowest to embrace DevOps. But it is safe to say that they are currently leading the digital innovation in this sphere of cloud-native technology. The initial hindrance towards DevOps in financial institutions was because of the principles they adhere towards governance, security, compliance, and regulatory regulations.
Why DevOps for the Finance Industry?
If you think correctly, higher customer engagement and continuous transactions make the industry one of the busiest, and naturally requires uninterrupted infrastructure. The reason is the same, DevOps implementation helps companies develop fast, fail fast, and learn fast so they can fulfill customer expectations and deliver features faster to market than their competitors. When it comes to the finance sector, the technology has not evolved much as many companies assume that it is risky to embrace DevOps rather than beneficial. There is a lot of legacy code and old methodologies still in practice; financial institutions are lagging in digital innovations, and this can be nullified by adopting DevOps.
Challenges of implementing DevOps in the finance industry
Unlike other industries, regulated industries imply several challenges
- _Strong restrictions on secured networks _
- _Fine-grained audit trails _
- _Strong ACLs models _
- _Full lifecycle governance _
- Integration with 3rd parties
More than anything else, security and compliance are top concerns in financial companies. Many of the executives argue against modernizing legacy software development and DevOps practices. DevOps practices are, in fact, viewed as risk factors to security, and the increased frequency of software releases in DevOps is seen as a threat to governance and regulatory controls.
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