Implementation of DevOps practices on a project allows you to achieve high speed product release, increase system reliability and improve the interaction between development and operation. In Fintech, where demands for security, stability and regulatory compliance are in high demand, DevOps helps businesses remain resilient. Let’s look at the key DevOps aspects and practices relevant to Fintech projects.
First of all, what is DevOps?
DevOps is a software development practice and culture that focuses on improving collaboration and communication between developers (Devs) and information technology professionals, particularly operations engineers (Ops). The goal of DevOps is to speed up the development process itself, improve product quality and increase team efficiency.
DevOps as a service allows organizations to focus on running their business while leaving IT process optimization to the DevOps department.
On Fintech projects, where security, speed and reliability are especially important, DevOps engineers use the following practices:
- Continuous integration (CI) helps developers frequently integrate code into a common repository where it is automatically tested, minimizing compatibility issues. Continuous delivery (CD) automates deployments, allowing you to release new features and updates quickly and securely.
- Test automation is critical for Fintech, since any errors can lead to serious financial losses. The development and implementation of comprehensive tests (including unit tests, integration tests and security tests) ensures improved quality of the final product.
- Monitoring and logging tools (for example, Prometheus, Grafana, ELK Stack) provide continuous collection of data about the operation of apps and infrastructure. This allows problems to be identified and resolved quickly, minimizing downtime and improving the user experience.
- Using tools like Terraform or Ansible allows you to manage your infrastructure through code, making deployments predictable, repeatable, and scalable. In fintech, this provides an additional layer of security and regulatory compliance.
- Docker and Kubernetes are popular tools for containerization and orchestration. They help manage the application lifecycle by ensuring application isolation, scalability, and efficient resource allocation.
- DevOps is not only about technology, but also about culture. Fintech companies should strive to create an environment where development, operations, quality and security work closely together to achieve common goals.
Features of the FinTech industry
Let’s look at the main trends in the fintech market in 2024, based on reports from deVere Group and McKinsey. Experts predict an increase in interest in cryptocurrencies and CBDC, as well as increased widespread implementation of artificial intelligence.
Although the development market is characterized by frequent changes and flexibility, the FinTech landscape has been evolving even faster recently. Thus, deVere Group put the growing popularity and importance of cryptocurrencies at the top of the list of the most significant industry trends. Over the past year, Bitcoin has risen in price by 155%. Experts talk about growing investor interest and confidence in Bitcoin and other similar assets, which has caused a “boom” of projects in the cryptosphere and, as a result, an increase in demand for specialists with experience and reliable expertise in FinTech.
Following cryptocurrencies, the popularity of central bank digital currencies (CBDCs) has increased significantly over the past years.
The purpose of the Central Bank is to provide convenient access to banking money for all segments of the population, including those who have limited access to traditional banking services.
What is CBDC? It is a new official form of money issued and regulated by the country’s central bank. Unlike traditional fiat currencies, CBDCs are completely digital and can be used for cashless transactions using electronic systems. These digital currencies are designed to provide a more efficient, secure and accessible payment system.
Artificial Intelligence as the engine of FinTech
AI is increasingly being used by Fintech companies for better understanding their customers’ needs, streamline operations, and make decisions based on real-world customer experiences.
Crucially important in the financial context is the development of ways to manage risk and detect fraudulent schemes using the predictive capabilities of AI.
Applying DevOps to integrating AI into financial apps creates the foundation for faster, safer, and more efficient development:
- Continuous model updates
DevOps enables the implementation of continuous delivery systems that can automatically update AI models in production, ensuring they are up to date and effective. - Automatic scaling
AI applications often require significant computing resources, especially when working with big data. Using tools like Kubernetes helps in automatically scaling the infrastructure to meet current loads. - Monitoring and logging
They are especially important for AI systems, where you need to monitor not only the performance of the application, but also the quality of the AI itself. Monitoring systems like Prometheus or ELK Stack can collect and analyze logs in real time, providing valuable data for optimizing models.
According to the head of the blockchain and fintech laboratory at the Skolkovo School of Management, in 2024 the most significant trends in Fintech will be: standardization of QR codes, growing popularity of AI-based GPT assistants in various areas of finance (from investments to budget planning), scaling pay services and development of digital digital rights (DRM) markets.
Also, we highlight the development of open banking interfaces (OpenAPI) and projects in the field of open banking data as an increasingly popular fintech direction in 2024.
What is OpenAPI?
Open APIs (or application programming interfaces) are a set of rules and specifications that allow different software applications to communicate with each other. The term “open” in this context means that the API is accessible to a wide range of developers and can be used without significant restrictions, which facilitates the integration and collaboration of different systems and services.
Many large banks have already implemented OpenAPI in business processes to integrate their own services or access partners to their infrastructure.
The most secure trend in 2024 will be the development of biometrics and bioacquiring. Biometric identification methods offer significantly greater security than traditional passwords or PINs, which can be forgotten, lost or stolen. Biometrics are unique to each individual, making them a more hack-resistant tool. Also, this technology can significantly simplify the authentication process, making it faster and more user-friendly. For example, a payment can be confirmed using a fingerprint scanner or facial recognition, which reduces transaction time.
To sum up,
DevOps in the FinTech industry is designed primarily to solve security problems, but it is vital to maintain a balance between ensuring the flexibility and agility of the project and the task of providing every user with the opportunity to safely use digital financial products.
In modern market conditions, you should pay attention to choosing a reliable contractor and specialists with relevant experience, a wide range of tools and proven expertise, since the main trend of the Fintech industry in 2024 can safely be called the security of transactions and user data.