Strategy to build top-tier bank on modular microservices

A lot has been said about the benefits of modularity and how breaking an application into smaller, more manageable parts can lead to improved quality, maintainability, and agility. When building a top-tier bank, many organizations struggle with implementing a microservices strategy that meets all the required performance criteria. This blog post will share useful tools for overcoming these challenges and building a high-performing bank on modular microservices.

What are microservices?

In this rapidly changing world, banks are looking for ways to transform themselves to stay competitive. One way they are doing this is by adopting microservices. Microservices is an approach to software development where applications are built as a collection of small, independent services.

In contrast to traditional monolithic applications, which are built as a single unit, microservices are modular and can be independently deployed and scaled. Microservices have become an appealing option for banks and other large organizations that need to be able to deploy new features and respond to changing customer needs rapidly.

Why do Microservices work for banks?

Microservices have a variety of advantages, particularly for large organizations such as banks. 

• Microservices allow for more flexibility and agility, as different teams can work on different system components without affecting the others. 
• Microservices can be deployed incrementally so that new features can be rolled out quickly and easily without affecting the rest of the system. 
• Microservices make it easier to isolate and fix problems, as each component can be individually diagnosed and repaired without impacting the other parts of the system.

Pre-built modules for Microservices to help accelerate the bank transformation

Boiler Plate (.Net Core) and Microservices specific ACL

As the banking industry prepares for a major shift to microservices, one of the most important considerations is how to secure these new services. Boiler Plate’s .Net Core and Microservices ACL is a pre-built module that helps banks jumpstart their transformation by providing an out-of-the-box solution for microservices security. 

This module includes many features specifically designed for microservices, such as role-based access control, fine-grained authorization, and auditing. In addition, the module is fully compatible with the latest versions of .NET Core and Docker, making it easy to deploy and manage your bank’s microservices.

Microservices Event Mesh

Microservices have many benefits, including increased agility and flexibility, but it can also be tricky to implement. That’s where Microservices Event Mesh comes in to help jumpstart the transformation to microservices. It provides a set of tools and best practices that make it easy to get started with microservices without having to start from scratch. As a result, banks can be transformed quickly and easily without sacrificing quality or functionality.

Microservices Dependency Management

Microservices Dependency Management is the pre-built module for Microservices, enabling the continuous delivery and integration of the software components during the bank transformation. The module includes: 

• A set of APIs to allow for the easy integration of new microservices
• A build pipeline and configuration management system to allow for the automated testing and deployment of new microservices
• A set of tools to monitor and manage dependencies between microservices. 

By using this module, banks can avoid the “dependency hell” that often accompanies manually managed microservices deployments. In addition, the module offers some advantages over traditional monolithic application architectures, including improved resilience, scalability, and maintainability.

Microservices DevOps Portal

The Microservices DevOps Portal is a pre-built module that helps accelerate the transformation of banks to a microservices architecture. It enables developers to quickly create, deploy and manage microservices using a self-service portal. 

The portal provides a unified view of all the microservices in the bank and makes it easy to find and use the resources needed to build and deploy them. In addition, the portal helps to automate the management of microservices, making it easier to keep track of their development and operations. 

To conclude,

To build a top-tier bank on modular microservices, it is important to have a clear strategy and vision. At SmartOSC Fintech, we can help you develop this strategy and make your vision a reality. We have years of experience in the banking industry and are experts in the latest technology trends, including modular microservices. Contact us today to learn more about our services and how we can help you create a world-class financial institution.