Looking at the way Fintech has evolved over the past decade, it is appropriate to say that change is the only constant when it comes to the quest for survival in today’s competitive Fintech world. New technologies are introduced in the market often which leads to change in the industry landscape at a faster pace than we could imagine.
Fintech brings some of the innate challenges that are compelling companies to adopt innovative approaches, to avoid sudden breakdowns. Some of these challenges are:
- Financial industry goes through frequent changes in regulations, tax structures, license policies and capital requirements.
- Fintech industry adopted technology in early stages and therefore, has the most outdated systems. These systems are inflexible and prevent changes in the architecture.
- Investors and stakeholders apply pressure on Fintech companies for a quick ‘go-to market’ strategy. This leads to unstable foundation.
Considering the challenges, it is essential to develop a strategy which diversifies the risk of never ending changes in the Fintech Industry. A flexible, independent and secure architecture that can adapt seamlessly, is of paramount importance.
This whitepaper explains some of the important practices such as Microservices, DevOps and stringent security policies which can help make a Fintech system robust. It also, helps us understand the importance of a system especially in the Fintech industry which constantly changes its operating standards, whether it is due to the increase in competition, customer demands or regulations. Systems built on monolithic architecture as opposed to Microservices, break down if one of its components gets affected. Similarly, if a system is not agile it will not stand the test of time and will break eventually.