How is DevOps revolutionising the financial services sector?

By 12 September 2017Blog

DevOps financial servicesDriven by data and digital innovation, the financial technology revolution- commonly known as FinTech – is well and truly underway. As the traditional banking system faces disruption from agile startups entering the market, having the ability to pivot quickly and develop new features is critical.

DevOps makes that level of speed and adaptability possible, and the rapid uptake of the methodology across many industries is a testament to how effective it can be. For FinTech organisations who must move quickly to keep pace with the competition, DevOps offers some particularly favourable benefits. It’s little surprise then that in the 2017 State of DevOps report from Puppet, the financial services sector was the second-most represented industry among those utilising the methodology.

DevOps practices can provide fintech companies with much greater agility.FinTech in 2017

According to Wamda’s State of FinTech report, the past three years have been huge for the industry. Since 2014, over US$50 million has been invested in the sector globally, beginning in financial and innovation centres such as Silicon Valley, New York and London but spreading rapidly to new and emerging markets as well.

Closer to home, the evolution of FinTech has been immense. In Australia, Wamda found growth in investment reached 343 per cent in the year to June 2016, a larger increase than any other nation. As more businesses and consumers latch on to the exciting work happening in FinTech, that figure still has plenty of room to expand.

Impact of DevOps on FinTech

While there’s undeniable potential in FinTech ventures, there are also challenges. For consumers and businesses to accept innovative new solutions to manage their finances, a high level of trust must be nurtured.

Building that trust starts with quality and security. In Puppet’s research, the impact of continuous delivery – a core tenet of DevOps – on software quality was measured, with the organisation finding that high-performing developers spend significantly less time on unplanned work. With the methodology enabling a higher quality product from the outset, those developers noted they were able to spend, on average, 29 per cent more time optimising their solution with new features.

Similarly, working under the continuous delivery model saw high-performers spending half as much time addressing security concerns than their lower-performing contemporaries, due to the involvement of dedicated security and quality teams throughout the entire development process.

Building a culture of agility and control

Unlocking the benefits of DevOps requires commitment across the organisation, not only bringing together the discrete development and operations teams, but also involving other stakeholders in the business.

Puppet found that while transformational leadership is a hallmark of many of the highest performing organisations it examined, achieving success with DevOps is a team effort. Effective guidance from management can help FinTech companies establish the values and processes necessary for development to thrive. However, in a highly regulated market such as financial services, having key personnel overseeing development can be an immense benefit, further bridging the divide between development and operations.

Avocado’s expertise with DevOps

Since 2004, Avocado has been immersed in the IT services and consultancy sector, and have been proponents of the DevOps methodology since its inception. For FinTech organisations, our experience with software delivery assessment, enabling and optimisation of DevOps tools, and continuous monitoring, integration and delivery can provide the edge needed to stand out in the competitive market.

By working with your team to understand its DevOps maturity level, we can help develop a strategy to flesh out that capacity and ensure goals are met with agile and effective principles, processes and tools. FinTech consumers need assurance that their finances are being well cared for – with DevOps and support from Avocado, that can become a reality sooner than you may think. Contact us today to find out how we can support you.

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