As neobanks and FinTechs target growth with new apps and digital services, Adrian Marinica, Technical Manager from Maxcode explains why partnering with external providers is the optimal way to deliver high quality, low risk solutions.
A recent study found that nine in ten financial institutions have adopted a “DevOps” approach to help optimize their development of new products and services.
DevOps is a set of practices that combines software development (Dev) and IT operations (Ops) which aims to shorten the systems development life cycle and provide continuous delivery with high software quality.
While this sounds like a good idea in principle, a 2020 study from Gartner claimed three-quarters of DevOps initiatives were not fully implemented, meaning that cost over-runs and delays in getting products to market continue to plague financial institutions.
“At a time when FinTechs most need to deliver products to market effectively, they are still plagued with delays and cost over-runs.”
FinTechs and neobanks are not exempt from this experience – and it’s happening to them at a time when they most need to deliver new products to market rapidly, and in the most cost-effective manner possible.
Development partnerships: powering up DevOps
A DevOps approach is the right choice for FinTechs since it improves security and compliance, reduces service downtime to end users and enables routine operations to be automated.
However, making a DevOps strategy work requires experience across a wide range of disciplines, from selecting the right tools and cloud technologies through to the continuous integration and deployment of new services as they reach the end of the development and testing pipeline.
As young, growth-focused companies, neobanks and FinTechs face a choice between developing new solutions in-house, purchasing and adapting off-the-shelf solutions for their needs, or partnering with external companies.
In a recent article, we examine the pros and cons of these approaches, concluding that partnership is the optimal choice for best quality, lowest risk and cost right across the process, from the inception of a new product through to its launch.
Just as partnership in product development works to create solutions that best fit customer needs, so partnering on your DevOps strategy brings similar benefits. By working with an external partner on DevOps, you benefit from lessons learned with a wide range of clients.
For example, how to approach data migration between SQL and NoSQL data stores, which can be a pain point a pain point for companies dealing with growth and evolving requirements related to performance, reliability and distribution.
At Maxcode, we bring new products and services to market rapidly and effectively by combining a best-in-market Quality Assurance (QA) policy with continuous delivery pipelines that fully automate the build, test and deployment processes
With more than 15 years of experience in bringing outstanding talent to bear on software and product development, Maxcode has helped clients around the world make the right DevOps and product choices.