Microservices application development (MSA) is a trend of great interest among banks and financial institutions. This approach brings many benefits to companies:
- Creates a strong competitive advantage
- Optimizes operating activities
- Improves technological capabilities
Microservices app development is a specialized approach to writing software. In it, applications are divided into small independent components. Instead of the traditional monolithic approach to application development, where all the elements are combined into a single unit, microservices are all divided by functions and work together to perform the same tasks.
With finance software microservices, banking institutions are able to create flexible software and adapt it easily to meet changing needs.
When to use banking application microservices
All banking systems can be divided into two groups:
- Dynamic systems that require constant changes at the software level.
- Stable systems that run a consistent program.
That’s why the financial company needs to determine which systems:
— are beneficial for them to migrate to,
— don’t need to be migrated to avoid wasting time and money, and also not expose the organization to unnecessary risk.
Financial institutions should consider microservice architecture discovery services primarily when they need to adjust their business structure and objectives, or the functionality of their system changes often.