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:

  1. Dynamic systems that require constant changes at the software level.
  2. 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.

Case Study: Microservices Implementation in Banking

микросервисная архитектура в банке

As the Bank infrastructure grew it became evident that monolithic approach could not longer be effective for the dynamic banking systems that needed frequent changes. Our client decided that implementation of the microservices architecture (MSA) in …

Benefits of microservices development

There are some important reasons why financial companies should implement the microservices approach. 

  1. Simpler development. Microservices are easier to develop and implement in comparison to a monolithic approach. 
  2. Future proof. Easier to modify the system if the business needs change.
  3. Flexible technology selection. Different system parts can be written in diverse languages, also it is easy to rewrite something using new technology.
  4. Ability to avoid failures. Microservices can be spread across multiple instances so if one fails, the other replaces it.
  5. Higher security level. It is achieved due to the fact that various services are controlled individually.
  6. Financial savings. If it is necessary to refine the functionality, engineers don’t need to scale the entire system, just a specific service.
  7. Reusability. Microservices, like a code library, can be easily reused.

Microservices consulting

Before deciding on the migration of the system on microservices, an organization needs to determine which systems are beneficial to migrate and which are not. Therefore, RND Point experts provide consultations and free analysis of the current architectural solutions of the company and offer their vision of how it can be improved. 

Also, we can provide PoC (Proof of concept) to highlight the advantages of a microservice approach for a  client’s particular systems.

Microservices implementation

The microservices implementation best practices and proper DevOps approach allow companies to make quick iterations from a prototype to a live version. 

When implementing microservices for financial institutions, our specialists take the following steps:

  1. Make a set of requirements and according to them determine the architecture of microservices.
  2. Define the domain hierarchy (Domain Driven Design).
  3. Use RESTful APIs in the best way possible.
  4. Provide data storage for each microservice. 
  5. Write API documentation and base all APIs on business domains.
  6. Choose the right size of microservices.
  7. Define the requirements for load balancing and choose a proper solution. 
  8. Pick the right DevOps tools for containerization and deployment.

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