Editor's Note: There are multiple ways that DevOps can help banks and credit unions with their digital transformation, but in this week's blog, we highlight five benefits .
In a recent blog post, we addressed the importance of financial institutions’ and software companies’ IT teams using the development and operations (DevOps) approach to bring new product releases and updates to market quicker. In this post, we’d like to dive a bit deeper into how DevOps can help with your bank’s digital transformation.
In addition to providing frequent deployments and fostering continuous innovation, here are five benefits financial institutions can experience when implementing DevOps.
DevOps complements lean business models and agile development methodologies to achieve digital transformation in the most efficient and effective manner possible. A key contributor to this effectiveness and efficiency is dividing work into manageable projects. By breaking up the work, IT teams can achieve results faster, which expedites the feedback loop and allows the teams to adapt to a client’s needs with less disruption.
Digital transformation, like all change involves an element of risk. The risks can range from security vulnerabilities and process issues to software flaws or rebranding complications that were created or exacerbated by the change.
DevOps minimizes these risks by incorporating security best practices into each phase of the solution lifecycle. It also minimizes risk by simplifying processes so there are fewer chances for issues to arise. Reliance on agile development methodologies is critical to the successful reduction of software and delivery-based risks.
DevOps scales to meet the challenges of banks and credit unions of all sizes. It can be used to implement projects ranging from greenfield applications to overhauls of legacy systems. It is agnostic to the technology base impacted by the change, which makes it a powerful tool for digital transformation.
People are the most important asset any organization has when implementing a digital transformation strategy. Employees are the foundation of the triple bottom line – employees, clients and profit. Happy employees make for happy clients. Happy clients lead to profit!
To keep employees happy, financial institutions must engage and empower them. DevOps promotes employee satisfaction by focusing on innovation and collaboration which leads to greater success. This sense of satisfaction employees achieve is a force multiplier that can lead to greater retention and recruitment.
In smaller banks and credit unions, innovation and digital transformation can be challenging. Traditionally, it was the bigger financial institutions that benefitted from quickly and easily implementing a new digital strategy. With DevOps however, banks and credit unions of all sizes and complexities can accelerate their digital transformation progress.While many financial institutions and software companies are beginning to prepare for the New Year by developing digital strategies, they should also consider DevOps as it will help with their digital transformation and ensure they can grow to meet the demands of today’s digital consumer.