Cloud-native applications have redefined service delivery in FinTech and the banking landscape. Leveraging the concepts of microservices integration, APIs, containerization, serverless architecture, and cloud infrastructure, Opus has enabled large-scale banks to gain a competitive advantage and explore new revenue streams.
Key Challenges Faced by Financial Institutions with Cloud-Native Application Development
Lack of deep understanding to critically evaluate and choose between different cloud-native strategies, such as new application development, lift-and-shift, rearchitecting, or replacing
Complex integration with existing systems and applications may require careful planning and re-architecting
Lack of talent and skills required for transformation to cloud-native applications, and continued optimization and monitoring to achieve higher efficiency
Funding the initial set-up and development costs for cloud-native applications, which could be significant due to investment in the latest infrastructure and resources
Inability to implement a company-wide vision that effects a cloud-native cultural change
With a laser-sharp focus on customer-centricity, banking and financial institutions are aiming to meet the ever-evolving expectations of their customers with a more personalized and omnichannel experience. Opus’ cloud-native application development services allow banks and service providers to innovate, integrate, and launch at scale. By leveraging cloud-native technologies, CNCF principles, and modern development practices, Opus enables its customers to respond to the market faster.
Our cloud-native application development services include
Planning and implementing transformation from monolithic applications to smaller, independent microservices that will enable a financial institution to design, develop, and deploy at scale
Implementing a serverless architecture to reduce infrastructure costs, improve application performance, and ensure greater scalability
Devising and executing a hybrid cloud strategy that offers the scalability and cost benefits of a public cloud while ensuring greater control over data security and application resources
Integrating cloud-based applications with existing on-premise systems and data sources to improve operational efficiency and make data accessible across multiple platforms
Opus Offers Transformative Benefits with Cloud-Native Applications
Fosters innovation by allowing banks and service providers to leverage emerging technologies and differentiate customer offerings
Enables a higher degree of security and compliance to protect data and applications in the cloud
Improves time to market with scalable business services that can be developed and deployed at a faster rate through CI/CD and DevOps
Enhance user experience with simplified journeys and an increased ability to offer value-added services
Offers business continuity with applications that have high fault tolerance owing to containerization and the Kubernetes approach
Delivers a highly scalable, agile, and cost-efficient application service that can handle increased demand without compromising on performance
Allows better management and aggregation of data that can be used to analyze customer preferences and offer personalized services
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READ NEWSLETTERVIEW ALLFrequently asked questions
A software application that is designed to leverage the inherent characteristics of a cloud computing architecture is referred to as a cloud-native application. Such applications use a microservices architecture that is stacked together to provide a core application function. Resources are allocated to each microservice with the aim of achieving optimal performance.
Cloud-native architecture is one of the key principles of cloud-native applications. It refers to the process of architecting the application so that it can leverage the unique benefits that the cloud has to offer. Unlike traditional architecture, the cloud-native solution focuses on distributed processing across isolated parts of the application, automating processes, and horizontal scaling.
While both cloud-based and cloud-native applications can run on public, private, and hybrid cloud, they differ in the way they are designed to leverage the core characteristics of cloud. A cloud-native application supports microservices architecture that forms independent and isolated units of business logic and data. These applications are built to scale and allow the upgradation of a single isolated unit without system disruption.
A cloud-native application architecture has the following components: containers, Kubernetes, microservices, service mesh, and DevOps. Containers are standalone packages of software that can be independently deployed as per the user’s needs. Kubernetes is a container management framework that enables the scheduling and maintenance of containers. Microservices are isolated bits of large, monolithic software. Containers consist of microservices, and this configuration enables faster updates as specific services can be fixed instead of the application as a whole. A service mesh is an infrastructure layer that defines how application data is shared. DevOps is a development methodology that defines how to plan, build, and deploy a release.
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