Thanks to new technologies and ever-changing customer demands, banks and other financial institutions are struggling to keep up. In order to remain competitive, they need to find ways to speed up their processes and improve efficiency. That's where DevOps comes in.

DevOps is a methodology that brings together developers and operations staff teams in order to improve communication and collaboration between the two groups. By breaking down the silos between development and operations, DevOps helps organizations move faster and become more agile. As a result, DevOps can have a huge impact on the finance industry.

There are three key strategies that financial institutions can use to make the most of DevOps: automation, collaboration, and culture change. Let's take a closer look at each one.

1. Automation

In the context of DevOps, automation typically refers to the use of scripts or tools to automate various aspects of the software development and delivery process, such as build management, testing, deployments, and monitoring.

There are several reasons why automation is such an important part of DevOps in the finance industry. 

a) Automation can help finance companies shorten their software development cycles and release new features and updates more quickly. This is because automated tasks can be completed more quickly and  , with fewer errors than manual tasks. 

b) Additionally, by automating repetitive tasks, developers can free up time to focus on more important tasks, such as developing new features or fixing defects. 

c) Finally, automating various aspects of the software development process can help improve software quality by ensuring that all steps in the process are carried out consistently and accurately.

How Can Automation Be Implemented?

There are many ways to implement automation in a DevOps environment. One popular approach is to use a tool like Jenkins or Bamboo to automate the build management process. These tools can be used to automatically compile code, run tests, and package applications for deployment. 

In addition, many teams use configuration management tools like Puppet or Chef to automate deployments. These tools can be used to define server configurations and then automatically provision and deploy servers according to those configurations. 

‍

2. Collaboration

Traditionally, in a finance organization, work is done in silos. The developers work in one part of the company, and the ops team works in another. There’s little communication and collaboration between the two groups. But as the speed of business increases, that model is no longer viable.

That’s where DevOps comes in. DevOps is all about breaking down those silos and creating a more collaborative environment. When everyone is working together towards a common goal, better results can be achieved faster.

In addition to breaking down silos, collaboration also helps to create a shared understanding of objectives. Too often, developers are focused on writing code that meets their own objectives, without considering the bigger picture. By collaborating with ops teams from the beginning, developers can gain a better understanding of what needs to be done from an operational standpoint. This helps to ensure that the code they write meets both development and operational objectives.

Ultimately, collaboration helps to improve communication between teams. When everyone is working together towards a common goal, there’s less need for formal communication channels like email or meetings. Instead, teams can communicate informally through chat or video conferencing tools. This helps to speed up decision-making and reduces the need for costly delays while waiting for information from other departments.

3. Culture Change

It is beneficial for financial institutions to change their culture. To start with, it enables the development and operations teams to work more closely together. This leads to greater efficiency and better-quality control, as each team can Provide input at every stage of the process. In addition, it fosters a greater sense of communication and collaboration among team members.

Another key benefit is that it allows financial institutions to better meet the needs of their customers. By understanding the customer journey and working together to address pain points, the institution can provide a smoother experience that leads to increased satisfaction and loyalty. In today’s competitive landscape, this is more important than ever.

Implementing a Culture Change

Of course, culture change does not happen overnight. It is a gradual process that requires buy-in from everyone involved. Senior leadership must set the tone and establish clear objectives for the transformation. They must also provide the resources needed to support this change. Furthermore, they should promote transparency and openness so that employees feel comfortable sharing their ideas and concerns.

At the same time, employees must be willing to embrace this change and work collaboratively with their team members. They should also be receptive to feedback so that they can continuously improve their processes. Only by working together can financial institutions hope to effect real change within their organizations.

Conclusion

Automation, collaboration, and culture change are three essential strategies for success with DevOps in the finance industry. By implementing these changes, financial institutions can improve their efficiency, communication, and quality control. In today’s competitive landscape, this is more important than ever. With the right approach, DevOps can help financial institutions to gain a real competitive advantage.

Looking to improve your DevOps strategy in the finance industry? Greyamp Consulting can help. With years of experience in DevOps and automation, we'll help identify process automation opportunities, design collaboration frameworks & roll-out culture change initiatives. Get in touch with us today to know more.

‍