Impact Study
It is high time for banks to move away from legacy thinking and embrace modernisation to remain competitive in the industry.
Financial institutions have long been threatened by innovative, tech-savvy fintech firms that do not have to maintain decades-old back-office systems. Core banking systems within banks have evolved, but with additional pressure from incoming regulation and subsequent reporting, progression and modernisation has not kept pace with industry developments.
In the US alone, the real-time payments market is expected to grow at a compound annual growth rate of 31% until 2030. An institution’s success in scaling their payment processing in response to this shift will rest heavily on how their systems are set up.
Cloud-native payments processing is the most viable option to keep pace with innovation demand and competition; enabling banks to build upon flexibility, at low cost and risk. These enablers also make cloud infrastructure – both public and private – attractive for banks that have struggled to streamline, maintain and upgrade their legacy infrastructures.
This research paper, produced in association with Diebold Nixdorf, explores the opportunities of microservices architecture. It discusses:
Then & Now: Monolithic vs. microservices architecture
Overcoming microservice challenges
The benefits of a micro-approach
Real-world examples and cases studies
And more.
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