Microservice architecture enables every feature to function as an independent block communicating via language independent APIs. This allows banks to update a particular part of the application without worrying about the dependencies on other features and facilitates building and sustaining an external ecosystem.
If a single microservice malfunctions, the other services remain largely unaffected.
It is easier to update and map out applications because distinct independent modules can be altered instead of an entire application.
Microservices can scale individually on the cloud, it can expand, and contract independent of other services.
Microservice architecture enables banks to adapt to evolving customer expectations by making applications easy to maintain, quick to deploy and reliable. It builds applications as a set of diverse independent services, each one performing a specific task such as email management, data analytics and so on. These services communicate with each other via language independent APIs.
Each microservice has its own data model and manages its own data
Data moves between microservices using lightweight synchronous protocols like REST
Each microservice should contain a piece of business functionality
Internal operations are only accessible to external programs via API
Microservices enable independent deployment of every service without affecting other services. This allows faster deployment and easy management. For example, if you want to update only the KYC microservices you do not have to worry about the dependencies on other services like – core banking services, customer management services, payment services etc
Banks around the world are transforming their services to cater to the increasing customer demand. Additionally, Banks must respond to the demand generating from various financial institutions for integrated solutions. Open banking is a process of making banking data accessible to external players through a secure channel. Microservices make it possible with APIs for every individual service.
Microservices make it easy to scale an app as demand grows. Instead of scaling an entire app, you can direct more resources to the most critical microservices. Scaling is also faster and often more cost-effective because of microservices. Microservices often have minimal codebases, making it easier to manage and deploy. It is also much easier to keep the code clean and assign teams to certain services.
In an ideal microservice architecture the following principles are never compromised:
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