Legacy systems in financial institutions often lead to scalability bottlenecks, security risks, and poor resiliency. In the modern digital economy, banks, payment providers, and fintech firms need infrastructure that is cost-effective, agile, and resilient. Cloud-based microservices have emerged as a modern approach to address these needs. By breaking monolithic systems into modular services, financial firms can accelerate innovation, reduce downtime. By achieving these, they can meet rising expectations for secure and real-time digital transactions.
Understanding Cloud-Based Microservices in Fintech
What are Microservices?
Microservices are an architectural style where an application is built through a modular approach instead of a large applications. Financial services are broken into small, independent services that communicate among themselves securely. This ensures that the Financial system is resilient, which means if one service fails, the rest are running. It provides scalability, which implies each service can be scaled based on the needs without impacting others. It also ensures secure systems where each service follows its strict security guidelines.
