Serverless Cloud Services and Its Advantages for the Financial Industry

    

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Financial businesses (FBs) with digital financial services must invest in their cloud infrastructure. This important technology enables immense scalability, seamless interaction, and accessibility anytime, anywhere, and from any device. And not only that- but, the flexibility and agility it offers FBs and users results in immense cost and time savings.

But, what about the Serverless cloud modality? This post will elaborate on the additional benefits of this amazing technology.

What is Serverless Architecture?

Serverless technology as explained by BBVA, “enables the execution of an application via ephemeral, stateless containers; these are created at the moment an event is produced that sets off this application. Contrary to what the term suggests, serverless does not mean “without a server.” Rather, these are used as an anonymous element of the infrastructure, supported by the advantages of cloud computing.”

BBVA highlights that by using serverless technology developers are able to focus on functionality, instead of spending time managing infrastructure. The article also points out that it favors the development of architectures based on microservices, to facilitate continuous rollout development of architectures with more simple rollouts (when necessary). Ultimately, BBVA concludes, serverless makes it possible for FBs “to reduce spending on infrastructure, generating costs only when a request is made, and as a result, the function is executed.” This financial agility is priceless in today’s Digital Age.

Key Advantages

 

Serverless architectures, as explained by BBVA, empowers an evolution of the composition of services in an atomic (with functions) and scalable (with serverless) manner; this results in incredible business efficiency and results:

  • Costs reductions (self-scaling for implementation and operation)
  • Simplification of functions (streamlining maintenance and evolution)
  • Development times improvement (incredibly efficient time-to-market)
  • Added security and reliability (ability work in various forms)

This flexible scalability of a serverless infrastructure is one of its biggest benefits. It enables the automatic scaling when demand grows and scaling back when it reduces; promising successful deployment with an impressively low time-to-market. Hence, an FB with a serverless financial offering would not have to worry about the infrastructure and instead concentrate on other matters of the digital financial services business.

To Summarize

Serverless capabilities result in incredible freedom for FBs: eliminating infrastructure management, promoting self-scalability, enabling pay-per-use, and reducing the time-to-market. This technology empowers FBs with all the benefits of advanced technology without added investment in technical specialization, therefore having the ability to successfully and seamlessly offer exceptional, reliable, and competitive digital services.

COBIS, as a financial technology leader, has begun its serverless journey, now offering a serverless mode with AWS cloud infrastructure. You can learn more about our solutions and services at www.cobiscorp.com

 

Other articles of interest

Understanding Multi-Cloud Infrastructure in Banking

The Key Trends of 2021

A New Age of Digital Finance Acceleration

 

 

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About the Author

Angie Kilner