Financial services firms warming to DevOps

Financial services firms warming to DevOps

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Financial services organizations are adopting DevOps approaches faster and with more decisiveness than other industries as they bid to head off competition from an encroaching army of nimble startups, according to research from Vanson Bourne.

The study, commissioned by managed services provider Claranet, surveyed 900 end user IT leaders from mid-market businesses in six European markets – Germany, Benelux, France, Spain, Portugal, and the UK.

Focusing on DevOps adoption, it found that 45% of financial services organizations have already developed a DevOps approach. By comparison, only 32% of organizations in a variety of other industries, including retail, software, and digital and media, have done so.

Michel Robert, MD of Claranet UK, comments: “Fintech startups are using technology to shake things up in the financial services industry with a customer-centric, agile approach. For the big incumbents in the industry the adoption of DevOps suggests a change in mindset and is likely being used as a way of taking on these startups and learning from their innovations.”

Financial services organization who have not yet adopted DevOps are also much more likely to introduce an agile programming methodology, the study found. Whilst almost 25% of the overall sample stated that they are either not planning to implement DevOps or haven’t yet made a decision, only 12% of financial services organizations are in the same position.

Says Roberts: “Much of the financial services market is vulnerable to disruption and the dominant players have organizational, cultural, and regulatory impediments to rapid change. This complexity is an impetus to move faster, and taking a DevOps approach can unlock new opportunities for growth. By encouraging faster software and application development, DevOps enables financial services organizations to streamline the way they deal with the vast quantities of data they process internally. Vitally, it also enables them to rapidly develop new products and services, allowing them to compete with the fintech disruptors.”

This article originally appeared in Finextra.  To read the full article, click here.