Discover the emerging trends shaping enterprise BFSI software development in 2023 and stay ahead in the industry
In 2023, the enterprise BFSI (Banking, Financial Services, and Insurance) software development landscape is experiencing dynamic shifts and exciting trends that are reshaping the industry. With the rapid advancements in technology, the BFSI sector is embracing innovative solutions to enhance operational efficiency, improve customer experiences, and stay ahead of the competition.
From the adoption of AI and machine learning to the rise of open banking and blockchain integration, this article explores the key trends that are driving the evolution of enterprise BFSI software development in 2023.
Let us look at the trends in Enterprise BFSI Software Development in 2023.
Gaining the Popularity of DevSecOps
DevSecOps is a framework that positions security as a shared concern in the software development life cycle (SDLC). The name is an abbreviation for development, security, and operations. The goal is to foster a symbiotic relationship between these three disciplines by emphasizing the implementation of transparent security practices as early as possible in SDLCs.
The need for security must be balanced against the need for developers to have access to quick, efficient tools. DevSecOps is both a cultural shift and a driving force to seek out new tools and automated processes within enterprise SDLCs. DevSecOps is growing at a 31% compound annual rate.
Methodologies for Rapid Agile Development
Rapid Agile Development is a method that entails customer collaboration, iterative and incremental development, and frequent software delivery. These methods will be used by developers to create better software in less time. It makes use of customer collaboration to create better products faster. Customers are involved throughout the development process. Customers are also involved in the software development lifecycle.
Cloud Services
Cloud services are becoming increasingly important in the software development industry. Cloud services are less expensive, more flexible, and provide greater security than most traditional on-premise software solutions. Companies will increasingly rely on cloud computing for their projects, and cloud services will be in high demand.
This trend is expected to continue, with more and more businesses utilizing cloud services for their needs. With unlimited space, any company can store as much data as they want. Not only does this protect against hackers because no files are stored locally, but it also keeps servers operational 24 hours a day, seven days a week.
The Growing Use of Blockchain
Although the majority of the attention has been focused on cryptocurrency, blockchain technology has potential applications in the software development industry. More than 80% of businesses believe blockchain and other digital assets will generate new revenue streams. Meanwhile, more than 73% of respondents said they would lose competitive advantages if they do not adopt this new trend.
Systems based on blockchain-oriented software (BOS) are extremely stable and secure. Its data is replicated and stored decentralized, ensuring its security. There are several layers of security to help prevent unauthorized access.
Microservices Architecture
A microservices architecture is a type of framework that allows developers to create applications that are independent of other services. These modules can be managed and modified independently of the other components. The cloud microservices market is rapidly expanding, according to Technavio. They forecast a CAGR of more than 25% by 2026, adding $1.59 billion to the market value.
The microservices architecture is an innovative method of developing software. This new structure eliminates the need for developers to devote time to the development and maintenance of applications. They can also reuse their applications in other projects.
Why Is It Important to Keep Up with The Latest Trends in Software Development?
It allows you to stay ahead of your competitors.
Reduce the risk of data breaches.
Improve business productivity and efficiency.
Reduce labor costs.
Bring the latest technologies to the business and create more opportunities for ROI.
The Imperative of Staying Competitive in the Tech-Driven BFSI Sector
Staying competitive in this tech-driven world is always a major challenge for businesses, particularly in the BFSI sector. Technological advancements, changing customer expectations, evolving cyber security, and regulatory requirements continually shape the industry. Every year, new trends and technologies emerge in the field of enterprise software development, specifically tailored to meet the unique requirements of Finance.
By embracing the latest trends in enterprise software development, you can enhance operational efficiency, improve customer experiences, and position your business for sustained success in Finance.
Stay ahead of the curve in enterprise BFSI software development. Connect with D2K Banking Fintech experts to leverage the latest trends and drive success.