Benefits of Figo AI microservices architecture
The Figo AI microservices architecture provides agility, shorter development and deployment cycles, scalability, and flexibility for creating solutions that use various technologies. With mFino microservices architecture, banks can build flexible, scalable cloud-based solutions and provide simplicity to their customers at every touchpoint. Even a bank can develop on their technological stack as needed while deploying large, sophisticated software applications continuously.
Bank expansion has been hindered by their traditional and essentially outdated monolithic design for a long time. Due to this, bankers are increasingly choosing microservices-based designs, which are more mature and resilient. In microservices-based designs, the entire application is divided into discrete services or modules. mFino modules can be constructed and handled independently, making the entire program easier to maintain.
Microservices based Core
With microservices architectures, banks can stitch together services from various parties to offer their customers a unique benefit. A marketplace owner can, for example, combine industry-leading onboarding services from a fintech company with in-house underwriting capabilities and book receivables to a third-party bank. Customers availing of loans from the marketplace would be shielded from the handshakes between various parties in the back end. Such a proposition can be executed effectively only with a microservices-based architecture bank offering similar products with near-term architecture. Still, they will be severely constrained due to architectural limits.
Strengthen the digital core banking system with microservices
Not just the financial industry. Almost all companies have their digital core systems in different types. These long-existing systems are not only the lifeblood of the company but also a significant burden under digital transformation. When facing the rapidly changing external demands, business transformation, and even many digital needs, the applicability of existing core systems is gradually being challenged, causing all companies to seek ways to transform.
