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For banks and financial institutions, identifying and integrating the optimal blend of technology and software tools can greatly boost a product’s time-to-value, improving a company's operational effectiveness and competitive edge within the BFSI industry. As such, your chosen tech stacks must align with all project requirements.
But what are fintech companies supposed to do with their ever-growing, ever changing tech stack infrastructure?
At KMS Solutions, we work closely with those in the banking and financial services sector, helping businesses evaluate different technology options and support data-driven decision-making on tools that not only address current demands but are also scalable for future growth.
From support with online payment processing to full-scale financial services software development, this piece will help you understand why tech stacks are so critical and how to leverage them to your advantage.
What are Tech Stacks in the Fintech World?
Consider tech stacks as a selection of front-end and back-end technologies you use together to achieve various tasks. From programming languages, frameworks, and libraries to databases and APIs, tech stacks power your operations, affecting everything from data-driven decision-making to online payment processing in financial service software.
Having all components in your tech stack infrastructure work harmoniously allows your business to run smoothly. In turn, this accelerates your workflow, improves productivity, promotes greater team support, eliminates unnecessary complexities and redundancies, and so much more.
Fintech companies may use technology to offer financial services, from online payment processing to advanced financial applications. To ensure they are operating at optimal efficiency, Australian fintech companies require a carefully cultivated set of programming languages and tools before developing software.
The Importance of Getting Your Tech Stack Infrastructure Right
Getting your tech stacks right plays an important part in business financing, operations, staff support, and more. The right tech stack not only helps streamline operations but also ensures that data-driven decision-making is a possibility.
Boosting Efficiency
Consider situations where your team may lose valuable time on repetitive, mundane tasks or when poor communication across different units in your business creates delays in delivery. These issues and many more can all be traced back to misaligned tech stacks.
Getting your tech stack infrastructure right immediately improves your business productivity and operational efficiency. Today, Australian fintech companies thrive on leveraging well-selected tech stacks for their unique organisational setup, specialising in optimising and automating financial applications.
Enable Scalability
Another critical aspect of getting your tech stacks right is scalability. Your tech stack should easily accommodate your business growth and forecasted market changes, allowing your business to adapt seamlessly without the need for constant, disruptive, and costly infrastructure overhauls and updates.
Promote Remote Working & Outsourcing Capabilities
The widespread adoption of remote work and outsourcing has acted as a catalyst for broadening the range of technology choices in the workplace, introducing tools that were not previously essential for most organisations.
The solution lies in business leaders revaluating and intentionally redesigning their technological infrastructure. The approach should prioritise the employee experience and the achievement of business goals. It's time for leaders to critically assess this belief and strategically select tools that genuinely enhance efficiency and impact. Ideally, technology should reduce the logistical overhead of work, not exacerbate it.
How to Develop the Right Tech Stacks
Creating a robust tech stack involves more than simply gathering a collection of tools. It requires careful consideration of your specific needs, goals, and budget.
Here are some actionable steps to building the right tech stacks for your business:
Here are some actionable steps to building the right tech stacks for your business:
Identify your needs
Understanding your business's unique requirements is the first step toward building the right tech stack infrastructure. Consider how different technologies can streamline your operations, improve efficiencies, and help you make more data-driven decisions.
Consider the project’s complexity and functionality
When it comes to software development, a simple project only needs a limited number of essential features, while a more advanced application requires a more complex tech stack with different layers and a mix of programming languages. As such, it’s worth planning for the software's complications at the beginning and choosing tech stacks that can address any problems. Consider your specific use cases and look at tech stacks catering to your needs, with functionalities ranging from online payment processing for small businesses to more complex data analytics tools.
Check for software compatibility
Make sure that the selected technologies can be integrated into your existing systems and platforms for smooth operations.
Plan for scalability
Your business will evolve, and your tech stack infrastructure should, too. Look for technologies that are scalable and can grow with your business.
Ensure software security
In the BFSI sector, security is of utmost importance. Employing secure frameworks and libraries stands out as an effective strategy to safeguard the system. The selected tech stacks must not be vulnerable to cyber fraud and threats. Integrating advanced technologies such as AI can provide a significant advantage, offering enhanced security in data storage.
Components of Modern Tech Stack Infrastructure & Examples
For Australian Fintech companies, building a robust and efficient tech stack is fundamental to success.
Here’s a breakdown of the critical components of modern tech stack infrastructure, as well as some tech stack examples, each playing a unique role in the fintech landscape:
Operating Systems and Programming Languages: The foundation of any tech stack, which is selected based on the development environment and the application’s needs.
- Examples: Linux, iOS, Android; Languages like Swift, Java, Ruby, Python, Javascript.
Database: These components handle request routing, content distribution, and scaling of application capacity.
- Examples: AWS, Google Cloud, Azure, Apache, Nginx, CloudFlare, Fastly.
Data Storage and Querying: Essential for handling real-time and historical data, these tools support data storage and retrieval, a crucial aspect for fintech applications.
- Examples: MySQL, Azure SQL Synapse, MongoDB, Redshift, PostgreSQL, Snowflake, Splunk, Talend, Fivetran.
Backend Frameworks: Frameworks simplify the development process by providing a structured way to communicate with databases and manage user requests.
- Examples: Ruby on Rails, Django, Laravel, Spring, .NET.
Frontend Frameworks: These are crucial for crafting the user interface and ensuring seamless client-side functionality.
- Examples: React, Bootstrap, jQuery, Ember.js, Backbone.js.
API Services: Vital for connecting with various tools and managing extensive data transfers.
- Examples: Segment, Google Apigee, Mulesoft, Tealium, Zapier.
Monitoring and Performance Tools: These tools are key for maintaining the health and performance of all tech stack layers.
- Examples: New Relic, AppDynamics, Dynatrace, Datadog.
Business Intelligence Solutions: BI tools are instrumental for data analysis and making informed business decisions.
- Examples: Microsoft Power BI, SAP BusinessObjects, Tableau, Looker, Qlik.
Behavioural and Product Analytics: These tools provide insights into user behaviour and help optimise the customer journey.
- Examples: Vary based on company needs and data infrastructure.
Each component plays a strategic role in the fintech ecosystem, ensuring Australian Fintech companies remain competitive, efficient, and customer-centric.
Ensure Data-Driven Decision-Making for Your Organisation on Tech Stack Infrastructure with KMS Solutions
Ensuring data-driven decision-making for your organization on a tech stack infrastructure requires a strategic approach that encompasses assessment, alignment with business goals, technology selection, integration, analytics, security, training, and continuous optimization. By partnering with KMS Solutions, you can leverage our expertise and innovative solutions to establish a robust data infrastructure and analytics framework.
For more information or support on selecting the right tech stacks for US, Asian and Australian fintech companies, contact us at KMS Solutions today.
