Benefits of Upgradation from Monolithic to Microservices platform in Banking

Can be independently scaled based on demand that allows for more efficient resource utilization. Only the components that require additional resources can be scaled, rather than the entire application.

Scalability

Scaling involves replicating the entire application, which may lead to inefficient resource allocation.

Each microservice can be developed, deployed, and updated independently. This facilitates faster development cycles, enabling teams to work on different services simultaneously without affecting the entire system.

Flexibility and Agility

Changes to a Monolithic Platform application often require redeploying the entire application, making it less flexible and slower to adapt to changes.

Different Microservices Platform can use different technologies and programming languages based on their specific requirements. This allows teams to choose the best tools for each component.

Technology Diversity

A Monolithic Platform application is typically built using a single technology stack, limiting the flexibility to use diverse technologies

If one microservice fails, it doesn’t necessarily bring down the entire system. Faults are isolated to the specific service, and the rest of the application can continue to function.

Fault Isolation

A Monolithic Platform application is typically built using a single technology stack, limiting the flexibility to use diverse technologies.

Because each microservice is a separate deployable unit, deploying changes is less risky and can be done independently. This facilitates a more continuous delivery and integration process.

Easier Deployment

Deploying changes to a Monolithic Existing Platform application often requires stopping the entire application, leading to downtime during deployment.

Different teams can work on different Microservices Platform independently, allowing for greater team autonomy. This is beneficial for larger development organizations where teams may have different expertise and focus areas.

Team Autonomy

A Monolithic Platform application is typically built using a single technology stack, limiting the flexibility to use diverse technologies.

Maintenance and updates can be performed on individual Microservices Platform without affecting the entire system. This makes it easier to manage and update the system over time.

Easier Maintenance

Maintenance tasks on a Monolithic Platform application may require careful coordination and testing to ensure that changes do not introduce issues across the entire application.

Each microservice has its own codebase, runtime, and dependencies. This isolation means that a security vulnerability or attack in one microservice is less likely to impact the entire system.

Isolation of Attack Surface

A security breach in one part of a Monolithic Platform application can potentially compromise the entire application.

It’s easier to implement fine-grained access control since each service can have its own authentication and authorization mechanisms. This allows for more precise control over who can access specific functionalities.

Granular Access Control

Access control in Monolithic Platform applications tends to be more coarse-grained, with fewer options for finely controlling access to specific parts of the application.

It’s often easier to implement the principle of least privilege in a Microservices Platform architecture, as permissions and access rights can be tailored to the specific needs of each microservice.

Easier Compliance with Least Privilege Principle

In a Monolithic Platform application, the principle of least privilege might be harder to enforce, as users or components may have broader access rights by default.

Security updates can be applied independently to each microservice without affecting the entire system. This allows for more timely patching of vulnerabilities.

Independent Security Updates

Security updates in a Monolithic Platform application may require redeploying the entire system, which could introduce delays in applying critical security patches.

This platform is often deployed using containerization technologies like Docker and managed with orchestration tools like Kubernetes. These technologies provide additional security benefits, such as isolated containers and automated scaling.

Easier Adoption of Containerization and Orchestration

Containerization and orchestration are still possible with Monolithic Platform applications but is more challenging to implement due to the nature of the monolith.

Distributed nature of Microservices Platform can make them more resilient to certain types of Distributed Denial of Service (DDoS) attacks, as the impact is limited to the specific services under attack.

Resilience to DDoS Attacks

A DDoS attack on a Monolithic Platform application could potentially bring down the entire system.