Taking a macro view of micro frontend technology: What it means for financial institutions
In today's rapidly evolving digital landscape, financial institutions are facing the challenge of staying competitive against traditional players, fintechs, and insurtechs. To succeed, they must embrace new technologies and business models that offer greater agility, efficiency, and innovation. One such architectural approach gaining popularity is micro frontend technology. This blog post aims to provide a comprehensive overview of micro frontend technology, its benefits, and its application in the financial services industry.
Understanding Micro Frontend Technology
Micro frontend technology is an architectural approach to application development that involves breaking down a monolithic platform or software application into smaller, independently deployable, and scalable units known as micro frontends. Unlike traditional modular approaches, micro frontends are self-contained, with their own UI and business logic that can be developed, deployed, and updated independently. This approach offers several advantages for financial institutions seeking digital transformation.
Benefits of Micro Frontend Technology
Business and technical leaders alike should understand the key benefits that come with adoption of micro frontend technology.
- Greater adaptability: The composability and simplified nature of micro frontends enables faster creation and change to a design. Modules can be reused as many times as needed or swapped and shared with other sources. This enables development teams to quickly adjust to changing user needs.
- Better user experience: Each module can have its own UI and business logic, which enables teams to create a more tailored and hyper-personalized user experience. This is particularly important in financial services, where UX plays a critical role in customer satisfaction.
- Granular control: Micro frontend solutions offer a more granular level of control, allowing developers to isolate and update specific features or components of the user interface independently. This enables teams to make changes faster and more efficiently.
- Open innovation: Typically designed to be integrated with other systems and components, micro frontends make it easier to bring new capabilities to a service or solution by simply plugging in new features or services that can be sourced from anywhere. This is especially useful in the financial services industry, where there are often a variety of different systems and services that need to be integrated.
- Faster time-to-market: The independent deployment capability of micro frontend solutions means that each module can be deployed separately without affecting other parts of the system. This provides greater flexibility and agility for teams, enabling them to make updates and changes quickly without disrupting the entire application.
- Reduced costs: Micro frontends' modular design and composable business architecture institutions to reuse modules across the organization, reducing costs by eliminating duplicated development efforts for similar capabilities across digital platforms.
At iuvity, we embrace the micro frontend approach for the development of our digital banking solutions, iuviBANKING. We’re empowering our customers to create configurable user experiences to deliver hyper-personalized experiences, streamline operations, and innovate rapidly. By adopting this technology, financial institutions can position themselves as world-class digital businesses capable of providing exceptional customer experiences and staying competitive in the digital age.
Download the latest ebook to learn more about how micro frontends can help your organization become more agile and competitive.