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What strategies can you use to monitor the health of cloud-native FinTech applications?

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Cloud-native FinTech applications are software solutions that leverage the scalability, resilience, and agility of cloud computing to deliver financial services. However, these applications also pose unique challenges for monitoring their health and performance, as they often involve complex architectures, distributed systems, and dynamic environments. In this article, you will learn some strategies that can help you monitor the health of cloud-native FinTech applications effectively and efficiently.

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Pedro T.

Co-Founder & Chief Revenue Officer at MTX Latam
Vivek Anand

Specialist Leader (Senior Manager) at Deloitte USI |Curious|Technologist|Cyclist|Runner

1 Define clear metrics and goals

One of the first steps to monitor the health of cloud-native FinTech applications is to define clear metrics and goals that align with your business objectives and user expectations. Metrics are quantitative indicators that measure aspects such as availability, reliability, latency, throughput, errors, and resource utilization. Goals are the desired values or ranges for each metric that reflect the quality of service and the service level agreements. By defining metrics and goals, you can establish a baseline for monitoring and benchmarking your cloud-native FinTech applications.

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Pedro T.

Co-Founder & Chief Revenue Officer at MTX Latam
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In my experience, FinTech applications should control the new user's onboarding and real retention after the execution of the first movements, then you could validate the real adoption of the users; this should cover all the tech variables (availability, reliability, etc)

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2 Adopt observability practices

Observability is the ability to understand the internal state and behavior of a system based on the external outputs. It is essential for monitoring the health of cloud-native FinTech applications, as it enables you to collect, analyze, and visualize data from various sources and dimensions. To practice observability, consider logging, tracing, metrics, and alerts. Logging records events and messages that occur in your application, such as errors, warnings, or information. Tracing captures the flow and timing of requests across different components and services. Metrics measure and monitor the performance, efficiency, and utilization of your application. Alerts notify you or your team when a metric or a condition exceeds a predefined threshold or deviates from a normal pattern. This can help you detect and respond to issues, incidents, or anomalies in your application.

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Vivek Anand

Specialist Leader (Senior Manager) at Deloitte USI |Curious|Technologist|Cyclist|Runner
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Never to forget some challenging scenarios. 1. Legacy Systems: Lack of modern logging/tracing capabilities, requiring extensive retrofitting. 2. Third-Party Dependencies: Limited access restricting insight into crucial third-party operations. 3. Regulatory Compliance: Not everything can be logged. 4. Microservices: Interconnected microservices complicates end-to-end tracing and correlation of logs 5. Scale Impact: FinTech platforms generates vast amounts of logs, metrics, potentially impacting performance due to the strain on monitoring infrastructure. 6. Dynamic Infra:Tracking ephemeral resources (e.g., auto-scaling instances) poses challenges in cloud-native setups, necessitating adaptive monitoring solutions for dynamic env.

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3 Use cloud-native tools and platforms

Monitoring the health of cloud-native FinTech applications can be done through the use of cloud-native tools and platforms that are specifically designed and optimized for cloud environments. These tools and platforms offer several benefits, such as scalability, integration, automation, and innovation. AWS CloudWatch, Google Cloud Operations, and Azure Monitor are some examples of these cloud-native tools and platforms. With them, you can collect and track metrics, logs, and traces; create dashboards and alarms; analyze performance and health data; create alerts and policies; debug and optimize your application; and more. Ultimately, you can use these tools to ensure that your monitoring system is reliable, accurate, and intelligent.

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4 Follow best practices and standards

When monitoring the health of cloud-native FinTech applications, it's important to follow best practices and standards. This includes defining and documenting your monitoring strategy, policies, and procedures. Additionally, you should use common and consistent naming conventions, formats, and labels for metrics, logs, and traces. It is also important to implement security and compliance measures for your monitoring data, such as encrypting or masking sensitive or personal information. Finally, you should review and update your monitoring system regularly to ensure that it reflects the current state and needs of your application.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ho Chee Wai (何志伟)

FinTech | Neobank | Open Banking | Payments | Cards | Remittances -> Thought Leader | Innovator | Dreamer | Builder
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Where possible, apart from basic system health pings, one should build self executable scripts which can perform key flows in the app on a regular basis say daily. Small value transactions may be auto performed and reconciled. These automated scripts can be executed by machines and if required have its results validated by a human to ensure the Fintech app is functional. This proactive approach reduces could help discover issues faster esp after a new build without waiting for customers to complain.

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What strategies can you use to monitor the health of cloud-native FinTech applications?

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3

4

5

1 Define clear metrics and goals

2 Adopt observability practices

3 Use cloud-native tools and platforms

4 Follow best practices and standards

5 Here’s what else to consider

Financial Technology

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What strategies can you use to monitor the health of cloud-native FinTech applications?

1

2

3

4

5

1 Define clear metrics and goals

2 Adopt observability practices

3 Use cloud-native tools and platforms

4 Follow best practices and standards

5 Here’s what else to consider

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