Backup like a startup
Modern software engineering approaches that minimise downtime
Minimising downtime is a complex challenge for banks, particularly banks with large legacy IT estates. At the heart of operational resilience is business continuity, and there’s a modern approach to this that any bank can adopt.
We are in a new era. Banks and other financial institutions operating in the UK must now comply with the UK Operational Resilience framework, and institutions that also provide services in the European Union must comply with the Digital Operational Resilience Act (DORA).
The standard approach followed by many banks is to replicate key systems as standby systems hosted on different premises from their primary IT infrastructure. Tested less frequently, these systems are more likely to be error-prone, resulting in a heightened risk of data loss. But what's the alternative?
Backup live, like a startup
A solid alternative is to take a leaf out of a challenger bank’s book in achieving business continuity. It’s certainly easier for such banks to implement modern approaches to operational resilience thanks to their loosely coupled architectures and freedom from legacy IT.
However, those same approaches aren’t out of reach for more long-established banks. Core to such approaches are modern technologies for storage, messaging, deployment and networking, exemplified by Monzo Stand-in.
Monzo Stand-in involves running a live alternate system on a different cloud provider, continuously handling a portion of live customer traffic. This approach provides real-time monitoring and ensures seamless failover in case the primary provider has an outage or experiences significant service degradation. The backup systems are being tested continuously as a first-class citizen in the production environment.
Any bank can follow the core principles of this approach.
Find out how to 'Backup like a startup'
Learn how to leverage modern approaches to downtime minimisation regardless of the size of your legacy estate.
Our publication also provides additional expert insights on how automating processes strengthens operational resilience, reduces risks, and improves reliability.
These insights are grouped as follows:
Visibility
The importance of gaining and maintaining comprehensive visibility of your entire IT estate and understanding all its key dependencies.
Vigilance
The importance of continuous, proactive vigilance to identify potential causes of impactful events and correct them before you feel the pain.
Value
The additional value that you can derive from the above, beyond regulatory compliance and operational resilience.
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