Abstract
The evolution of software architecture in the financial sector has been driven by the need for scalability, agility, and efficient resource utilization. As banks and financial institutions rely on robust legacy systems, transitioning from Service-Oriented Architecture (SOA) to microservices offers significant benefits. This paper examines the transition process, highlighting the comparative strengths and weaknesses of SOA and microservices, while providing real-world applications in legacy banking system modernization. The discussion focuses on challenges, implementation strategies, and architectural best practices, providing valuable insights for technical architects and engineers. By exploring real-world implementations, such as those undertaken by industry leaders like Capital One, ING, and JPMorgan Chase, the paper emphasizes the practical implications of adopting microservices [13], [14], [15]. The shift to microservices enables organizations to decouple core services, improve deployment flexibility, and foster cross-functional collaboration. This architecture also facilitates continuous delivery and enhances fault isolation, making it ideal for environments where frequent updates and high availability are critical. However, the transition requires careful planning to address challenges related to data consistency, security, and service granularity. The findings presented in this paper demonstrate that while the journey may be complex, the resulting improvements in scalability, resilience, and agility provide long-term competitive advantages for financial institutions.
Published Version
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