Select A Business Scenario BSA/425 V1.3

Select a Business Scenario BSA/425 v1.3

For this assignment, you will select a business scenario to analyze and develop a technical architecture aimed at automating the business processes. The course involves creating a project based on one of the following scenarios:

  • Scenario A: Financial Services
  • Scenario B: Internet Bank
  • Scenario C: Student-defined (with a detailed description provided for approval)

Before proceeding, you must obtain instructor approval for your selected scenario. The technical architecture you develop should include network and cloud infrastructures, database management systems, software applications, cloud services, and cybersecurity solutions. The chosen solutions must be commercially available and accessible by businesses or individuals.

Paper For Above instruction

The selection of a business scenario is a crucial first step in designing an effective technical architecture that supports business automation and process optimization. Among the provided options, Scenario B: Internet Bank is particularly compelling due to its emphasis on scalability, security, availability, and manageability—key factors for any successful financial technology platform. This paper explores the development of a comprehensive technical architecture tailored for an internet banking startup, addressing the technological needs and strategic considerations necessary for launching a secure, reliable, and scalable digital banking service.

Introduction

The advent of digital banking has transformed traditional financial services, requiring innovative technological solutions to meet customer expectations and regulatory standards. An internet bank must offer seamless access to diverse financial products including accounts, deposits, loans, insurance, investments, and tax services. To ensure success, the technical architecture must support high scalability, availability, security, and operational manageability. This paper outlines a detailed plan for constructing such an architecture, aligning technological components with business goals.

Designing the Technical Architecture

Scalability and Cloud Infrastructure

The architecture must utilize cloud computing platforms such as Amazon Web Services (AWS), Microsoft Azure, or Google Cloud, which provide elasticity to support high growth and fluctuating user demands. Cloud services enable resource provisioning on demand, ensuring the infrastructure can scale dynamically without service degradation (Fitzgerald, 2018). Key components include virtual servers, load balancers, and content delivery networks that distribute traffic efficiently.

Security Solutions

Cybersecurity is paramount in banking applications. Implementing multi-factor authentication (MFA), encryption protocols, intrusion detection systems, and secure web gateways safeguards user data and transactions (Almuwaliya & Saqib, 2021). Industry standards such as PCI DSS compliance ensure that the system adheres to security best practices, mitigating risks of data breaches and fraud.

Availability and Reliability

To maintain 24/7 availability, the system must incorporate disaster recovery plans, redundant data centers, and automated failover mechanisms. Continuous monitoring and alerting tools enable prompt response to system anomalies, minimizing downtime (Kumar & Saini, 2020).

Database Management

A robust database architecture using relational databases like PostgreSQL or MySQL ensures data integrity and consistency. NoSQL options such as MongoDB can support high-volume, unstructured data for analytics and customer profiling. The use of API-driven data exchanges facilitates interoperability among various services and legacy systems.

Application Layer

Modern web and mobile applications should be designed with responsive frameworks, ensuring accessibility across devices. Microservices architecture enables modular development, allowing independent deployment, scalability, and maintenance of different services (Newman, 2015).

Cybersecurity and Compliance

Part of the system design includes establishing security policies, continuous compliance monitoring, and regular penetration testing. Blockchain technology can be employed for secure transaction records, enhancing transparency and trust (Farrugia et al., 2020).

Implementation Strategy

The implementation process involves phased deployment, starting with core banking functionalities, followed by additional features like digital wallets and investment tools. DevOps practices and automated testing streamline updates and ensure system stability (Humble & Farley, 2010).

Conclusion

The technical architecture for an internet bank must integrate scalable, secure, and reliable components that can adapt to rapid growth and evolving customer demands. Utilizing cloud infrastructure, comprehensive security measures, reliable database systems, and innovative software development methodologies will position the startup for success. Proper planning and execution of this architecture will facilitate operational efficiency, customer satisfaction, and regulatory compliance, ultimately leading to a competitive advantage in the digital banking sector.

References

  • Almuwaliya, H., & Saqib, S. (2021). Security mechanisms in online banking: A review. Journal of Cybersecurity & Information Management, 5(2), 45-58.
  • Farrugia, R., et al. (2020). Blockchain in financial services: An overview. Journal of Financial Innovation, 6(1), 1-15.
  • Fitzgerald, M. (2018). Cloud computing for businesses: Benefits and challenges. International Journal of Cloud Computing, 4(3), 156-170.
  • Humble, J., & Farley, D. (2010). Continuous Delivery: Reliable Software Releases through Build, Test, and Deployment Automation. Addison-Wesley.
  • Kumar, R., & Saini, R. (2020). Ensuring high availability in cloud-based applications. IEEE Transactions on Cloud Computing, 8(4), 937-950.
  • Newman, S. (2015). Building Microservices. O'Reilly Media.
  • Samuels, C. (2019). Cybersecurity strategies for online banking. Journal of Financial Security, 10(2), 101-115.
  • Schneider, H., & Sun, Q. (2017). Digital transformation in banking: A roadmap. Journal of Banking Innovation, 2(1), 12-23.
  • Troelsen, A., & Japero, N. (2019). Cloud infrastructure best practices. TechBridge Publishing.
  • Younas, M., et al. (2022). Modern cybersecurity approaches for financial applications. Journal of Information Security, 13(4), 233-249.

Note:

The architecture described aligns with the key business requirements for a scalable, secure, and available internet banking system, reflecting current technological standards and best practices.

Related Assignments