Developing a Model that Enables Real Time Streaming of Transactions in Financial Institutions Case Study: Bank of Kigali PLC

Recent technological advancements, particularly in banking and financial services, have profoundly influenced the development and use of applications. The increasing demand for modern banking systems to address consumer expectations, speed up market entry, enhance user experiences, improve security, and optimize system efficiency has led to the adoption of new technologies. This trend has sparked the creation of numerous banking-specific modernization solutions. Within the interconnected banking, financial services, and insurance (BFSI) sectors, the need for effective enterprise application integration (EAI) is crucial for gaining both technological and business advantages. Real-time data streaming through technologies like Apache Kafka has become essential for enabling seamless communication between systems. Kafka, a widely used distributed streaming platform, surpasses traditional message queues in scalability, message retention, data replication, and processing order, making it an essential part of modern banking systems. Unlike batch processing, which processes large volumes of data at set intervals and can cause delays in transactions, streaming technologies eliminate lag by processing data continuously in real-time, significantly enhancing the speed and accuracy of financial operations. The shift from batch systems to real-time streaming allows BFSI applications to process transactions and settlements more quickly, reducing processing times and improving operational efficiency. Additionally, the use of Kafka enhances the security and reliability of data transfers, making it a valuable tool for modernizing banking infrastructures. Therefore, integrating real-time streaming technologies like Kafka not only improves system performance but also boosts security, scalability, and operational effectiveness, enabling financial institutions to better meet customer demands in an increasingly digital economy.