Finserv State of Play: Perks of Open Source Collaboration

In this article, Fintech Magazine looks at the rise of open source platforms in financial services and how banks & finservs can shift their mindset to see its benefits. The magazine talks to Christopher Howard, Head of the Open Source Program Office at EPAM, Lee Fulmer, the independent Chairman of the Reporting and Data Standards Transformation Board at the Bank of England and Ann Schlemmer, CEO at Percona.

In February 2024, FinTech Magazine attended State of Open Con 24 in London, where hot on the agenda was the work financial institutions are undertaking today with open-source technology.

Historically, banks have safeguarded consumers’ data as a matter of priority, spending fortunes to acquire that data in building a digital profile of a customer’s financial wealth.

While this has long been the set standard of safety at financial services firms, today, the rise of open-source platforms means it doesn’t have to be.

Leveraging the power of the blockchain, open-source software and technologies can be used in several ways to drive innovation, reduce costs and improve efficiency. From core banking solutions to open data – identified by McKinsey as the ability to share financial data through a digital ecosystem in a manner that requires limited effort or manipulation – open-source technologies have a significant role to play in the financial services landscape.

But while the opening up of banks and financial service providers’ once-closely guarded data sets may have immediately dissuaded some banking institutions, progressive financial institutions have seen the value in leveraging open-source.

Read the full article here.

As a member of the #Fintech Open Source Foundation (FINOS), EPAM helps create open source environments that spark innovation in FinTech: https://www.epam.com/services/engineering/open-source