How Modernisation is Changing Open Source Banking

Open source software has significantly infiltrated the corporate world, with an estimated 96% of all codebases containing open-source elements, and major companies like Google and Microsoft actively contributing to such projects. However, the financial services industry has been slower to engage with open source due to cultural, regulatory, and policy barriers, which often prevent firms from contributing back to the community. Despite these challenges, there is recognition within the industry of the benefits of open source, such as reducing dependency risks, avoiding excessive internal forks, and enhancing strategic positions. Organizations like FINOS are helping financial services firms navigate these challenges by offering projects and best practices that encourage collaboration and open source adoption. While financial services firms are beginning to take steps toward more open source engagement, including trial projects and policy revisions, there is still a journey ahead to balance in-house and open source development based on project merit.

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