What Is The Future of FinServ in 2020, Could It Be Open Source?

It can be common, in today’s world, to hear a digital leader proclaim that their organisation is ‘no longer a bank’ but a ‘technology’ company with a banking licence! Their inspiration for innovating financial services is more likely to come from Silicon Valley-style industry disruptors like Netflix, Uber and Spotify. It’s time to consider what the future holds.

In order to fully embrace using technology to deliver financial services, a move towards Open Source projects has often become the catalyst for digital transformation. Open Source has moved beyond a loose collection of hobbyist coders and is now seen by senior management as a strategic tool to drive enterprise transformation. However, despite many firms claiming to be ‘the Uber of the industry’ (whose technology was built on Open Source) there are many barriers and challenges to its use in financial services.

What Is The Future of FinServ in 2020

FinTECHTalents, along with their partner, GitHub, have gathered a snapshot of viewpoints from senior leaders in the industry to look at whether Open Source is the Future for Financial Services.

They asked senior leaders a series of questions, including:

• Open Source is a well-established and proven model, the benefits of which the financial services community hasn’t yet fully realised. Why do you think that is?
• How important is it to have an in-house ‘Open Source’ Evangelist within an organisation? What benefits do they bring?
• What type of project works well in an Open Source environment?

Find out how NatWest Markets, HSBC, OCBC Bank, Santander UK, Finastra, FINOS and GitHub answered these questions by downloading the Vox Pop report here.

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