Fintech and Open Source

  • It helps companies to reduce software and infrastructure costs.
  • Open source leads to increasing innovation and it has become key for different Fintech enterprises.
  • To leapfrog existing legacy technology (more than 40% of bank’s code is built in COBOL, a 60-year-old programming language), open source is suitable to be used in a sandbox environment, in which companies can experiment with different technologies. Furthermore, companies can change their monolithic applications to microservices with the help of open source. For example, the open source TARS project allows companies and developers to quickly transition their monolithic applications to microservices.
  • Software developers and engineers can work on cutting-edge projects. They can also receive peer recognition for their contributions to open source.
  • Open source can deliver market advantages, accelerate the development process, and lower the development cost, which allows companies to quickly build portfolios and start new projects.
  • Open source often provides foundational technology, including languages, libraries, and database technologies that can provide a rich foundation to quickly develop applications.
  • At least 80% of the respondents agreed or strongly agreed that innovation, reduced time-to-market, and total cost of ownership are now recognized as key reasons for Fintechs to engage in open source.
  • Inner source, i.e., the application of open source development practices inside an organization, is a growing trend with 59% indicating that they or their colleagues contribute to work-related software projects that are open to their business unit or to their entire company. Although there is some debate about whether inner sourcing leads to more open source projects, it’s a sign that fintechs are moving in the right direction.
  • 53% of the respondents indicated that they want to contribute to open source because it’s fun and 54% because they learn to code. Although only 40% get to spend time at work contributing to open source projects, 66% spend some personal time on this activity.
  • While still far from ideal, women are better represented (6.86%) in the financial open source community than in the open-source community at large (3.17%), when compared to the FOSS contributor study. This is good and it means that the financial open source community is becoming more diverse.

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Isabella Ferreira

Isabella Ferreira

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I'm a PhD Candidate in Computer Engineering at PolyMTL. I'm passionated about Free/Libre and Open Source Software (FLOSS) development.