Article by Eric Newcomer in The New Stack
Open source adoption is growing in the financial services industry.
The open source human collaboration model drives as much, if not more, interest than the open source software development model.
The result of the 2024 State of Open Source in Financial Services survey announced at the recent FINOS Open Source in Finance Forum shows an increase in membership and contributions, and the growing adoption of their FDC3 and CDM standards.
Open source advocate Kelsey Hightower spoke about his own journey, emphasizing the value of collaboration. Conference attendees confirmed their interest in collaboration on standardizing common financial services operational functions to free up funds for investing in innovation.
In this sense, they see the open source model as reducing cost not through commoditizing software alone — although of course this remains a big part of the attraction to open source software — but also through commoditizing common workflows such as regulatory compliance and adopting common data exchange standards.
Several new vendors recently joined, including NVIDIA and Protect AI. A recent FINOS study shows the top two contribution areas are cybersecurity and AI.
And of course so much of AI is open source to begin with.
Read the full article on The New Stack here.
