2023-11-07 02:25:57
The “State of Open Source in Financial Services” report, published by LF Research in partnership with FINOS, Scott Logic, Red Hat and GitHub, provides an overview of the level of adoption, but also the challenges of open source in the financial sector . Here are the main findings for 2023.
A few days following the publication of the Global Spotlight 2023 report, which we told you regarding here, the Linux Foundation delivers the conclusions and lessons from its 2023 study on the role of open source in financial services. This year marks the third iteration of this report.
The 2023 edition reflects the growing importance of open source in financial services. It demonstrates the evolution of the sector which, increasingly, exploits open source for the purposes of innovation and collaboration.
The full report can be viewed and downloaded online (in English).
The rise of open source
An impressive 90% of respondents agree that open source is valuable for the future of the financial services industry. Seemingly, this is a significant change in the perception of the industry. In addition, 88% of those surveyed believe that open source is useful to their organization, which shows that this positive feeling is generalized throughout the sector.
The report identifies AI/ML, cybersecurity and cloud/container technologies as the most important open source technologies for the future of the sector.
Learning, personal development and fun are the main reasons for individual commitment to open source.
Finally, Open Source Program Offices (OSPOs) are gaining importance within organizations, and financial services are no exception. 52% of respondents say they have an OSPO in their organization.
The challenges of the sector
The regulatory environment still represents one of the most significant challenges, particularly the requirement for financial services organizations to document external employee communications, which limits engagement with the wider open source community.
Security issues
Security has (understandably) become a significant concern that limits the adoption of open source software, particularly due to the sensitive nature of financial data.
Finally, there are cultural challenges, especially within large organizations. Indeed, large financial institutions are slower to evolve their internal culture to fully adopt open source.
The solution is called OSPO
« If your organization does not haveOSPOyou are falling behind »: this is in conclusion the main warning (or the main advice) of the report. An OSPO can guide all open source-related activities, ensuring they are aligned with business goals.
The report recommendsencourage developer engagement through training and mentoring programs. Platforms like GitHub and Slack can make it easier to collaborate and engage with the broader open source community.
The full report can be viewed and downloaded online (in English).
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