OPEN SOURCE
State of Open Con 24 Launch
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The path the open source collaboration Our speakers agree , though , that legacy banks are – or will be in the future – starting to take steps to overcome these historic barriers to open-source adoption .
As Howard notes : “ Some of the bigger financial institutions today are realising two things . The first is that if they want to retain customers and stay ahead of the curve they need to do what their digital challengers are doing .
“ That means coming together to share APIs and build standard ways of working . Organisations like FINOS , for example , are getting banks that would never sit around the same table to talk about how they do their data modelling , or what their fraud detection systems look like .”
Another organisation helping bring financial institutions together to realise the power of open-source collaboration is the Open Invention Network , which tries to dispel secrecy around banking operations and foster a culture of togetherness to build something for the greater good .
Keith Bergelt , CEO of Open Invention Network , says : “ We are encouraging people to recognise that where we collaborate , where we build on each other ’ s ideas and where the modality of open source is prevalent , is an area of freedom .”
Indeed , those who join the Open Invention Network need not have concerns about IP , as the platform provides a safe space for ideas to be shared freely .
100 May 2024