OPEN SOURCE
“ We ’ re on the precipice , I think , of increased collaboration in open-source ”
CHRIS HOWARD LEAD OPEN SOURCE PROGRAMME MANAGER , EPAM
Banks have the technologists onboard now , and collaboration across banking organisations would help support a unified culture of best practices and security features .
“ Many of the largest banks , particularly retail banks , want to have full control of their technology ,” Bergelt adds .
“ If they need an update , they want to be able to just go and do it . They also want their own technology from a branding perspective .
“ And with the advent of RISC-V , it is not so far-fetched to imagine a future in which retail banks tape out their own chips to support proprietary devices and apps and ensure customers get what they need .
“ This is why leveraging open-source technology is a powerful enabler for banks to start developing their own products and services ,” adds Bergelt .
Open source : The regulatory angle As and when open source platforms are used more frequently by banks , Fulmer sees an opportunity for open source to be used by regulators too .
“ I think , one way or another , banks will all start leveraging open-source technologies ,” he says . “ It lowers their costs and will enable them to commoditise some of their technologyled products and services .
“ Once this becomes fully ubiquitous and normalised , it would become the view of the economy and society – which is what concerns regulators – and therefore there is scope for financial regulators to also leverage open source .”
104 May 2024