OPEN SOURCE
LAY : RCE
In February 2024 , FinTech Magazine attended State of Open Con 24 in London , where hot on the agenda was the work financial institutions are undertaking today with opensource technology .
Historically , banks have safeguarded consumers ’ data as a matter of priority , spending fortunes to acquire that data in building a digital profile of a customer ’ s financial wealth .
While this has long been the set standard of safety at financial services firms , today , the rise of open-source platforms means it doesn ’ t have to be .
Leveraging the power of the blockchain , open-source software and technologies can be used in several ways to drive innovation , reduce costs and improve efficiency . From core banking solutions to open data – identified by McKinsey as the ability to share financial data through a digital ecosystem in a manner that requires limited effort or manipulation – open-source technologies have a significant role to play in the financial services landscape .
But while the opening up of banks and financial service providers ’ once-closely guarded data sets may have immediately dissuaded some banking institutions , progressive financial institutions have seen the value in leveraging open-source .
Why banks should jump at the prospect of open-source For Lee Fulmer , the independent Chairman of the Reporting and Data Standards Transformation Board at the Bank of England , banks should
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