OPEN SOURCE
“ be thrilled at the opportunity to access a non-competitive model where they can pay fair use for data , as opposed to the high fees they currently spend acquiring data ”.
He continues : “ There are companies out there that are provided with data from large financial institutions , which then concatenate that data across the industry before selling it back to the same organisation they got it from .
“ So , for large banks , this represents a potential loss because many of them are losing the value from their data – which can be very valuable – by someone else commercialising it and seeing no subsequent returns on it .
“ That is why I believe banks should be on board with the idea of using opensource software because it completely negates any competition around data storage and distribution . If it is all in the public domain , there is no competition to be had and less money to be needlessly spent .”
Open-source software : Overcoming barriers Indeed , even when banks and financial services providers do use open-source software , for Chris Howard , Head of the Open Source Program Office at EPAM , they do not necessarily leverage it transparently . fintechmagazine . com 97