This article gives a high-level view of the advantages of open source for stakeholders in financial services institutions, as well as the ecosystem that supports them.
Why use and contribute to open source in finance? Open source's power is found in leveraging a collaborative development as well as the security and quality of code, with more eyeballs on the code. Banks and fintechs can lower costs of development, speed up time to market, and reduce vendor lock-in.
There are many other advantages for financial services industry firms as well with open source, but the first Open Source in Finance 101 will discuss:
- Why use and then contribute back to open source in financial services.
- How financial services developers can produce a better product by leveraging collaborative development
- How security and quality of source code can be improved through open source