With an ever growing number of banks looking at open source to accelerate their digital transformation, it’s very common for stakeholders across the enterprise to ask, “How mature is my bank’s open source engagement?”

As thousands of open source components are on average consumed by banks across their digital landscape, open source maturity across several dimensions plays a key part in the extent of concrete and tangible value banks can realize from open source community engagement. 

With open source having a big stake in digital transformation, why wouldn’t banking OSPOs and engineering executives want to baseline and measure their open source maturity over time?    

After years of leading this movement, this year, at the Open Source in Finance Forum in New York City, FINOS announced the beta launch of the Open Source Maturity Model, developed in collaboration with FINOS member Wipro. 

The Open Source Maturity Model is available to be leveraged by the financial services industry now at https://bit.ly/3H8GT2T

The Open Source Maturity Model helps banks understand their current open source maturity by providing a framework for identifying where they sit on an open source maturity curve whilst also creating a framework that guides them on how to reach their desired open source goals.

The Open Source Maturity Model is the contribution of a 4th generation online survey that’s been developed by Wipro over the course of 300+ engineering engagements and years of primary and secondary research into open source industry best practices.

By answering a series of guided questions, each bank partaking in the Open Source Maturity Model is provided with feedback that places them on a financial services industry maturity curve using spider and tabular charts that feed back the current state of their OSMM analysis.

The strategic business component of the Open Source Maturity Model is divided into the three broad dimensions of strategy, management and usage, with each dimension then subdivided into individual elements that describe open source in finance engagement.

Once the survey is completed the Open Source Maturity Model provides participants the steps needed by banks to plan the next steps towards a greater phase of open source maturity by providing a list of actions to achieve from that point forward.

Each participant of the Open Source Maturity Model receives a summary of their responses with OSMM results based solely upon the responses of each individual. Within the model there are five levels of open source maturity ranging from Ad Hoc, at the entry level, to Leading. 

By baselining a bank’s open source maturity it’s possible to measure over time how the bank’s open source readiness is progressing to the point where an Open Source Program Office has been created to realize the bank's open source goals.

For those wanting to get involved in developing the Open Source Maturity Model, the project is available on GitHub through FINOS Labs and is being developed and supported by Wipro and is under the watchful supervision of the FINOS Open Source Readiness SIG. 

By sharing experiences within the Open Source Readiness SIG, contributors can shape future versions of the OSMM alongside contributing new features and fixes to the project by pull request.

The FINOS Open Source Maturity Model is now available for all participating banks at https://bit.ly/3H8GT2T

Interested in this FINOS open source project, or any of our other projects? Click the link below to see how to get involved in the FINOS Community.