--- title: FINOS in the News - Financial firms need to standardize data so fintechs can build next-generation software description: "One reason it's so difficult to develop new technology for financial advisers, or perfect the ones they use right now, is there is no universal standard for data in the financial services industry.\n\n...FINOS is trying to get the industry to better embrace open-source software, technology built using free and publicly available code." image: https://www.finos.org/hubfs/investmentnews.jpeg --- [![FINOS](https://www.finos.org/hs-fs/hubfs/sofin%20assets/SOFIN%20LOGOS/finos-logo.png?width=543&height=126&name=finos-logo.png "FINOS")](https://finos.org) - [Projects](https://www.finos.org/projects) - [Artificial Intelligence (AI)](https://ai.finos.org/) - [Common Domain Model (CDM)](https://www.finos.org/common-domain-model) - [FDC3](https://www.finos.org/fdc3) - [Fluxnova](https://fluxnova.finos.org) - [FINOS Common Cloud Controls](https://www.finos.org/common-cloud-controls-project) - 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Financial firms need to standardize data so fintechs can build next-generation software June 04, 2019 FINOS Director of Member Success, Tosha Ellison,[ recently spoke with Investment News](https://www.investmentnews.com/article/20190531/FREE/190539982/financial-firms-need-to-standardize-data-so-fintechs-can-build-next)about the need to standardize data in financial services because the "the customized, next-gen experience that clients and advisers want becomes much easier to build when the technology and data are standardized and consistent." "One reason it's so difficult to develop new technology for financial advisers, or perfect the ones they use right now, is there is no universal standard for data in the financial services industry. ...FINOS is trying to get the industry to better embrace open-source software, technology built using free and publicly available code. The idea of sharing for free may seem anathema to the competitive nature of financial services firms, but FINOS Director of Member Success Tosha Ellison said open-source software can dramatically improve time-to-market, cut development costs and improve security. ...While the idea of competing Wall Street firms working together on technology might seem impossible, Ms. Ellison said there is precedence... believes this can happen again, and is starting to see progress. Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS and Wells Fargo are all active members of FINOS." 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