Although financial technology leaders are aware of the benefits of using open-source software and methodology, very few have actually implemented it.
Indeed, a recent study by Fintech Open Source Foundation (FINOS) revealed that many fintech leaders don’t fully grasp the role of open source in their business and governance strategy. Only 8% of respondents have actual policies that encourage the use of open-source software and only 35% knew if their enterprise had an Open Source Program Office.
However, it is vital that open source becomes a strategic technology pillar within the fintech industry. It was reported that if financial industries commit to open source, it will have a positive impact on their business as well as bring value. To do so, technology leaders need to formalise open-source policies and develop an open-source strategy.