Published on November 17, 2023 | 2 Mins Read

The Open Source in Finance Forum 2023, hosted by the Linux Foundation in the heart of New York City, opened the door to a new era of financial technology. The event, a hub of innovation and ideas, revealed the future of open-source in finance. Here are the top five takeaways specifically pertinent to leaders in Banking, Financial Services, and Insurance (BFSI).

1. Embrace Open-Source as the New Norm

The event highlighted how open-source has become mainstream in finance. BFSI leaders must understand the role open-source plays in shaping competitive landscapes. As open-source software becomes more ubiquitous, BFSI companies must be at the forefront of this shift, harnessing the power of open-source for efficient and reliable solutions.

2. Collaborative Efforts Yield More

The importance of cross-industry collaboration was a recurring theme. BFSI leaders should consider forming alliances with developers, regulators, and even competitors to create innovative solutions. By fostering a collaborative environment, companies can contribute to industry-wide standards and create a thriving open-source ecosystem.

3. Securing the Open-Source Realm

With BFSI being a highly regulated sector, a key takeaway was the criticality of security and compliance in open-source software. BFSI leaders need to ensure their open-source solutions adhere to stringent security standards and regulatory compliance. Proactive strategies for risk mitigation and regulatory alignment are no longer optional—they are a necessity.

4. Talent is the Open-Source Fuel

The event spotlighted the importance of attracting and retaining skilled developers who understand the intricate relationship between finance and open-source. BFSI leaders should prioritize talent acquisition and development to maintain a competitive edge in the open-source arena.

5. AI & Big Data: A Game Changer

The forum discussed the potential of AI  when integrated with open-source tools. BFSI leaders should leverage these technologies to revolutionize areas like risk management, predictive modeling, and customer service. Open-source tools provide a cost-effective way to harness AI and big data capabilities.

The Open Source in Finance Forum 2023 was more than just an event. it was a glimpse into the future of finance. BFSI leaders must recognize these takeaways as not just insights, but as catalysts for change. By embracing open-source, fostering collaboration, prioritizing security, investing in talent, and harnessing the power of AI and big data, BFSI companies can lead the charge in the next wave of financial innovation. 

All keynotes and track-specific track sessions are now available on the FinOS resources page and YouTube channel.  The future is open-source, and for BFSI leaders, the time to act is now. How are you using open-source in your organization? Let me know in the comments below.