The 2024 State of Open Source in Financial Services

Within the competitive financial services landscape, staying ahead isn’t just about keeping up with new technology. It requires actively engaging in the most influential and rapidly changing spaces, with open source being one of the most impactful. This report on open source collaboration in financial services provides key insights, actionable data, and practical examples that show why open source is more than just a passing trend—it's a strategic necessity for your organization.

As the world of finance continues to digitize, open source software emerges as a key enabler for cost efficiency, innovation, and collaboration. The report draws upon four years of comprehensive data, interviews with industry leaders, and cutting-edge research to outline the growing importance of open source technologies in shaping the future of financial services. This report is a road map for executives, developers, and innovators alike, guiding them on how to maximize their organization's potential through open source participation.

Why Read This Report?

Whether you're a decision-maker in a financial services company, a fintech startup leader, or a developer curious about the role of open source in your sector, this report will equip you with important insight to help you in a number of ways: 

1. Stay Competitive: The report reveals how financial institutions are using open source software to maintain their competitive edge. By adopting and contributing to open source technologies, firms can significantly reduce operational costs, accelerate development timelines, and gain access to a vast pool of talent. As many organizations have discovered, positioning themselves as leaders in the open source community also serves as a powerful recruiting tool in an increasingly competitive talent market.
2. Real-World Examples of Success: It’s one thing to know that open source is important, but it's another to see it in action. This report provides tangible examples of financial services firms that have successfully integrated open source into their operations. For example, organizations like JPMorgan Chase and Bloomberg are not only using open source software but are contributing back to the community, enhancing their own internal processes while simultaneously driving industry-wide innovation.
3. Data-Driven Insights: The report isn’t just theoretical—it’s backed by hard data. With empirical evidence drawn from global surveys, GitHub activity, and direct input from industry leaders, the report provides clear trends and actionable insights. Did you know that the number of commits by financial services organizations on GitHub grew by 26% last year? Or that Python has emerged as the dominant language in the sector, overtaking JavaScript? These are the types of insights that can inform your organization’s open source strategy.
4. Strategic Benefits of Open Source: Open source technology allows financial services organizations to collaborate on non-differentiating technologies—those areas where they don't need to compete. This collaboration can significantly lower costs and reduce technical debt, allowing organizations to focus on what truly sets them apart. The report highlights how financial institutions are increasingly recognizing this and organizing their teams and strategies around open source initiatives, with the rise of Open Source Program Offices (OSPOs) being a key indicator of this shift.

Key Takeaways: What You’ll Learn

• Adoption and Growth: The report reveals that financial services organizations are not only adopting open source software at increasing rates but are also actively contributing to projects. This isn’t just happening at a small scale—major players like Transferwise, JPMorgan Chase, and Fidelity are driving large-scale collaboration in numerous areas.
• Leadership in Innovation: Open source communities like the Fintech Open Source Foundation (FINOS) are leading the way in fostering cross-organizational collaboration. This is creating a ripple effect in the industry, driving greater innovation and making open source involvement a competitive necessity rather than a niche interest.
• Cybersecurity and Compliance: With rising cyber threats, open source provides a way for organizations to improve their security posture while reducing costs. The report dives into how open source projects, such as FINOS’s Common Cloud Controls, are helping financial institutions address compliance challenges while maintaining robust security frameworks.
• Talent and Recruitment: For firms looking to attract top-tier tech talent, participation in open source can be a major draw. The report demonstrates how companies are using their open source contributions as a differentiator in recruiting highly skilled developers. Developers are more likely to be attracted to organizations where they can work on cutting-edge technologies and contribute to impactful projects, and open source provides that platform.
• The Value of Foundations: The role of open source foundations like FINOS is a critical theme in the report. By creating an ecosystem for open collaboration and innovation, these foundations help financial services companies navigate complex challenges, from regulatory compliance to climate resilience. The recent merger between FINOS and OS-Climate is just one example of how open source is driving positive change in the financial industry.

Conclusion: A Call to Action

This report is for anyone in the financial services industry who is looking to stay ahead in a rapidly evolving landscape. The findings in this report will help you understand how open source can drive innovation, reduce costs, and enhance your organization’s competitive positioning.

By engaging with open source communities, contributing to critical projects, and aligning your strategy with the trends outlined in this report, you can not only improve your own operations but also help shape the future of the financial services industry.