The role of Open Source in banking services

Adapting more easily to the international market and responding quickly to customer needs is a priority for banking services, which rely on Open Source to face the challenges of the current context, the technology considered key to the business infrastructure of 95% of financial services IT leaders interviewed in the “The State of Enterprise Open Source 2022”.

(The role of open source in health).

The main advantages of its use identified by the respondents in this Red Hat research, are: flexibility (69%), access to the latest technology (74%) and simplification in adopting a hybrid cloud infrastructure (75%).

“Changing competition, the paramount need for security and the ability to support legacy systems are just a few of the ongoing challenges in this industry, which today requires agile solutions that provide flexibility and enable a resilient response to constant change. For this reason, the Open Source becomes more relevant every day in banking services, since it is the technology that offers this and other advantages”highlights Javier Cordero, vice president and general manager of Red Hat NoLa.

(Colombian banking is transformed with open source).

This research also highlights that 84% of IT leaders in financial services believe that business Open Source is as secure as or more than proprietary software, an essential feature given the current needs of this sector, which requires shielded environments that guarantee the trust to your customers.

“In addition, consider that 74% of respondents to our research plan to increase the use of Open Source in areas such as Artificial Intelligence (AI), Machine Learning (ML), edge computing and the Internet of Things (IoT), which that demonstrates the important role that the implementation of new technologies has to transform this sector today, which is also facing new changes with the Open Banking regulations in the region and the positioning of digital currencies”stressed the manager.

Another advantage that 84% of the leaders of the financial sector find in this technology is the contribution made by the community of Open Sourcesince it brings together the talent of thousands of developers, programmers and technology experts who share ideas and knowledge to find the best practices and solutions.

“Precisely the collaboration and open culture is what makes this technology unique. And by this I mean that not only modern applications are required for the digital transformation of this sector, but also a mentality that allows adopting new work mechanics, improving processes and contributing ideas in order to generate innovation and make the most of architecture of IT that the experts build. At Red Hat we know how important this process is, which is why it is not only part of our DNA, but we also promote this cultural transformation in all our clients”concluded the vice president and general manager of Red Hat NoLa.