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Digital transformation continues disrupting banking & financial services, demanding a cultural shift in Fintech.

Digital payments, card less transactions, mobile deposits and other self-service options in both Business-to-Business (B2B) and Business-to-Consumer (B2C) markets are forcing banks and financial service organizations to transition to Open Source. Consumers’ demands are requiring the Fintech industry to be more strategic, efficient and comprehensive to compete in an aggressive, global, 24/7/365 marketplace, manage increasing data storage and comply with mandated regulations that require transparency. For example, banks are implementing standardized Application Programming Interfaces (APIs) to power even their most basic services with Open Source running ATMs, mobile banking apps, Bitcoin, blockchain and an array of additional digital services.

As Open Source technology solutions become the norm, banks and financial companies are shifting to “as a Service” industries. Banks are introducing more digital products. Financial firms are leveraging Open Source Software (OSS) to develop customer-centric tools and discovering it is significantly easier to do today than compared to the past.

As a result of this movement towards Open Source, just about any company has the capability to offer financial services. As further evidence we are transitioning into an open world, the number of global, open banking customers is expected to grow at an average annual rate of nearly 50% with nearly 64 million users by 2024, according to Statista.

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Open Source Information & Trends

OIN Whitepaper

Open Source in the Banking & Financial Services Industry | Whitepaper
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Industry Playbook

Open Source Playbook for the Banking & Financial Services Industry
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Insights & Key Findings

OIN Report | Recent Rise in Financial Services & Open Source Litigation
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Here are a few highlights about our community members:

Alibaba Group | OIN Community Member

Alibaba integrates blockchain into its cross-border eCommerce platform, which is one of the largest digital platforms that sells imported goods in China. Alibaba Cloud offers a Blockchain-as-a-Service (BaaS) which supports Hyperledger.

Ant Group | OIN Member

Ant Group is the parent company of China’s largest digital payment platform, Alipay. The business uses AntChain blockchain-based tech solutions, and its Open Source projects are the most active among Chinese enterprises.

Barclays OIN membership signals its focus on addressing Patent Assertion Entity (PAE)  threats and its engagement with Intellectual Property (IP)-focused initiatives.

Square - OIN Community

Square is built on Open Source code with major tech companies relying on its software to connect their entire businesses.

OIN Member - Stripe

Stripe builds economic infrastructure for the Internet to increase the platform’s Gross Domestic Product (GDP).

TD Bank relies on Open Source tools and digital automation to improve customers’ experiences. It added a Twitter chatbot into its communications and adopted Amazon’s Alexa to offer voice banking to customers.

Uber | OIN Member

Uber provides a portfolio of financial services to its drivers, including real-time earnings deposited after every ride into a fee-free account.

U.S. Bank serves millions of customers locally, nationally and globally. It has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s most admired superregional bank.

OIN Community Members

Open Source Advocates | Banking & Financial

Tencent | OIN Community Member
Alibaba Group | OIN Community Member
SMFG | OIN Community Member
Equifax | OIN Community Member
Truist | OIN Community Member
Bombay Stock Exchange | OIN Community Member
Royal Bank of Canada | OIN Community Logo
The Clearing House | OIN Community Member
Block | OIN Community Member
Wells Fargo | OIN Community Member
Marsh McLennan | OIN Community Member
PNC Bank | OIN Community Member

What Members are Saying

We have an unrelenting focus to put customers at the center of what we do. Incorporating Open Source software is one of the ways we implement the best technologies in our systems to deliver services and experiences that our customers value and trust. At U.S. Bank, we are committed to technology innovation, and we are proud to join the Open Invention Network and support its role in protecting Open Source software.
Don RelyeaChief Innovation Officer, U.S. Bank