Digital Transformation Influences Open Source Innovation

Customers are demanding the flexibility of Open Source solutions from every industry; Insurance firms have caught on.

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Global competition. Scalability. Data mobility. These — among other factors — are causing insurance companies to follow other leaders in Banking & Financial Services by turning towards Open Source & patent non-aggression.

Patent wars in Fintech are not just inevitable but are already happening & disputes between top financial organizations have forced Banks and Financial Services companies to rethink their patent strategies. They’re reconsidering their approach to patent defense. They must. They have billions of investment capital at stake & the industry is experiencing increased exposure to more patent disputes — Financial Services industry patent litigation by Non-Practicing Entities (NPEs) — from 2020 to 2021 — grew more than 100%, almost 3 times more than the next closest sector, which grew 35%.

The insurance industry realizes Open Source solutions are the only way to stay competitive, scale products, climb the ecosystem to actualize digital applications & foster data mobility. As such, insurance companies around the world are catching on, sharing this philosophy & moving forward with other industry leaders. They, too, are seeking solutions to protect their patent risks, are turning towards patent non-aggression, relying on Open Source — and are joining our community.

Here’s a look at a few Insurance firms that have joined OIN.

OIN Banking & Financial Services Members
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Join Leaders from the Banking & Financial Industry

Block | OIN Member
The Clearing House | OIN Member
Royal Bank of Canada | OIN Member
Bombay Stock Exchange - OIN Member
Truist - OIN Fintech Member logo
Fintech OIN Member - Anthem

What Our Banking & Financial Members Say

“Demonstrating its commitment to open innovation, NatWest is a Gold member in FINOS, the main global organization aiming to move the entire financial services industry toward collaboration through open source and FDC3 standards. NatWest is also building on its foundations of open banking by creating the ‘Bank of APIs’ – an API ecosystem that brings an increasingly wide variety of our services to customers and partners in new and innovative ways. Open is important to us. As such we are proud to join the Open Invention Network, and support its role in protecting open source software from patent aggression.”

Declan O’GormanHead of Enterprise Engineering, NatWest Group