Banking transformation is complex. McKinsey and Oxford Global Projects study on large-scale IT projects, 2001–21 finds that only 30% of banks have undergone a successful digital transformation. Open source software can play a critical role in supporting banks to achieve sustainable digital transformation by offering a basis for innovation driven by collaboration and community involvement.
According to the findings of the Linux Foundation and FINOS’ State of Open Source in Financial Services report, 81% agreed or strongly agreed that “Innovation” was one of the main reasons their company participates in open source.
In this white paper, we explore some of the technologies banking leaders rely on to deliver on transformation imperatives.
As banks navigate the evolving landscape of technology, secure open source solutions offer a powerful combination of flexibility, transparency and robust security measures. This whitepaper also explains how a secure, well-maintained and supported open source software lies at the heart of any banking technology infrastructure providing a resilient foundation for accelerating banking transformation.
Topics covered in this whitepaper
- Banking transformation - embracing the digital era
- Various facets of banking transformation
- Key open source technology enablers
- The importance of open source security maintenance and support