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[WSO2 Integration Summit New York 2019] "Opening" Fintech and Wall Street: Myths, Opportunities and a Call for the Community

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[WSO2 Integration Summit New York 2019] "Opening" Fintech and Wall Street: Myths, Opportunities and a Call for the Community

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Financial institutions and fintech vendors are amongst the larger producers of software and employers of highly talented developers worldwide. Yet while Wall Street has been consistently increasingly consumption open source, this interactive-by-nature ecosystem has been largely missing out on the opportunities of open collaboration, participation and contribution open source projects.

But in the context of a massive generational and technological evolution, with cloud and decentralized technologies taking over the industry, the opportunity for an open fintech is huge for financial institution decision makers, for developers and generally for each one of us, downstream users of the financial services complex.

In this deck, Gab, Executive Director of the Fintech Open Source Foundation, discusses the state of open source in financial services, discussing trends, opportunities, concrete examples of collaboration and extending a call for contribution to the extended OSS community.

Financial institutions and fintech vendors are amongst the larger producers of software and employers of highly talented developers worldwide. Yet while Wall Street has been consistently increasingly consumption open source, this interactive-by-nature ecosystem has been largely missing out on the opportunities of open collaboration, participation and contribution open source projects.

But in the context of a massive generational and technological evolution, with cloud and decentralized technologies taking over the industry, the opportunity for an open fintech is huge for financial institution decision makers, for developers and generally for each one of us, downstream users of the financial services complex.

In this deck, Gab, Executive Director of the Fintech Open Source Foundation, discusses the state of open source in financial services, discussing trends, opportunities, concrete examples of collaboration and extending a call for contribution to the extended OSS community.

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[WSO2 Integration Summit New York 2019] "Opening" Fintech and Wall Street: Myths, Opportunities and a Call for the Community

  1. 1. finos.orgFintech Open Source Foundation “Opening” Wall Street: myths and opportunities for you and your organization Gabriele Columbro Executive Director WSO2 Integration Summit, 9/24/2019
  2. 2. finos.orgFintech Open Source Foundation finos.github.io Meet the Fintech Open Source Foundation finos.org/members SILVER MEMBERS GOLD MEMBERS PLATINUM MEMBERS 105 Open Source Projects and Working Groups 10 Community Programs 300+ Contributors 32 Member Organizations
  3. 3. finos.orgFintech Open Source Foundation “Let’s join forces and build an Open Source alternative for traders comms” ~ 2014 “Maybe we should be broader in scope than just open source on Symphony platform?” DB Plexus contribution Late 2017 FINOS launches as independent entity with 8 programs 9th Program, Data Technologies Program Approved Summer 2018 April 24, 2018 Data Analytics Visualization and Decentralized Ecosystem Growth Programs Approved Symphony Software Foundation Created GS Livecurrent Contribution October 2018 2016 Symphony Communications created by GS and other banks 2015 FDC3 1.0 launched April 2019 PerspectiveJS contribution by JPMC into DAV March 2019 Where We Came From
  4. 4. finos.orgFintech Open Source Foundation Key Takeaways Financial Services is ready for Open Source Fintech Open Source Fintech is an opportunity for you and your organization 1 2
  5. 5. finos.orgFintech Open Source Foundation Government + Open Source
  6. 6. finos.orgFintech Open Source Foundation
  7. 7. finos.orgFintech Open Source Foundation Financial services future will be open source and real time.” Chris Skinner (The Finanser) Photo & Quote: BBVA 2017 “
  8. 8. finos.orgFintech Open Source Foundation Source:: Deepthi Rajan BANK-OWNED APPS FINTECH APPS INDIE DEVELOPER APPS CORE BANKING SYSTEMS CRM DATA WAREHOUSE DATA LAKES API API API API API SERVICE PROVIDERS Banking As A Platform The new Fintech landscape
  9. 9. finos.orgFintech Open Source Foundation Financial Institutions Individuals Regulators COSS (Fin)Tech companies
  10. 10. finos.orgFintech Open Source Foundation Individuals
  11. 11. finos.orgFintech Open Source Foundation OSS is good for your health Finserv developers can (and want to) solve problems beyond the “four walls” OSS Developers get access to highly remunerated employment opportunities Industry decision makers get to stop reinventing the wheel and build on their previous achievements We the people will gain a more transparent, fairly competitive and user centric set of services
  12. 12. finos.orgFintech Open Source Foundation Financial Institutions
  13. 13. finos.orgFintech Open Source Foundation Top line growth is not what it used to
  14. 14. finos.orgFintech Open Source Foundation Effects of Increased regulatory costs
  15. 15. finos.orgFintech Open Source Foundation Cost of MIFID II 2.1B Source: `
  16. 16. finos.orgFintech Open Source Foundation
  17. 17. finos.orgFintech Open Source Foundation
  18. 18. finos.orgFintech Open Source Foundation
  19. 19. finos.orgFintech Open Source Foundation Commits355,508 Repos44,996 24,751 Committers Source:
  20. 20. finos.orgFintech Open Source Foundation Visionaries So where is OSS in the industry? Ad-hoc Consumption Controlled consumption Ad hoc Contribution Strategic contribution No OSS(*) Innovators Early Adopters Early Majority Late Majority Laggards
  21. 21. finos.orgFintech Open Source Foundation Regulators
  22. 22. finos.orgFintech Open Source Foundation Why should regulators care? Talent crunch makes it extremely difficult for regulators to keep up with technology Efficiency in regulatory code inspection when open standards and open source are used Automation of runtime verification could be largely automated when DevOps-y immutable CI/CD pipelines are fully used Transparency by design in the financial services complex
  23. 23. finos.orgFintech Open Source Foundation OSS Regulation as Code
  24. 24. finos.orgFintech Open Source Foundation Mutualize Digital Transformation
  25. 25. finos.orgFintech Open Source Foundation Avg. cost of KYC 48M Source: `
  26. 26. finos.orgFintech Open Source Foundation OSS (Fin)Tech companies
  27. 27. finos.orgFintech Open Source Foundation
  28. 28. finos.orgFintech Open Source Foundation Fintechs in COSS Index(*) 0%
  29. 29. finos.orgFintech Open Source Foundation And that’s where FINOS comes in. Programs Stewardship Open Source Readiness Open Developer Platform
  30. 30. finos.orgFintech Open Source Foundation FINOS Programs at a Glance FDC3 Financial Desktop Collaboration & Connectivity HAD Hadouken Ecosystem SYM Symphony FDX Financial Delivery Accelerator (including Open Source Readiness) FOS Financial Objects Standardization PLEXUS Plexus Interoperability VOICE Voice Technology Foundational & Infrastructure Middleware platforms Data layer Application Layer DT Data Technology DAV Data Visualization Open Standards DEG Decentralized Ecosystem Growth
  31. 31. finos.orgFintech Open Source Foundation The Open Developer Platform (ODP) METRICS & REPORTINGWEB CONFERENCINGMAILING LISTSWIKI SYMPHONY (ReST API) SYMPHONY (Extension API) FINTECH OPEN DATA High Productivity Turnkey Developer Experience SOFTWARE CONTRIBUTORS SOFTWARE CONSUMERS SYMPHONY (Integration webhooks) Biz & Legal Peace Of Mind - We Do The Hard Part! FINTECH OPEN APIS CLOUD OPEN APIS CODE HOSTING Github Travis CI CONTINUOUS INTEGRATION CONTINUOUS DELIVERY Openshift RELEASE PUBLISHING Maven central, NPM, NuGetWhitesource SECURITY, QUALITY, IP COMPLIANCE Atlassian Confluence Google Groups WebEx Hosted Platforms Development Infrastructure Collaboration Services Future partnerships and contributions Bitergia
  32. 32. finos.orgFintech Open Source Foundation Call to action Individuals contributing code, sweat equity and thought leadership to our Community Financial Services firms to continue investing in “Open” strategies and contribute non differentiating tech to OSS Regulators to promote OSS as a superior way to implement regulatory requirements and mutualize costs OSS Firms to contribute to OSS to disrupt the current technology and vendor landscape in the industry
  33. 33. finos.orgFintech Open Source Foundation https://opensourcestrategyforum.org
  34. 34. finos.orgFintech Open Source Foundation Thank you and Q/A Learn more at finos.org github.com/finos wiki.finos.org Open Core Summit, September 20th 2019

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