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 & 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.

View some of our Whitepapers

“Blockchain Technology and It’s Potential Global Impact” - and - “Digital Transformation Continues Disrupting Banking & Financial Services, Demanding a Cultural Shift.”
View OIN Whitepapers
OIN Banking & Financial Services Industry Members

Banking & Financial Services Industry News

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Here’s what a few of our Banking & Financial members are up to:

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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.

Ally - OIN Community

Ally Financial — the only 100% online-only bank — serves 9 billion customers who rely on digital banking.

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.

Tencent subsidiaries specialize in Internet-related services and products, entertainment and Artificial Intelligence (AI). The company uses Open Source technology and has over 100 Open Source projects.

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.

Join leaders from the Banking & Financial Services Industry

OIN Member - Stripe
Truist - OIN Fintech Member logo
Fintech OIN Member - Anthem
Square - OIN Community
Ally - OIN Community
ANT Group
Nationwide
SMFG
FINOS
UnionPay
alibaba
Tencent

What our members say

As a global solutions provider that grows with customers and society through the highest level of trust, SMFG is committed to creating businesses that transcend the boundaries of finance and resolving issues. In order to further promote this effort and quickly deliver high added-value services to our customers and society, SMFG believes that the utilization of open source software will be essential. Also, in promoting OSS utilization, SMFG believes that measures to protect intellectual property rights are important. Through joining the OIN, SMFG hopes to deepen our understanding of the OSS community and contribute to the development of OSS.  
Sumitomo Mitsui Financial Group