Fintech is transforming the banking and financial services industry. It’s incorporating innovation and responding to consumers’ demands.

Banking and financial service firms are introducing digital payments, card less transactions, mobile deposits and other self-service options to Business-to-Business (B2B) and Business-to-Consumer (B2C) markets. Last year, the industry had over 1,700 deals with nearly $40 billion, reports CB Insights. Visits to bank branches are expected to drop 36% between 2017 and 2022, while mobile transactions are expected to grow 121%, according to The Financial Brand.

Gone are the days of big data. Here to stay are the businesses — including personal financial management, insurance, payment and asset management firms — which are leveraging open source applications to solve a host of problems, from exploring new technologies to delivering real-time services. Simultaneously, they are reducing costs, accessing top talent and receiving best-of-breed technologies.

Among the open source firms which have joined our network are AlibabaAnt Financial Services Group and Tencent Holdings.

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What our members say

As the largest patent non-aggression community in history and a strategic partner for the Linux Foundation, OIN was key in the open source community successfully navigating the patent aggression of the last decade. We encourage the members of Linux Foundation projects, from Automotive Grade Linux to Hyperledger to The LF Networking Fund, that are leveraging the collaborative technology development model of open source, to join the OIN community as an important step for them as it relates to IP management in core Linux and adjacent open source technologies.
Jim ZemlinLinux Foundation