From Silos to Synergy: How InnerSource is driving Open Source in Financial Service

Leaders in the financial services industry gathered in the heart of New York City on November 1st for the Open Source in Finance Forum, organized by FINOS of The Linux Foundation . This unique conference is the premier gathering dedicated to driving collaboration and innovation in the financial sector through the use of open source software and standards. With a record-breaking year, boasting 1,000 registrants and a 50% increase in attendance, the forum was a testament to the growing importance of open source in the financial industry.

The event commenced with a thrilling revelation by Gabriele Columbro , the Executive Director, who unveiled the highly anticipated "State of OS in Financial Services 2023 " report. This report provided insights into the remarkable progress made in adopting open source practices within the financial sector. Notably, one data point stood out from the rest: "Over half the respondents are contributing to InnerSource every week." For many highly regulated enterprises, open source adoption is challenging. InnerSource, however, allows them to harness the benefits of open source strengthening their products and organization at large. The fact that so many are currently utilizing InnerSource regularly is a positive indicator for engineers throughout the financial sector.?

InnerSource , a term making waves in the open source community, has gained wide-spread recognition in 2023. Cited by Gartner , as a key strategy for developer enablement in a report on software development trends. Likewise, Stack Overflow 's findings, with nearly 6,000 developers citing InnerSource within their organizations, have emphasized the pivotal role it plays in improving the developer experience. As the demand for developer talent continues to rise, InnerSource helps organizations reliant on proprietary software enhance their deliverables and work culture alike.?

Attendees enjoyed an informative talk by Brittany Istenes , OSPO Strategist at Fannie Mae, and Cara Delia , Senior Principal Vertical Community Architect at Red Hat . They shared resources available to the community for open source momentum including an InnerSource special interest groups. Participants left equipped to drive momentum towards collaborative solutions within the technical community and ensure the strategic execution of open source principles.

Throughout the event, organizations shared incredible results, whether they were in the initial pilot phase of InnerSource adoption or had fully integrated it into their operations. It became evident that a small start can lead to a significant transformation in how businesses operate. Fidelity Investment leaders, Brooke Bishop , Director of Cloud Engineering, and Douglas Flagg, Principal Cloud Engineer, showcased how their InnerSource practices led to the identification and development of core and common Infrastructure as Code (IaC) capabilities that could be leveraged across the firm. This, in turn, freed up engineers to focus on what matters most: developing new features that bring value to customers. Pooi Ling Cheong, PhD , Open Source Program Office Lead for Lloyd Bank, presented alongside Red Hat partner Dean Clark , Platform Catalyst, sharing insights into several InnerSource pilots they are currently working on. Both presentations underscored the "C's of InnerSource" – Communication, Community, and Collaboration – which together form the foundation of a thriving engineering culture.

The Open Source in Finance Forum 2023 was a resounding success, highlighting the industry's commitment to embracing open source practices and InnerSource as a key driver for collaboration. As the financial services sector continues to navigate the challenges and opportunities of a rapidly evolving digital landscape, InnerSource is proving to be a powerful strategy for enhancing development and fostering an open, collaborative environment.

Don't miss out on the opportunity to join the InnerSource Summit 2023, a gathering of industry leaders and experts. Secure your spot now: InnerSource Summit 2023 Registration.

Is your financial organization ready to embrace InnerSource? Discover how you can actively participate in special interest groups dedicated to InnerSource by visiting InnerSource FINOS . Join the InnerSource movement and drive innovation within your organization today.