How open-source technologies open new opportunities for fintech

How open-source technologies open new opportunities for fintech

It is safe to say that fintech technologies have been drastically impacted by open-source tech. A study from Research and Markets suggests that the open-source service market is set to grow by 24 percent by 2025, compounded by the adoption of the technology


by larger institutions. Yet despite the rapid spike in growth, financial services and banking have been slower in bringing its potential. 

This is a missed opportunity. By integrating open-source platforms within the business, banks can gain from emerging technologies like artificial intelligence (AI,) blockchain, and container-based architectures that – combined – benefit everyone. Yet for


the transformation to happen, businesses across financial services must address the technical challenges that come with open-source technologies, addressing concerns such as costs, security, and compliance. Once addressed, then open-source applications will


unfold a myriad of benefits that everyone can gain from. 

To address these challenges, professionals need to take specific steps to drive the future of their industry – provided they take them soon. The time is now to capitalise on the promise of open-source, from improved security to the framework for trading


cryptocurrencies. With the right implementation, fintech will continue to flourish. 

The benefits of open-source for the banking sector 

Despite the hesitancy, there