Oh, wait! Burkhardt said that about the 2008 housing bubble financial collapse! My point is when times get bad, open source works best.
Another major reason for open source's success is its promotion within companies has become more organized. Companies with Open Source Program Offices (OSPOs) are more than twice as likely to encourage open-source consumption, and nearly three times as likely to encourage open-source contribution.
So it is that financial services software committers have increased by 43%. Financial open source, however, isn't quite like the rest of the open-source programmer world. Just over half of financial services code is written in Java. In the rest of GitHub's open-source programs, Java accounts for only 11%. That's because financial services firms have been tried and true Java users for decades. They aren't going to be dropping Java -- or COBOL -- anytime soon.
So it is, said Gabriele Columbro, FINOS' Executive Director, that open-source adoption is continuing "laying out the necessary building blocks for an organic, growing, and sustainable open community in the industry. While we know there is still a lot of work to do to reach full maturity, we're extremely proud of the major role that FINOS played in opening up financial services to the disruptive innovation benefits open source can deliver to this sector."
Part of that work is that compared with other sectors, such as IT, science, and telecom, financial service companies lag behind in encouraging open-source contribution. Still, more than half (54%) of respondents say contributing to open source improved the quality of the software they are currently using. In addition, active participation in open source was cited as a key factor in recruiting and retaining IT talent.
Of course, there's still the bugaboo that open-source software is less secure than proprietary programs. Still, even this delusion is slowly passing away.
Still, it's good that 77% of those surveyed agreed that organizations should be actively contributing to open source in an effort to improve security. In fact, in the aftermath of the Log4Shell security disaster, the financial services industry reacted more swiftly and efficiently than any other industry.
On another side of the financial industry, the venture capitalists have decided open source in finance is a big deal. VC-backed commercial open-source fintech startups, such as Moov, OpenBB, and a16z, now see fintech as the next industry that open source will disrupt.
From what I saw at the conference, 2023 will be the year when the financial sector once and for all becomes not merely a star open-source user, but a champion open-source developer as well.