Community Blog

Data challenges are universal and only grow more complex each year, but I’ve observed that many financial services firms still lack open source software capabilities to address basic data quality and accuracy challenges. Conversations with fellow delegates at the recent OSFF NYC further affirmed my belief that common reporting and regulatory compliance requirements are forcing software developers to re-implement ad hoc common concepts - such as soft-deletes, audit-logging, and as-of queries - in almost every system they build, regardless of scale. Beyond the sheer inefficiency of it all, this implies that firms are becoming overly reliant on the abilities of large (and expensive) engineering teams to build and maintain these capabilities correctly. Let’s consider how open source software might rise to meet this challenge.

Currently in its incubation stage, the LLM Exploration Project adopts a use case-driven approach informed by our initial design thinking exercise. Following the first Use Case Identification Workshop at OSFF London, the second workshop at OSFF NYC brought together industry experts to delve into how Large Language Models (LLMs) can be applied to the Common Domain Model (CDM) to enhance interoperability and accessibility. 

Financial organizations increasingly rely on open source software as a foundational component of their mission-critical infrastructure. In this blog, we explore the top open source trends and technologies used within the FinTech space from our recent State of Open Source Report — with insights on the unique pain points these companies experience when working with OSS. 

The financial sector is facing increasing regulatory demands, and firms need new approaches to maintain compliance while driving operational efficiency.

Watch an engaging session in the Open Source in Finance Webinar Series, where experts from Percona share insights on innovation in finance.

Join Grizz Griswold of FINOS as he interviews Ann Schlemmer, CEO of Percona, in this insightful episode. They discuss the transformative role of open source technologies in the financial sector, Ann's career journey from banking to MySQL and her leadership at Percona. The conversation covers the benefits of open source for financial institutions, including cost-efficiency, innovation, security, and talent acquisition. They also explore the evolving landscape of finance and technology, the balance between open source and proprietary solutions, and the future of open source databases. Tune in to learn how financial institutions can gain a competitive edge in today's highly regulated environment.