Line of Business
The Line of Business (LOB) within a bank refers to a distinct unit or department that focuses on specific products, services, or customer segments, contributing to the overall revenue generation and growth of the institution.
Using software and other technology to:
- Optimize operational efficiency
- Drive revenue
- Improve customer satisfaction.
- Competing priorities
- Organizational silos
- Skills gaps/lack of resources"
Open Source Engagement
LOBs can benefit from cost savings, rapid development, and access to a wide range of cutting-edge tools and technologies, thereby enabling them to respond more effectively to market changes, competition, and evolving customer expectations.
In addition, LOBs can contribute to open source projects, fostering a culture of collaboration and innovation while demonstrating thought leadership and industry expertise.
Calls To Action
Read the Survey Report "The State of Open Source in Financial Institutions"
Watch recorded presentations from the 2022 FINOS Open Source Strategy Forum
Find a FINOS Working group or SIG to send someone from team to participate in.
Building an Open Source Culture
Historically, employees in banks have faced challenges contributing to open source due to factors such as stringent regulatory environments, the sensitive nature of financial data, concerns over intellectual property rights, lack of internal policies or guidelines related to open source contributions, and a traditional banking culture that may not fully embrace the open, collaborative ethos of open source development.