Worked in Financial Services for a couple of decades and I don't buy this it sounds like a sales talk from a consultancy company. Banks do use (and sometimes c

Worked in Financial Services for a couple of decades and I don't buy this it sounds like a sales talk from a consultancy company. Banks do use (and sometimes contribute) to Open Source libraries - but usually non financial lower level technical things - Apache Commons, front end libraries, FinLib, Messaging systems etc. Many public/commercial APIs/feeds have SDKs available by the provider and even when not most of the the work involved goes in getting the data/messages to and from the banks system/data format/language. Most code for things like entity matching, fraud detection is highly tied to the data the bank has which often - due to the various other banks the bank has purchased and has partnerships with - may be a huge mass of data. An open source library would probably help with 5% of the work. Great if its being pushed by consultancy that can do the glue work for a fee. In the area where I've mostly worked in - the trading side of investment banking, the computing systems - trade handling, pricing is seen as a competitive advantage, that you don't share with competitors. I made some fixes to a low level communication/transaction library for a vendor library we used (giving them the code meant we wouldn't have to patch it every release) that took nearly 9 months to get approval. I could see Banking services as a Service would be more appealing to the banks i've been in.