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Line Of Business

Line of Business

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.

Objectives​

Using software and other technology to:

  • Optimize operational efficiency
  • Drive revenue
  • Improve customer satisfaction.

Challenges​

  • Competing priorities
  • Organizational silos
  • Skills gaps/lack of resources"
  • Automation of compliance processes

Open Source Awareness​

  • Learning/training programs on how to use open source
  • Impact assessment of open source
  • Show how to find and contribute “easy code” - low hanging products
  • Produce case studies and metrics for open source success stories
  • Find internal champions
  • Explain the risks involved in not contributing

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. Having a clear policy for personal contributions is important to ensure contributors feel safe to contribute. Firm contributions are frustrated by risks/approvals so work to minimise this.

In addition, LOBs can contribute to open source projects, fostering a culture of collaboration and innovation while demonstrating thought leadership and industry expertise. Produce metrics such as mean time to remediation or a maturity score for contributions.

Internal Stakeholders​

Calls To Action​

  1. Read the Survey Report "The State of Open Source in Financial Institutions"

  2. Watch recorded presentations from the 2022 FINOS Open Source Strategy Forum

  3. Find a FINOS Working group or SIG to send someone from team to participate in.

Expected Activities​

Building an Open Source Culture

When people think about open source, most often they think about the engineering aspects: contributing or consuming code. But community and culture are a central part of the open source world and should not be overlooked.

Further Reading​