More Fintech Players Cashing in on Open-Source Offerings
Open-source databases have promising use cases in the financial industry. With a wide range of solutions available, there is likely an open-source alternative for almost any proprietary solution on the market, according to Nosek. From a regulatory perspective, they have become feature-rich enough to comply with most regulations in the financial industry.
“Nearly every use case is a good candidate for utilizing open-source database solutions,” he concluded. “Today, many large organizations in the financial industry have made significant modifications to their enterprise architectures to prioritize open-source solutions.”
This includes banks, payment providers, and other institutions. Consequently, dedicated teams within organizations now focus on implementing and managing open-source database solutions.
Another noteworthy trend is the migration from proprietary databases, such as Oracle, to open-source databases, particularly PostgreSQL. Once an open-source technology platform is established and proven within an organization, more workloads, including Tier One applications, are migrated to it.