Back in the 1990s, during the client server revolution, multiple banks were considering developing proprietary operating systems. Third-party offerings, such as Microsoft Windows, were considered lacking in the level of security and robustness needed to support a bank of a certain global reach and stature. The completion of those projects is lost to time and would be considered out of place today. In 2024, there are not many organisations, banks included, that do not rely on widely used third-party software and platforms.
However, this long outdated view sheds light on an enduring technology culture at many global banks where preference towards proprietary development and in-house builds lends itself to an aversion to open communities, sharing resources and playing well with others. Much like the migration to cloud-based architectures has moved at a slower pace in financial services, compared to other industries, the acceptance of open-sourced development has followed at a similar pace.
