[FINOS Community] Thank you for an amazing 2023 & to an even more impactful 2024!
Gabriele Columbro
Dear FINOS Community,
As we approach the end of 2023, I hope you all are enjoying some very well deserved relaxing holiday period with your loved ones...as the world goes through a particularly rough patch, I feel particularly lucky this year in being able to do just that, here in Italy, with my biggest worry being trying to cope with unbelievable amounts of festive food while still keeping my waistline under control :)
I wanted to take a second to reflect on what we have accomplished this year and furthermore share some of the groundbreaking innovation we see our Community drive next year. 2023 has been a remarkable journey for us at FINOS, another critical step in our trajectory of revolutionizing how financial technology is built. And it's all thanks to your unwavering commitment, innovative spirit, and collaborative efforts. Together, we've pushed the boundaries of open source in finance, creating an ecosystem that not only drives technology forward but also fosters a culture of openness and inclusivity. For one I am extremely thankful and proud of this, and I hope you all are as well.
Reflecting on 2023: A Year of Milestones
In 2023 we've seen some truly incredible achievements. I won't be able to list them all without making this email an essay, but I would be remiss not to look back at:
- The most successful Open Source in Finance Forum ever, passing the 1000 registration mark, and bringing together folks from all across the org chart in financial institutions and tech companies, to showcase production usage of our projects, creating new organic connections in the neural network of our community, seeding bold new ideas for collaboration. If you missed it, don't despair as all content is available for replay.
- Our existing projects continue their surge in adoption, with FDC3 being downloaded over 250k times in NPM (+500% YoY) and Perspective over 100k times (+300% YoY), maturity, with over 1000 training and certifications enrollees already in less than two months since OSR and FDC3 training launches, and, most importantly, high value business use cases being powered by our projects and on public display - see the CDM Collateral representation or the buy-side/sell-side FDC3 powered connectivity showcased by Wellington and Morgan Stanley as two great examples
- Our community itself has become more diverse both individually and corporate-wise, driving broader and more fruitful collaborations, and our impact more profound. Common Cloud Controls is certainly a prime example of this, but with a steady 60% contributor growth YoY and major successful community-led gatherings like the Big Boost Monday series, we can safely say this is JUST the beginning.
Looking Ahead: Three Predictions for 2024
And so, as we step into 2024 we have been hard at work with our Governing Board, Members and Technical Oversight Committee to build proposals for 2024 strategic initiatives. The opportunities and interest we see is unprecedented, with over 10 initiatives being developed from AI to Payments, from Cloud Compliance to Open RegTech, from DEI to OSS Supply Chain Security. Our Governing Board will ultimately define our focus during January 17th meeting (so let us know if you have interested in any of there), but I feel already quite confident to share three predictions for how open source will continue to revolutionize the finance industry this year:
- Accelerated Adoption of AI and ML: The integration of Artificial Intelligence and Machine Learning within the industry will become prevalent, offering unprecedented insights and efficiencies. This evolution will not only improve decision-making processes but also herald a new era of personalized financial services. As open source eats AI, we will see a broad range of open collaborations, from developing shared AI safety guidelines, think AI readiness for financial services, all the way to building open foundational or hyper specialized pre-competitive language models. And our foundation is uniquely positioned to provide a very much needed safe space to innovate in this super hot area.
- Enhanced Regulatory Compliance through Technology: Open source solutions will play a pivotal role in navigating the complex web of financial regulations. By leveraging collaborative efforts, we will develop tools that ensure compliance, reduce risks, and maintain transparency, all while fostering innovation. Our Open RegTech initiative is accelerating through dedicated focus and funding from the RegTech Council, and Zenith is proposing a super valuable project to enable AI-powered regulatory interpretation. This is an area ripe for disruption and 2024 will be the time to seize the opportunity.
- Sustainable Finance Solutions: As ESG regulations come into effect worldwide, and most importantly as climate continues to be a hugely pressing issue, there will be a significant shift towards developing open source tools dedicated to sustainable finance. Our sister foundation OS-Climate is leading the way here, and we expect to collaborate more closely in 2024 following a very successful hackathon in in Q4, because these solutions will greatly accelerate and standardize how firms assess risks related to climate change, promote green investments, and support the industry's transition to a more sustainable future.
A Call to Action
As we embrace these exciting developments, I invite each of you to continue being a part of this transformative journey. Your ideas, expertise, passion and resource commitment are the driving forces behind our success. And to better foster our global community we'll be back in London and NYC with two OSFFs next year.
So let's work together to make 2024 a year where open source not only shapes the future of finance but also creates a more equitable and sustainable world.
Thank you for an unforgettable 2023. Here's to an even more remarkable 2024!
Happy new year, upwards & openwards.
Gab
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