Guide: Banking and financial services – 7 critical success factors for moving to open source databases
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The banking and financial services (BFSI) industry has entered a new era spearheaded by disruptive, tech-savvy, and well-funded fintechs, expanding the boundaries of open banking. These digital-native players have approached processes and technology platforms from a blank slate.
That means that as they build these out, they are free to use the latest tools, unencumbered by legacy systems. They can build on open source software, think mobile-first, create compelling customer experiences and move quickly with new apps and offers. The influence of these upstarts has left traditional BFSI institutions with two options: digitally transform or fade out.
Digital transformation isn’t just a buzzword; it’s the modern technology architecture that will drive growth for enterprises going forward. Those organisations that can best optimise and capture data as an asset will benefit from agility, smarter decision makings, lower costs, and minimised risks.
For traditional BFSI, the two biggest questions around digital transformation are: how do you get there and how do you maintain an edge? These are big challenges, as institutions must overhaul long-established organisational and operational processes in order to take advantage of the vast amounts of valuable data lurking within their IT systems.
This is why a growing number of BFSI companies are turning to open source technologies. Open source databases, such as Postgres, offer the greatest flexibility in how enterprises unlock the power of data, while continuing to offer the robust functionality required for enterprise-ready databases. In fact, 80% of IT leaders today expect to increase their use of enterprise open source software for emerging technologies.
The conversation is changing in BFSI, with the benefits of open source and Postgres increasingly on the mind of those businesses most invested in modernisation.
In this free guide, we’ll explore why open source is such a good fit for BFSI organisations that are committed to digital transformation, and outline the key factors that can ensure your success as you plan your move to an open source database like Postgres.
The “Banking and financial services: 7 critical success factors for moving to open source databases” guide is brought to you by EnterpriseDB