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The Open Source Balance at Banks

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OSS

While many banks still ponder the benefits of using open source technology for their coding needs, nascent BankSimple has gone full steam ahead.

The start-up bank, which is testing its product with select customers, uses open source platforms for the development of nearly all of its Web and mobile applications as well as the backend systems that will power the bank when it finally throws the on switch for the 100,000 people who have signed up for its branchless services.

"Our relatively small [development] team has been able to build an enormous amount of functionality in a short time," says Alex Payne, co-founder and chief technology officer for BankSimple, of Portland, Ore.

You don't need to be a bank of the future to work with open source.

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