• Mon. May 20th, 2024

FINOS launches open-source AI initiative for Financial Services

The Fintech Open Source Foundation (FINOS), the financial services umbrella of the Linux Foundation, has announced the formation of the AI Readiness for Financial Services Industry (FSI) Special Interest Group (SIG) as part of its broader artificial intelligence (AI) strategic initiative.

This SIG will create a collaborative environment for industry leaders to collectively develop frameworks and policies designed to enable the effective, safe, trustworthy and compliant deployment of generative AI technologies. The aim is to replicate the impact the FINOS Open Source Readiness Program made in open source adoption in the industry.

Roster of FINOS members that have signed on

A roster of FINOS members have signed on to advance this initiative including Citi, Scott Logic, Morgan Stanley, and ControlPlane leading the effort; Databricks as an Executive Sponsor; Gold FINOS Members: the London Stock Exchange Group and Publicis Sapient; and Silver Member: EPAM, showcasing the industry’s strong commitment to this transformative journey. Additionally, Microsoft and Provectus, as new FINOS members are also participating in this effort.

The recent advances in AI are poised to have a disruptive impact on the financial services industry and the customers it serves.

As the industry faces this shared challenge, the FINOS open source community believes there is considerable potential for mutualization to support the prudent use of generative AI for both the customer and financial services organisations while ultimately allowing for its effective deployment and rapid adoption.

This SIG kicked off in March, co-chaired by Ian Micallef, Head of Developer Enablement at Citi. Micallef said: “The advances in generative AI offer promising opportunities to better serve our customers. Establishing a robust and transparent governance framework that can keep pace with this rapidly developing technology will help enable financial services organisations to leverage it, open-source collaboration is the best way to deliver that.”

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Colin Eberhardt, CTO of Scott Logic and Co-Chair of the AI Readiness SIG, commented: “The potential of generative AI seems to be ever increasing, with technological advances and new use cases emerging almost daily. However, to unlock this potential, we need to find a way to onboard this technology in a safe and controlled fashion. I’m very excited by the prospect of creating a shared governance framework that tackles these challenges, delivering benefits to all within the financial services community.”


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