Skip to main content

Line Of Business

Line of Business

Line of Business

The Line of Business (LOB) within a bank refers to a distinct unit or department that focuses on specific products, services, or customer segments, contributing to the overall revenue generation and growth of the institution.

Objectives

Using software and other technology to:

  • Optimize operational efficiency
  • Drive revenue
  • Improve customer satisfaction.

Challenges

  • Competing priorities
  • Organizational silos
  • Skills gaps/lack of resources"

Open Source Engagement

LOBs can benefit from cost savings, rapid development, and access to a wide range of cutting-edge tools and technologies, thereby enabling them to respond more effectively to market changes, competition, and evolving customer expectations.

In addition, LOBs can contribute to open source projects, fostering a culture of collaboration and innovation while demonstrating thought leadership and industry expertise.

Internal Stakeholders

Calls To Action

  1. Read the Survey Report "The State of Open Source in Financial Institutions"

  2. Watch recorded presentations from the 2022 FINOS Open Source Strategy Forum

  3. Find a FINOS Working group or SIG to send someone from team to participate in.

Expected Activities

Building an Open Source Culture

When people think about open source, most often they think about the engineering aspects: contributing or consuming code. But community and culture are a central part of the open source world and should not be overlooked.

Further Reading