Red Hat & Lloyds Banking: Innovating with Open Source | FinTech Magazine

Leading supplier of open source solutions, Red Hat, has partnered with Lloyds Banking Group to help transform how the bank’s engineering teams operate – leveraging modern engineering practices.

For Lloyds Banking Group, the UK’s leading financial services group with 27 million members nationwide, collaboration with Red Hat marks an acceleration in the way it uses technology and data.

Leveraging Red Hat’s InnerSource program, the bank will be supporting its 21.5 million digital customers with open source at the core of its digital strategy.

Indeed, open source software has significant benefits for cost reduction as well as offering greater agility for technological transformation. Lloyds Banking Group’s efforts to drive these efficiencies come after it partnered with Dynatrace to measure its IT carbon impact and lower emissions.

The partnership gives greater power to the bank’s Open Source Program Office (OSPO), which is responsible for developing and implementing the group’s open source strategy, defining best practices and governance, delivering internal training and tooling and collaborating with external partners.

Now, OSPO at Lloyds Banking Group has selected Red Hat to provide InnerSource expertise and consultancy, which it sees as a great opportunity to adopt open source practices for in-house development further, and capitalise on more opportunities for collaboration and faster decision-making.

Red Hat will support Lloyds with its InnerSource implementation, to drive maximum value from its engineering team across the organisation.

Pooi Ling Cheong, PhD, Open Source Program Office (OSPO) Lead, Lloyds Banking Group, says: “Our InnerSource journey is key to ensure we have an empowered and more productive developer community.

“Working with Red Hat will help us accelerate our adoption of InnerSource practices across the Group, so we can better deliver on our goals and objectives, and deliver better products and services to our customers, more quickly.”

The bank will also work with Red Hat to build InnerSource frameworks and help standardise contributor roles and streamline processes for improved efficiency and quality.

Richard Harmon, Vice President, Global Financial Services Industry, Red Hat, adds: “It’s exciting to collaborate with a like-minded organisation like Lloyds Banking Group, which recognises that the ways that people work together are so vital for maximising the benefits of new technologies.

“It’s been impressive to see the high level of engagement from Lloyds Banking Group’s software teams using modern, open development practices, laying the foundations for delivering long-term value back to the business.”

In March this year, we spoke to Harmon, alongside Red Hat’s Global Financial Services (FSI) Digital Transformation Lead, Monica Sasso, about the value of open source for leading financial organisations.

You can find out more about the perks of open source collaboration here.

Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024.

Don’t miss out on your chance to enter The Global FinTech Awards in 2024 – submissions have been extended to 17 June 2024…

Joel Perlman, Co-founder of OakNorth to speak at FinTech LIVE London – 22 and 23 October 2024…

Discover the awards that your company, executive or project could be honoured with at The Global FinTech Awards 2024…

BizClik’s FinTech portfolio connects banking, financial services, payments, technology & consulting brands and their most senior executives with the latest FinTech trends, industry insight, and influential FinTech, InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital Ecosystems.
FinTech Magazine and its entire portfolio is now an established and trusted voice on all things FinTech, engaging with a highly targeted audience of 113,000 global executives.
We provide key industry players with the perfect platform to showcase their brands, develop content syndication plans, webinars, white papers, demand generation as well as a global set of events (In-Person & Virtual).