Trends in Technology Modernization in Banking

This document is a technical report that outlines the trends in technology modernization within the banking industry, focusing on the implications of cloud adoption and the use of open source technologies. It describes how banks are transitioning from traditional on-premise systems to cloud-native solutions, emphasizing the importance of flexibility and the advantages of as-a-Service models. The report identifies three key themes driving modernization: democratization through cloud technology, the need for improved user experiences, and cultural shifts within organizations as tech-savvy leaders emerge. Additionally, it discusses the benefits of open source technologies, highlighting community support, ease of installation, and the evolution of platforms. The report concludes with a consideration of the future of open source in banking, suggesting that significant changes may occur as banks begin to publish core source code, potentially transforming the industry landscape.