Today’s financial service providers are under pressure from multiple angles. Expanding data, stringent regulations, security threats, rising costs, increased customer expectations and more are requiring banking, financial services, and insurance (BFSI) organizations to modernize and future-proof their technology.
Databases are at the heart of every modernization effort, because financial organizations can’t afford to have an inflexible or out-of-date database tech stack that could compromise compliance or their data. They also can’t afford to have a database that limits innovation and collaboration. This is why more and more BFSI organizations are moving to open source databases like Postgres, which enables them to innovate without the boundaries imposed by legacy providers.
Seeing the value of open source
FINOS, the Fintech Open Source Foundation, interviewed a number of senior IT leaders for their 2023 State of Open Source in Financial Services report. Here’s what they found:
- 90% of the IT leaders they interviewed agreed that open source is valuable to the future of the financial services industry
- 88% of respondents said open source is valuable to the future of their organization
- 78% said their organization is getting more value from open source compared to the previous year
- Artificial intelligence (AI) / machine learning (ML), cybersecurity, and cloud / container technologies were identified by respondents as the most valuable open source technologies for financial services
“The beauty of the open source model is that you aren’t a powerless recipient or mere consumer of software—you can influence the direction of its development with hands-on contribution, change the software to meet specialized business needs, and grow its overall value to the organization in direct and tangible ways,” note the authors of the FINOS report.
No wonder the movement toward open source is accelerating!
Leading BFSI organizations use Postgres
In order to navigate increasing regulatory demands, customer expectations and costs, many leading BFSI organizations are turning to EDB-supported Postgres. Here are just a few examples:
BMO Financial Group
As the eighth largest bank in North America by assets, BMO Financial Group provides personal and commercial banking, wealth management and investment services to more than 12 million customers globally. In keeping with their digital-first agenda and their need to accommodate a wide range of workloads and use cases, BMO increasingly standardized on Postgres. As their Postgres databases increased, BMO partnered with EDB to create a highly resilient, always-on system designed for high availability and disaster recovery across multiple sites.
stc pay
Software provider stc pay has been described as the Middle East’s leading digital wallet. It’s an apt description, as the company’s goal is to build a digital economy in which all customers’ finances are safe, secure and simply fulfilled. When stc pay saw how open source Postgres could grow with them and their applications, they decided to leave MS SQL in favor of EDB-supported Postgres. As a result of this move, they’re keeping their core application running with ‘five nines’ of high availability. Postgres combined with their reputation for innovation has also made it easy to find new hires and train them.
areeba
areeba is a regional e-payments technology company that offers banks, fintechs, merchants and governments a unique range of payment services, from issuer processing and merchant acquiring to digital payments. The company’s focus on making and accepting payments required a flexible database that could handle rapid innovation without sacrificing the strict Atomicity, Consistency, Isolation, Durability (ACID) performance that real-time financial transactions require. By working with EDB to incorporate Postgres into their architecture, areeba gained a cost-effective, flexible and secure technology foundation that can keep pace with their time-to-market ambitions.
Murex
For more than 35 years, Murex has provided enterprise-wide, cross-asset financial technology solutions to capital markets players. The company’s MX.3 crossfunction platform solution was originally designed to run on Sybase, Oracle and Microsoft SQL Server databases. But with more and more professionals choosing open source Postgres, Murex decided to adapt their MX.3 solution so it would be compatible with Postgres as well. By partnering with EDB, Murex enabled their traders and risk management clients to maintain high availability for trading, avoid vendor lock-in, modernize their systems and perform other mission critical activities with Postgres running on the public cloud.
Building the future of financial services with EDB Postgres
With flexible enterprise-grade tools and specialized expertise from EDB, leading BFSI firms are building scalable and reliable databases that adhere to stringent compliance and storage requirements, prevent data loss, simplify maintenance and accelerate innovation. In other words, everything needed to secure the future in financial services.
Learn more about the benefits BFSI organizations are experiencing by moving to open source Postgres: Read our eBook.