Red Hat, a well-known provider of open source solutions, and Lloyds Banking Group have teamed together to use contemporary engineering techniques to change the way the bank's engineering teams work.

Working with Red Hat will accelerate how Lloyds Banking business leverages data and technology. With 27 million members nationally, Lloyds Banking Group is the largest financial services business in the UK.

The bank will use open source as the cornerstone of its digital strategy to service its 21.5 million digital clients by utilizing Red Hat's InnerSource initiative.

Indeed, there are a lot of financial savings and more technological transformation flexibility associated with open source software. The Lloyds Banking Group is working to further these efficiencies after reducing emissions and measuring its IT carbon footprint by partnering with Dynatrace.

Lloyds Banking Group: A Future of Open Source

Through the agreement, the bank's Open Source Program Office (OSPO), which is in charge of creating and carrying out the group's open source strategy, establishing best practices and governance, providing internal training and tools, and working with outside partners, will have more authority.

OSPO at Lloyds Banking Group has now chosen Red Hat to offer InnerSource knowledge and consulting, which it views as a fantastic chance to further embrace open source techniques for internal development and take advantage of additional chances for cooperation and quicker decision-making.

Red Hat will assist Lloyds in implementing InnerSource so that its engineering staff may produce the most value possible for the whole company.

Open Source Program Office (OSPO) Lead Pooi Ling Cheong, PhD, of Lloyds Banking Group states: "We need to have an empowered and productive developer community, and that requires us to continue on our InnerSource path.

"We will be able to better meet our goals and objectives and provide our customers with better products and services faster by partnering with Red Hat to expedite the Group's adoption of InnerSource practices."

In order to increase productivity and quality, the bank will also collaborate with Red Hat to develop InnerSource frameworks, standardize contributor roles, and simplify procedures.

"It's exciting to collaborate with a like-minded organization like Lloyds Banking Group, which recognizes that the ways in which people work together are so vital for maximising the benefits of new technologies," says Richard Harmon, vice president of Red Hat's global financial services industry.

"The high degree of involvement from the software teams at Lloyds Banking Group using contemporary, open development practices, laying the groundwork for delivering long-term value back to the business, has been impressive."

We discussed the importance of open source for top financial organizations with Harmon and Monica Sasso, Digital Transformation Lead for Red Hat's Global Financial Services (FSI) in March of this year.