FinTech, Mainframes and Open Source: The Perfect Trio
It’s not an exaggeration to say that everyone who works in the financial sector interacts with a mainframe at some point during their day. That may be surprising to most people, but the reality is that banking is dominated by large, powerful computers that can provide unprecedented security while making billions of calculations a day. So whether you’re a mortgage officer, bank teller, cybersecurity specialist or senior executive, mainframes are what enable you to be successful.
Today I had the privilege of meeting dozens of financial technology (FinTech) leaders at the Open FinTech Forum in New York, where I was on a panel that introduced them to Zowe, an open-source framework from the Open Mainframe Project designed for mainframes. Zowe was developed by Rocket in partnership with IBM, CA Technologies and the Open Mainframe Project, and was introduced in late August.
The topic of our panel was “The Resurgence of the Mainframe in Modern Industry: Insights from Key Executives on the Future of this Cornerstone Technology,” but the real focus was on using Zowe to build the next generation of mainframe leaders by lowering barriers and making the platform accessible to everyone. Most of the attendees weren’t familiar with Zowe, but their reaction made me confident that we are on the right path when it comes to making mainframes even more mission-critical for the FinTech industry.
So why does Zowe matter in the banking world? Not only will Zowe make it easier for new developers to code for mainframes, the open-source framework will open the mainframe platform up to new innovations driven by the developer community. That means banks will be able to respond to customer needs faster, and create products and services that help them stay competitive when new, disruptive options arise. It’s an exciting time to be part of the mainframe community, and I’ll be keeping a close eye on how mainframers in the banking world help shape the future of FinTech.