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What's stopping banks from creating FOSS (or atleast open-source) banking solutions (apps)? (fost.hu)

submitted 1 year ago* (last edited 1 year ago) by nIi7WJVZwktT4Ze@fost.hu to c/foss@beehaw.org

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Let's say, I create a bank with the caveat that all of my banking phone apps and webapps are FOSS (or if they depend on non-free components — banks probably do to communicate with each other —, then just OSS). Am I going to be behind the competition by doing this?

If the most secure crypto algorithms are the ones that are public, can we ensure the security of a bank's apps by publicizing it?

Are they not doing this because they secretly collect a lot of data (on top of your payment history because of the centralized nature of card payments) through these apps?

EDIT: Clarifying question: Is there a technical reason they don't publicize their code or is it just purely corporate greed and nothing else?

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[–] freedomPusher@sopuli.xyz 4 points 1 year ago* (last edited 1 year ago)

In Belgium the water company has imposed forced-banking by removing the cash option. Then at least one bank has shutdown their website and shut their doors, essentially forcing people to buy a smartphone and install their non-free app. So if you want water service, you must buy a smartphone and sell your soul. How perverted is that? Sure, those customers can also change banks but more banks could take the same shitty direction: run non-free software or lose access to water.. how’s that for human rights?