Lloyds Teams Up With Red Hat For InnerSource Engineering Program

Lloyds Banking Group has announced a strategic collaboration with Red Hat. The purpose of this alliance is to create a program aimed at driving the utilization of open-source software throughout its engineering units.

Lloyds instituted an Open Source Programme Office (Opso) to create and implement an open source scheme. The team is in charge of establishing governance and recommended practices, offering internal education and resources, and managing partnerships with external companies.

The Collaboration Aims To Normalize Contributor Responsibilities

The Opso is favoring the idea of InnerSource, a software development technique that implements open-source principles for proprietary code. InnerSource can assist in cultivating an open-source mindset within an organization while maintaining software for internal usage.

Lloyds is partnering with Red Hat to bolster its InnerSource adoption. The companies are outlining a plan that integrates incentives, training, and the right tools to foster InnerSource culture and contemporary engineering practices.

The two firms are developing InnerSource systems to help normalize contributor responsibilities and simplify processes, thus enhancing product quality and efficiency.

Head of the Open Source Programme Office at Lloyds Banking Group, Pooi Ling Cheong said that the alliance with Red Hat will aid the firm in accelerating their implementation of InnerSource practices within the group.

He added that this move will allow the company to accomplish its goals and offer improved services and products to their clients, more quickly.

The Organization Oversees International Operations In Europe And The Us

Lloyds Banking Group is a UK-based financial entity created in 2009 through the merger of Lloyds TSB and HBOS. It is one of the biggest financial services companies in the UK, boasting over 30 million clients and a workforce of 65,000.

The group’s head offices are situated at 25 Gresham Street, London, with its registered office at The Mound in Edinburgh. The organization also has branches in Glasgow, West Yorkshire, Bristol, and Birmingham.  Furthermore, the Group oversees international operations in Europe and the US.

The organization operates under a variety of different brands, such as Scottish Widows,  Bank of Scotland, Halifax, and Lloyds Bank. Ex-chief Executive Officer António Horta-Osório stated that the company aims to maintain the various brands as their customers exhibit varied attitudes.”

The Group is registered on the London Stock Exchange and is part of the FTSE 100 Index. As of August 2022, it had a market valuation of around £30.65 billion, the 19th largest in terms of market capitalization among LSE-listed companies.