Open Banking is Here to Stay: How Will You Benefit from It? Seshika Fernando, Head of Financial Solutions, WSO2

1. Open Banking is Here to Stay
How Will You Benefit from It?
Seshika Fernando
Head of Financial Solutions
WSO2

2. Making a Case for Financial Inclusion
East Asia and Pacific (including developed countries)

3. Making a Case for Financial Inclusion
East Asia and Pacific (excluding developed countries)

4. Characteristics
Maturists
(pre-1945)
Baby Boomers
(1945-1960)
Generation X
(1961-1980)
Generation Y
(1981-1995)
Generation Z
(1995-2012)
Attitude toward
technology
Largely disengaged
Early information
technology (IT) adapters
Digital Immigrants Digital natives
“Technoholics” -
entirely dependent
On IT: limited grasp
of alternatives
Signature
product
Automobile Television Personal Computer Tablet/smartphones
Google glass, graphene,
nano-computing,
3D printing,
driverless cars
Communication
media
Formal letter Telephone Email and text message Text or social media
Hand-held(or integrated
into clothing)
communication devices
Communication
preference
Face-to-face
Face-to-face ideally, but
telephone or email if required Text messaging or email
Online and Mobile
(text messaging) Facetime
Preference when
making financial
decisions
Face-to-face meeting
Face-to-face ideally, but
increasingly will go online
Online—would prefer
face-to-face if time permitting Online
Solutions will be digitally
crowd-sourced
Credits: https://wealth.barclays.com/global-stock-and-rewards/en_gb/home/research-centre/talking-about-my-generation.html

5. Gen 𝛂
9%Gen Z 34%Gen Y 29%
Gen X 13%
Baby Boomers 13%
0
200
400
600
800
Population(millions)
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85-89
90-94
95-99
100-104
Age Group
Banking Consumer Distribution Today
Maturists 3%

6. Gen 𝛂
9%Gen Z 34%Gen Y 29%
Gen X 13%
Baby Boomers 13%
0
200
400
600
800
Population(millions)
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85-89
90-94
95-99
100-104
Age Group
Banking Consumer Distribution Today
Maturists 3%
84%13%

7. Gen 𝛂
9%Gen Z 34%Gen Y 29%
Gen X 13%
Baby Boomers 13%
0
200
400
600
800
Population(millions)
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85-89
90-94
95-99
100-104
Age Group
Banking Consumer Distribution Today
Maturists 3%
95%5%

8. Evolution of Banking Channels

9. Consumers Demand their Own Experience

10. Digital Banking Requirements

11. INTEGRATION SUMMIT 2019
Open Banking to the Rescue

12. Banks expose their customer payment and account data, with customer consent, to
Third-party Providers (TPPs) via APIs.
Open Banking: Putting Customer in Control

13. INTEGRATION SUMMIT 2019
Thriving with Open Banking

14. Expanding Distribution Channels

15. Expanding Distribution Channels

16. Expanding Distribution Channels

17. Expanding Distribution Channels

18. KYC like never before

19. KYC like never before

20. KYC like never before

21. KYC like never before

22. INTEGRATION SUMMIT 2019
Open Banking for Digital Banking

23. Spaghetti Architecture

24. Multiple Identities

25. Siloed Analytics

26. Technology Components of Open Banking

27. Opening the door to Digital Transformation

28. INTEGRATION SUMMIT 2019
WSO2 Open Banking

29. WSO2 and Open Banking

30. API templates that support Open
Banking UK, The Berlin Group, and
STET API specifications
Built-in API Security including OAuth2
and certificate validation
Strong customer authentication,
adaptive authentication, and user
consent management
Fraud detection and transaction risk
analysis
Key Features
API analytics & business insights with
dashboards
Integration points to core banking
systems
General Data Protection Regulation
(GDPR) compliant solution
Built on top of the WSO2 Platform
making it easily extendable for digital
transformation initiatives beyond open
banking

31. Regulatory and domain expertise with global banks
To help you understand the best technology fit for open banking
Shorter technology implementation cycles
that support aggressive project deadlines
Componentized solution architecture
that is customizable to any use case
Extensible
to support banks ongoing and upcoming digital banking initiatives
WSO2 Advantage for Open Banking

32. https://wso2.com/solutions/financial/open-banking/
Check out WSO2 Open Banking

33. THANK YOU
wso2.com