The Banking Experience Canvas - API Days NYC 2020 - Dassana Wijesekara
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The talk delivered in APIDays NYC global event by Dassana Wijesekara. Introduces new concept Banking Experience Canvas which deliver the promise of personalized banking. Its a new way of delivering banking capabilities and capabilities sources from partner ecosystem focusing on needs of your customer.
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The Banking Experience Canvas - API Days NYC 2020 - Dassana Wijesekara
- 1. The “Banking Experience Canvas” Deliver on the Promise of Personalized Banking July 28, 2020
- 2. Hello! Dassana Wijesekara Director, Solution Architecture WSO2 dassana@wso2.com
- 3. What does banking really mean ?
- 4. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written Banks Manage Value 4 Rent Salary Tax refund Cross border payments Spend Value $ Invest Insight
- 5. Do banks fulfil our needs? We bring banks to the picture only when funding is needed in our journey to fulfil a need. Can banks do more? Of course! 5 Photo by Nathan Walker on Unsplash
- 6. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written Focus on the need not the individual steps 6
- 7. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written 7 Open APIs / Open Banking: Enables Partner Ecosystem ● Reduced friction ● Efficient collaboration ● Effective aggregation ● Freedom of choice Photo by Alex Shutin on Unsplash
- 8. How do consumers engage banks?
- 9. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written Digital: Experience 9 I want money on my time! Paying should be easy as chat! Help me to save! I want to make more moves with my money! Save change Invest in property Digital Device * Zelle app Get paid early Split Uber fare
- 10. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written Tools: The Savings Calculator 10
- 11. The Banking Experience Canvas 11
- 12. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written Concepts: Value store, Experience & Behaviour 12 A single value store— not multiple accounts Multiple jars, pots or buckets Multiple experiences— everyday, savings & investments Your unique behaviour
- 13. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written 13 The Banking Experience Canvas Hi !
- 14. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written Canvas for Business 14
- 15. WSO2 Inc. Copyright © 2020 All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written 15 What you need to build a Banking Experience Canvas
- 17. wso2.com Thanks!
Editor's Notes
- Script : Hi Everyone, good afternoon ! I hope you guys had a good time and are pretty excited with what you are experiencing. I’m hoping to keep that excitement live by bringing in a new way of banking : The Banking Experience Canvas.
- Script : I’m Dassana, a Solution Architect by profession and from WSO2. I have 17 years of industry experience and working with many banks from Australia, New Zealand, Singapore, Brazil, Mexico and some parts in Asia helping them in their digital strategy with Open APIs and Open Banking regulatory compliance.
- Script : Let's start looking at what banking really means ? what are our interactions with a bank ?
- Script : We deal with banks as a trusted partner to manage value. The value can be in different forms: money, precious metal. Government bonds and may be as rewards. We get value from a wide range of sources from salary, rent and at the end of the financial year we get tax return. We might get value as payments from outside of our geographical and financial boundaries. Banks manage these value sources and keep track of them. The value we accumulate will be spent on multiple sources. Day to day expenses, we may save a certain percentage. We may invest in the stock market. Bank provides ways of moving your value out as transfers, bill pay or cards. Bank establishes your identity within financial transactions. Most importantly banks provide insight into your financial transactions. These insights allow us control inflows and outflow of value. We can perform all of these functions without ever touching coins or notes, the physical money. Currently all this happens digitally.
- Script : Let’s say you want to buy a house, that’s your need. In the current banking landscape you only interact with them for funding right ! If banks want to survive in an intensely competitive market they have to come out of a siloed mindset and provide more capabilities outside of traditional banking. They should think about the need not the individual steps.
- Script : When you want to own your own house there are multiple steps that you need to take. You need to look at what are your funding options and should look at the house as an investment. You will engage with the bank on those steps. But there are other activities you need to perform like searching for property, look at the real value of the property and look at any legal hurdles in owning the property. For these you engage with multiple institutions outside of the bank and it’s a fragmented experience. Based on the trust the banks have built for years, they can source these services from partners or minimum can endorse partners. As an example bank can package a property catalogue sourced from a property agent. Essentially banks provide a collaboration space which is part of where it will provide a seamless experience. When a bank enables this ecosystem customers treat the bank as a trusted partner. This increases customer acquisition and loyalty.
- Script : Open APIs and Open Banking movement is for reducing friction for new entrants to come to the banking field it may be banks fintechs. It improves collaboration on a standardized platform. Improve aggregation and provide freedom of choice to the consumer. This standard collaboration model helps build the partner ecosystem which banks need to fulfill a need of a customer.
- Script : Let’s take a step back and look at how consumers engage with banks ?
- Script : People don’t visit banks, brick n mortar banks. We see banks operate without a single branch. People do banking on their fingertips. Even in remote parts of Kenya people use not so smart phones to transfer money using M-Pesa. This digital ecosystem provides a platform for building innovative financial products and interaction. If you look at young generation especially millennials they alway son their devices and connected. This social group account for about 30% in the population and 2 fifth of world population. They want to get paid on their time and we see service providers that provide your paycheck 2 days earlier. They want to have fun at the pub and share the uber ride back home finally share the uber fare. They are struggling with saving they want support in savings. They want guidance in investments.
- Script : Banks provide more focused interactive tools to set financial goals. Those are saving calculators, mortgage calculators, personal finance management tools online. These tools are discrete and does not provide the holistic experience.
- Script : I’m bringing a concept which I identify as “Banking Experience Canvas” that provide interactive digital experience to build the customer’s need. This is essentially a digital canvas which provide you necessary building blocks to build a workflow that represent your steps in achieving a need. Banking Experience Canvas is based on set of fundamental concepts.
- Script : The value store is the abstraction of an account. But you don’t have multiple value stores like multiple account you have now. You have everyday accounts, savings, chequing accounts nothing like that. You can partition the value store in to multiple buckets, jars or ports. You can define the way you want fill these pots. It can be static like $100 each month or dynamic something like let's put tax refund in this pot. You will treat each pot in a different way and it is called an experience. Each experience responds to external events and provide a unique behaviour. You build that experience buy knitting individual capability blocks together. Capabilities are provided as a services catalogue.
- Script : This is an illustration of the Banking Experience Canvas on a desktop or a tab. Your value store is defined here. Value store can be identified by a International Banking Account Number, an email address, your phone number or a QR code. You have multiple pots. You have a services pallette where you can drag n’ drop different capabilities. It can be simple rule. Here I’m defining a rule on the value store to fill my savings pot with $417 each month. Likewise I can drag n drop capabilities and modify their properties and build the experience. There are templates available and you could start from a template. If you think this cumbersome you can choose to use the chat bot in building the experience. Capabilities on the service pellette can come from Bank or the ecosystem. The richer the pallette the more capabilities you provide.
- Script : This is an illustration of what capabilities a bank can bring through the Banking Experience Canvas to the SMEs. SME’s don’t need to invest building important building block to run the business. Bank provide those capabilities and you have freedom of choosing them and building your own business experience. You can focus your business ideas and innovation without bogging down in you day to day run of the business.
- Script : Now let’s look at how we can actually build the canvas experience. Canvas UI is a SPA or a mobile application. Capabilities on the service pelette are APIs or API products exposed by bank or third parties. Bank should build the capability of hosting API marketplace where partners can onboard themselves in to Bank API catalogue. Additionally should support different API protocols REST, Async APIs, gRPC etc. Each banking experience is built as a workflow under the hood invoking these APIs at each functional step. Identity is important and should be able to support different types of authentication authorization protocols. The experiences that you build on the canvas should be able to mature themselves based on learnings made through AI and analytics.