The open data era is just beginning in Australia. While the main purpose of the Consumer Data Right is to provide consumers, better control over their data, it is also paving the way for banks and financial institutions to step into newer business models through digital transformation. This talk will detail how banks stand to benefit from an open data ecosystem with a winning strategy and the right tools to achieve it. It will discuss the following topics: The journey from Open APIs to Open Banking - An ecosystem for digital transformation Building an open banking strategy for long term success Realising the digital transformation opportunities of Open Banking

1. Open Banking
Opening the door to Digital Transformation
Seshika Fernando
Head of Financial Solutions
WSO2

2. WSO2 At-A-Glance
2
Colombo, London,
Mountain View, New York,
São Paulo, Sydney
Founded in 2005,
Venture backed by Cisco
and Toba Capital
500+ Employees
300 Engineers
Completely
Open Source
450+ Customers,
175 New Customers
in 2017
Profitable
$25mm in 2017
53% YoY growth

3. No one wants to use
software

9. No one wants to do
Banking

11. Open Banking
- securely expose
- customer data
- with customer consent
- to regulated third parties
- via APIs

12. Before PSD2
Open Banking in Europe
Bank A
TPP A
Bank B
Bank C
Merchant
Bank A
Bank B
Bank C
Merchant

13. What really happened in Europe
• RTS got delayed
• Regulatory Authorities were not properly setup
• Country deadlines got extended
• Different bank tiers: different implementations
• No standard specification

14. Consumer Data Right
● Read Access only
● Start with Open Banking
○ Big 4 in 2019, others in 2020
● Energy, Telco and other industries later
● Standard Technical Specification

15. Data Holder Data Receiver
Open Banking in Australia
Bank A TPP A
Bank B TPP B
Data Receiving
Consents
Data Receiving
Consents
Data Sharing
Consents
Data Holder Data Receiver
Data Holder Data Receiver
Data Holder Data Receiver

16. Banks aren’t happy
• Loss of Customer Relationship
• Loss of Identity
• Increased Competition
• Loss of Revenue

17. Market Expansion for European Banks
Bank A
TPP ABank B
Bank C
Merchant
Consolidated customer account
and payment info access
multiple banks

18. Market Expansion for Australian Banks
Data Holder Data Receiver
Bank A TPP A
Bank B TPP B
Product
Offerings
Investment
Recommendations
Data Holder Data Receiver
Data Holder Data ReceiverData Holder Data Receiver

19. New Revenue Streams for European Banks
Bank A
TPP A
Bank B
Bank C
Merchant
Consolidated customer account
and payment info access
multiple banks
Third Party
Service Providers

20. Data Holder Data Receiver
Data Holder Data Receiver
Data Holder Data Receiver
Data Holder Data Receiver
New Revenue Streams for Australian Banks
Bank A
TPP ABank B
Bank C
Third Party
Service Providers
Customized
Offers

21. DH DR
DH DR
DH DR
DH DR
DH DR
Ambitious but exciting future
Bank
Financial Government
Energy
Telco
DH DR
Retail
DH DR
Healthcare

22. Becoming a
Part
of Customer
Lifestyles

23. Recommendations
• Vision: Regulation vs. Business Opportunity
• People: Concern for Compliance & IT vs. All
• Culture: Take nothing for granted, keep innovating
• Homework: Start experimenting
• Technology

24. Technology
Build internal and
external developer
ecosystems with an
API marketplace.
Platform enable your digital
business with “microservices”
and “micro-integrations”.
Manage identity,
security, and
privacy across
your digital
business.
Create real-time, intelligent,
actionable business insights
and data products.

25. WSO2 Open Banking
WSO2 Open Banking Solution provides all the technology requirements that Banks need to create an
“Open Banking” platform to become a Digitally Transformed Bank.
● API Management
● API Security + SCA1
● Consent Management
● API Analytics
● API Monetization
Open APIs
● API Integration
● Federated Authentication
● Fraud Detection
● Consolidated API Analytics
● Business KPI Dashboards
Data Receiving
● Web/Mobile App Suite
● Insight Sales
● Required Integration
Digital
Transformation
1. Strong Customer Authentication (SCA)

26. Contacts
Visit Us
WSO2 Australia, 9 Castlereagh Street, Sydney NSW 2000
Tel: +61 2 9152 8688 | Email: bizdev@wso2.com
seshika@wso2.com
Global Head of Financial Solutions, WSO2
david@wso2.com
ANZ Lead Account Manager, WSO2

27. Resources
• WSO2: https://wso2.com/
• Open Banking: https://wso2.com/solutions/financial/open-banking/
• Playground: https://openbanking.wso2.com/
• Australian Market Consultation: WSO2 Response
https://static.treasury.gov.au/uploads/sites/1/2018/05/T282002-WSO2v2.pdf

28. THANK YOU
wso2.com