Seshika Fernando, head of financial solutions at WSO2, session at Bank Tech Asia - Colombo on “Open Banking: The Digital Transformation Opportunity in Disguise.” Seshika’s talk with cover the following: A cross border transfer of experiences: What EU and UK banks have taught us A 360 degree perspective of global open banking How to break the barriers for a successful open banking strategy Why open banking and digital transformation belong in the same sentence

1. Open Banking
The Digital Transformation Opportunity in Disguise
Seshika Fernando
Head of Financial Solutions
WSO2

2. 2
Mountain View,
New York, London,
Sao Paulo, Sydney,
Colombo
Founded in 2005
Venture backed by
Cisco and Toba Capital
500 Employees;
400 Engineers
400+ Customers,
175 New Customers
in 2017
Technology

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. Bank A
Bank B
Bank C
Merchant
Now
TPP
Open Banking
Bank A
Bank B
Bank C
Merchant

13. How Regions are Adopting Open Banking

15. What Different Stakeholders are Telling Us
• Loss of Customer
Relationship
• Loss of Identity
• Increased Competition
• Loss of Revenue
• New ecosystem
• First mover advantage
• Breaking traditions
• Market expansion
opportunities

16. Open Banking for Digital Transformation
Consolidated customer
account and payment
info across
multiple Banks
Bank A
Bank B
Bank C
Merchant
TPPTPP

17. Becoming a
Part
of Customer
Lifestyles

18. Recipe for Digital Transformation
• Vision: Regulation vs. Business Opportunity
• People: Concern for Compliance & IT vs. All
• Culture: Take nothing for granted, keep innovating
• Technology

19. 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.

20. 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
Third Party
Services
● Web/Mobile App Suite
● Insight Sales
● Required Integration
Digital
Transformation
1. Strong Customer Authentication (SCA)

21. Resources
• WSO2: https://wso2.com/
• Open Banking: https://wso2.com/solutions/financial/open-banking/
• Playground: https://openbanking.wso2.com/

22. THANK YOU
wso2.com