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[BancNet Technical Update 2019] Open Banking Bringing you closer to Digital Transformation

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Open Banking is on its way towards global adoption and Asia is just getting started. Open API Banking has become such a vital component of catering to the future of banking that all banks are gearing up for it with or without a national regulation in place. This session provides insight into why open banking is THE driver for digital transformation in financial services. This deck covers the current challenges of the Philippine Banking industry, how to craft an Open Banking strategy to overcome those challenges, a cross border transfer of experiences: What EU and UK banks have taught us, and why open banking and digital transformation belong in the same sentence.

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[BancNet Technical Update 2019] Open Banking Bringing you closer to Digital Transformation

  1. 1. Open Banking Bringing you closer to Digital Transformation Seshika Fernando Head of Financial Solutions WSO2
  2. 2. OPEN BANKING AND SECURITY FORUM 2019 Integration suites for digitally-native organizations are now API-driven. IDENTITY & ACCESS MANAGEMENT Secure and federated identity for integration ENTERPRISE INTEGRATION Quick, iterative integration of any app, data, or system API MANAGEMENT API design, creation, reuse, governance, and analytics #1 Open Source Integration Suite Vendor Application infrastructure and middleware projects are becoming the cornerstone of the digital business. “
  3. 3. OPEN BANKING AND SECURITY FORUM 2019 WSO2-At-A-Glance $37m 50% 500+ 175 550+
  4. 4. Our Expertise in Financial Services Expense s Profit
  5. 5. INTEGRATION SUMMIT 2019 Current Challenges in the Philippines Banking Industry
  6. 6. Financial Inclusion in the Region East Asia and Pacific (including developed countries)
  7. 7. Making a Case for Financial Inclusion Philippines BANK ACCOUNT received wages to an account saved at a financial institution of borrowings are from a Bank adults have a bank account
  8. 8. Credits:https://tech.co/millennials-killing-broke-business-sucks-2017-09
  9. 9. 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
  10. 10. 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%
  11. 11. 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%
  12. 12. 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 in 10 years Maturists 3% 95%5%
  13. 13. Digital Banking Requirements
  14. 14. INTEGRATION SUMMIT 2019 Open Banking to the Rescue
  15. 15. Banks expose their customer payment and account data, with customer consent, to Third-party Providers (TPPs) via APIs. Open Banking: Putting Customer in Control
  16. 16. INTEGRATION SUMMIT 2019 Thriving with Open Banking
  17. 17. Expanding Distribution Channels
  18. 18. Expanding Distribution Channels
  19. 19. Expanding Distribution Channels
  20. 20. Expanding Distribution Channels
  21. 21. KYC like never before
  22. 22. KYC like never before
  23. 23. KYC like never before
  24. 24. KYC like never before
  25. 25. INTEGRATION SUMMIT 2019 Open Banking for Digital Banking
  26. 26. Spaghetti Architecture
  27. 27. Multiple Identities
  28. 28. Siloed Analytics
  29. 29. Technology Components of Open Banking
  30. 30. Opening the door to Digital Transformation
  31. 31. INTEGRATION SUMMIT 2019 WSO2 Open Banking
  32. 32. WSO2 and Open Banking
  33. 33. Key Features required for Open Banking
  34. 34. Other Banks Example Open Banking Architecture Internal Bank Network Core Banking System Card Management System Utility Payment Service More …. Customer Third Party Apps
  35. 35. WSO2 Open Banking - Componentized Architecture
  36. 36. Implementing Open Banking
  37. 37. 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
  38. 38. https://wso2.com/solutions/financial/open-banking/ Check out WSO2 Open Banking
  39. 39. THANK YOU wso2.com

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