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Open Banking in Australia - An Open Forum

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Project deadlines that span a year or two aren’t usually nerve-racking. But, when it means making a significant change to your business strategy, internal systems, and technology infrastructure, it can become a head-scratcher. This is probably where the banks in Australia stand. Banks are figuring their way around it and there’s a lot to learn. Regardless, no one wants to fall victim and everyone wants to conquer open banking

This session is hosted by Finance Edge, sponsors of Open Banking Australia. It covers;

A Reality Check - Where banks stand in their open banking journeys
The Problem Children - What challenges they are facing
The Gold Stars - Critical success factors for a killer open banking strategy
A Whole New World - The potential of an open data world

Published in: Technology
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Open Banking in Australia - An Open Forum

  1. 1. Open Banking in Australia An Open Forum Seshika Fernando Head of Financial Solutions WSO2 James Bligh Lead - API Standards Working Group Data61
  2. 2. State of Affairs Consumer Data Right (CDR) ● Open Banking ○ Big 4 -> Deadline: July 2019 ○ Other ADIs (131) -> Deadline: July 2020 ● Energy ● Telecommunication ● Other
  3. 3. ● Who’s who? ● Timing/Deadlines Regulation at a Glance
  4. 4. Getting your Head in the Game
  5. 5. Must have Checklist for Open Banking ● Data Sharing via Open APIs ○ Data Holding ○ Data Receiving ● Security ○ Data Security ○ Authentication ○ Consent Management ● Customer Experience ● Fraud Detection ● Change Management Strategy
  6. 6. ● Understand the technical requirements for compliance ○ API Management ○ Authentication and Consent Management ○ Analytics ● Evaluate current technology landscape ○ What can be reused/repurposed? ○ What needs to be acquired? How will it fit in? ● Agile Iteration: PoC Technology: A Critical Success Factor
  7. 7. Destination or Journey?
  8. 8. Staying Relevant & Updated 1 2 3
  9. 9. ● Managing Versioning (Standards and Endpoints) ● New Authentication Approaches ● Customer Experience Improvements ● Changes to Consent Capture and Revocation ○ Data Receiving ○ Data Holding ● Regulatory Reporting & Insights ● Behavioural Fraud Detection Technical Agility to Stay Relevant
  10. 10. Compliance Headache or Opportunity in Disguise?
  11. 11. Open Banking for Competitive Excellence Data Holder Data Receiver Bank A TPP A Bank B TPP B Customized Offerings Investment Recommendations Data Holder Data Receiver Data Holder Data ReceiverData Holder Data Receiver
  12. 12. DH DR DH DR DH DR DH DR DH DR CDR: Creating a Consumer Centric Future Bank Financial Government Energy Telco DH DR Retail DH DR Healthcare
  13. 13. WSO2 Open Banking: Compliance & More ● API Management ● API Security + SCA1 ● Consent Management ● Fraud Detection ● API Analytics ● API Monetization Open APIs ● API Integration ● Federated Authentication ● Consolidated API Analytics ● Business KPI Dashboards Data Aggregation ● Web/Mobile App Suite ● Insight Engine ● Required Integration Digital Transformation 1. Strong Customer Authentication (SCA)
  14. 14. Enriching Customer Lifestyles
  15. 15. THANK YOU wso2.com

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