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Open Banking - Opening the door to Digital Transformation

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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

Published in: Technology
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Open Banking - Opening the door to Digital Transformation

  1. 1. Open Banking Opening the door to Digital Transformation Seshika Fernando Head of Financial Solutions WSO2
  2. 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. 3. No one wants to use software
  4. 4. No one wants to do Banking
  5. 5. Open Banking - securely expose - customer data - with customer consent - to regulated third parties - via APIs
  6. 6. Before PSD2 Open Banking in Europe Bank A TPP A Bank B Bank C Merchant Bank A Bank B Bank C Merchant
  7. 7. 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
  8. 8. 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
  9. 9. 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
  10. 10. Banks aren’t happy • Loss of Customer Relationship • Loss of Identity • Increased Competition • Loss of Revenue
  11. 11. Market Expansion for European Banks Bank A TPP ABank B Bank C Merchant Consolidated customer account and payment info access multiple banks
  12. 12. 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
  13. 13. 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
  14. 14. 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
  15. 15. 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
  16. 16. Becoming a Part of Customer Lifestyles
  17. 17. Recommendations • Vision: Regulation vs. Business Opportunity • People: Concern for Compliance & IT vs. All • Culture: Take nothing for granted, keep innovating • Homework: Start experimenting • Technology
  18. 18. 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.
  19. 19. 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)
  20. 20. 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
  21. 21. 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
  22. 22. THANK YOU wso2.com

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