This deck explores the need for open banking in banks, how it helps cater to millennials, the key requirements of open banking, and how it will drive you to success.
5. 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
6. Banking Consumer Distribution Today
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
15-1
9
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
Maturists 3%
7. Banking Consumer Distribution Today
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
15-1
9
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
Maturists 3%
84%13%
8. Banking Consumer Distribution in 10 years
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
15-1
9
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
Maturists 3%
95%5%
14. Banks expose their customer payment and account data, with customer consent, to
Third-party Providers (TPPs) via APIs.
Open Banking: Putting Customer in Control
27. API templates that support Open
Banking UK, The Berlin Group, and
STET API specifications
Built-in API Security including OAuth2
and certificate validation
Strong customer authentication,
adaptive authentication, and user
consent management
Fraud detection and transaction risk
analysis
Key Features
API analytics & business insights with
dashboards
Integration points to core banking
systems
General Data Protection Regulation
(GDPR) compliant solution
Built on top of the WSO2 Platform
making it easily extendable for digital
transformation initiatives beyond open
banking
28. Shorter technology implementation cycles
that support aggressive project deadlines
Componentized solution architecture
that is customizable to any use case
Regulatory and domain experts
who focus on solution maintenance and support
Integrated with the WSO2 Platform
to help banks become integration agile
Extensible
to support banks ongoing and upcoming digital banking initiatives
WSO2 Advantage for Open Banking