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[WSO2Con Asia 2018] Open Banking: Opening the Door to Digital Transformation


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Open Banking is on its way towards global adoption and Asia is just getting started. While Europe and Australia lead the race, other regions are gearing up to ramp their open banking efforts. This session provides insight into why open banking is THE driver for digital transformation in financial services. It covers:
- 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

Published in: Technology
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[WSO2Con Asia 2018] Open Banking: Opening the Door to Digital Transformation

  1. 1. Head of Financial Solutions, WSO2 Open Banking Opening the Door to Digital Transformation Seshika Fernando
  2. 2. 2 Go on Vacation
  3. 3. 3 Buy that Dream Home
  4. 4. 4 Grow the Business
  5. 5. Consumers Deserve their Own Experience Branches Phone ATM Online Banking Mobile Banking API’s
  6. 6. Open Banking - Securely expose - customer data - with customer consent - to regulated third parties - via APIs
  7. 7. What’s the Difference? Bank A Bank B Bank C Merchant Now TPP Open Banking Bank A Bank B Bank C Merchant
  8. 8. How Regions are Adopting Open Banking
  9. 9. 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
  10. 10. Open Banking for Digital Transformation Consolidated customer account and payment info across multiple Banks Bank A Bank B Bank C Merchant TPPTPP
  11. 11. Becoming a Part of Customer Lifestyles
  12. 12. ● Vision: Regulation vs. Business Opportunity ● People: Concern for Compliance & IT vs. All ● Culture: Take nothing for granted, keep innovating ● Technology: Platform for evolving regulatory and business needs Recipe for Digital Transformation
  13. 13. 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 ● Fraud Detection ● API Analytics ● API Monetization Open APIs ● API Integration ● Federated Authentication ● Consolidated API Analytics ● Business KPI Dashboards Third Party Services ● Web/Mobile App Suite ● Insight Sales ● Required Integration Digital Transformation 1. Strong Customer Authentication (SCA)
  14. 14. THANK YOU