Open banking is here to stay and how financial institutions adapt will impact their future success. Younger generations increasingly demand digital-first banking experiences and open banking allows banks to expand their channels through APIs to better serve customers. WSO2 offers an open banking solution that supports open banking standards, provides API security, risk analysis, and analytics to help banks transform digitally.

1. Open Banking is Here to Stay
How Will You Benefit from It?
Seshika Fernando
Head of Financial Solutions
WSO2

3. INTEGRATION SUMMIT 2019
Current Challenges in the
Banking Industry

4. Making a Case for Financial Inclusion
East Asia and Pacific (including developed countries)

5. Making a Case for Financial Inclusion
East Asia and Pacific (excluding developed countries)

6. 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

7. 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%

8. 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%

9. 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%

10. Digital Banking Requirements

11. Evolution of Banking Channels

12. Too many channels

13. INTEGRATION SUMMIT 2019
Open Banking to the Rescue

14. Consumers Demand their Own Experience

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. INTEGRATION SUMMIT 2019
Thriving with Open Banking

17. Expanding Distribution Channels

18. Expanding Distribution Channels

19. Expanding Distribution Channels

20. Expanding Distribution Channels

21. KYC like never before

22. KYC like never before

23. KYC like never before

24. KYC like never before

25. INTEGRATION SUMMIT 2019
Open Banking for Digital Banking

26. Spaghetti Architecture

27. Multiple Identities

28. Siloed Analytics

29. Technology Components of Open Banking

30. Opening the door to Digital Transformation

31. INTEGRATION SUMMIT 2019
WSO2 Open Banking

32. WSO2 and Open Banking

33. API templates that support Open Banking
UK, The Berlin Group, and STET API,
Australian CDR 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

34. 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

35. https://wso2.com/solutions/financial/open-banking/
Check out WSO2 Open Banking

36. THANK YOU
wso2.com