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Head of Financial Solutions, WSO2
Is Your Bank Millennial Friendly Yet?
Seshika Fernando
Credits:https://tech.co/millennials-killing-broke-business-sucks-2017-09
Characteristics
Maturists
(pre-1945)
Baby Boomers
(1945-1960)
Generation X
(1961-1980)
Generation Y
(1981-1995)
Generation...
Credits:https://tech.co/millennials-killing-broke-business-sucks-2017-09
Credits:https://www.today.com/parents/why-kids-na...
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
2...
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
2...
Gen 𝛂 26% Gen Z 32%
Gen Y 29%
Gen X 7%
Baby Boomers 5%
0
200
400
600
800
Population(millions)
0-4
5-9
10-14
15-19
20-24
25...
Consumers Demand their Own Experience
Branches Phone ATM Online Banking Mobile Banking API’s
Banking at the
Edge via APIs
Open
Banking
Regulation that
promotes innovation
Last Year This Time
Open Banking is infecting the world
● RTS was finalized
● OBUK - V2, V3
● Berlin Group - V1.1, V1.2
● STET - V1.3, V1.4
● Upcoming deadlines
○ March 2019 - Sa...
Key Features Required for Compliance
● Lack of regulatory expertise
● Lack of technology components
● Inability to change existing tech
● Lack of specialized s...
● Covers all Regulatory Requirements
● Componentized Architecture allows Mix & Match
● Integration layer makes it easily p...
Meeting the March
Deadline
Task Duration (days)
Discovery, Dev/Test Deployment and
Deployment Documentation
5
Implementati...
Meeting the
September Deadline
Task Duration (days)
Deployment Automation 4
Implementation
- Core banking integration
- Cu...
Expanding Distribution Channels
TPP A TPP BBANK
Data Driven Digital Products & Services
Consolidated customer
account and payment
info across
multiple banks
Bank A
Bank B...
THANK YOU
wso2.com
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[WSO2Con EU 2018] Is your Bank Millennial Friendly yet?

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This deck provides insight into why open banking is THE driver for digital transformation in financial services.

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[WSO2Con EU 2018] Is your Bank Millennial Friendly yet?

  1. 1. Head of Financial Solutions, WSO2 Is Your Bank Millennial Friendly Yet? Seshika Fernando
  2. 2. Credits:https://tech.co/millennials-killing-broke-business-sucks-2017-09
  3. 3. 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
  4. 4. Credits:https://tech.co/millennials-killing-broke-business-sucks-2017-09 Credits:https://www.today.com/parents/why-kids-nail-nag-factor-grocery-store-1C7399077
  5. 5. 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%
  6. 6. 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%
  7. 7. Gen 𝛂 26% Gen Z 32% Gen Y 29% Gen X 7% Baby Boomers 5% 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 0.1% 95% 5%
  8. 8. Consumers Demand their Own Experience Branches Phone ATM Online Banking Mobile Banking API’s
  9. 9. Banking at the Edge via APIs
  10. 10. Open Banking Regulation that promotes innovation
  11. 11. Last Year This Time
  12. 12. Open Banking is infecting the world
  13. 13. ● RTS was finalized ● OBUK - V2, V3 ● Berlin Group - V1.1, V1.2 ● STET - V1.3, V1.4 ● Upcoming deadlines ○ March 2019 - Sandbox environments by all banks ○ September 2019 - Full compliance by all banks Progress in Europe
  14. 14. Key Features Required for Compliance
  15. 15. ● Lack of regulatory expertise ● Lack of technology components ● Inability to change existing tech ● Lack of specialized skills ● Lack of resources to follow the regulatory/spec changes Key Challenges
  16. 16. ● Covers all Regulatory Requirements ● Componentized Architecture allows Mix & Match ● Integration layer makes it easily pluggable ● Team of Open Banking regulatory experts ● Supports OB UK, Berlin Group and STET specifications WSO2 Open Banking
  17. 17. Meeting the March Deadline Task Duration (days) Discovery, Dev/Test Deployment and Deployment Documentation 5 Implementation - Mock Backends - TPP Onboarding - SCA - Consent Mgmt - TRA - Branding 10 Sandbox Environment - Deployment - Functional Testing - Systems Integration Testing - Security Testing - UAT 12 Training 5 Total 32
  18. 18. Meeting the September Deadline Task Duration (days) Deployment Automation 4 Implementation - Core banking integration - Custom User stores - TPP Onboarding 31 Testing (DEV/TEST, PROD) - Functional - Integration - Security - Performance - UAT 20 Documentation & Training 5 Total 60
  19. 19. Expanding Distribution Channels TPP A TPP BBANK
  20. 20. Data Driven Digital Products & Services Consolidated customer account and payment info across multiple banks Bank A Bank B Bank C Merchant TPPTPP
  21. 21. THANK YOU wso2.com

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