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[WSO2 API Day Toronto 2019] The Business Benefits of Open Banking

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Excellent customer experience and business agility have always been the basis for competitive advantage in financial services. Open Banking is being widely accepted by banks in non-regulatory countries to benefit from it.

This deck will help you better understand how you can gain from being a digitally-driven financial institution.

Veröffentlicht in: Technologie
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[WSO2 API Day Toronto 2019] The Business Benefits of Open Banking

  1. 1. Business Benefits of Open Banking Seshika Fernando Head of Financial Solutions WSO2
  2. 2. Our Expertise in Financial Services Expense s Profit
  3. 3. Has your bank gone viral yet?
  4. 4. Credits:https://tech.co/millennials-killing-broke-business-sucks-2017-09
  5. 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. 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 15-1 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 Banking Consumer Distribution Today Maturists 3%
  7. 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% 84%16%
  8. 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 in 10 years Maturists 3% 95%5%
  9. 9. Digital Banking Requirements
  10. 10. Evolution of Banking Channels
  11. 11. Too many channels
  12. 12. Open Banking to the Rescue
  13. 13. Consumers Demand their Own Experience
  14. 14. Open Banking: Putting Customer in Control Banks expose their customer payment and account data, with customer consent, to Third-party Providers (TPPs) via APIs.
  15. 15. Going viral with Open Banking
  16. 16. Expanding Distribution Channels
  17. 17. Expanding Distribution Channels
  18. 18. Expanding Distribution Channels
  19. 19. Expanding Distribution Channels
  20. 20. Knowing your Customer So much better
  21. 21. KYC like never before
  22. 22. KYC like never before
  23. 23. KYC like never before
  24. 24. KYC like never before
  25. 25. Open Banking for Digital Banking
  26. 26. Spaghetti Architecture
  27. 27. Multiple Identities
  28. 28. Siloed Analytics
  29. 29. Technology Components of Open Banking
  30. 30. Opening the door to Digital Transformation
  31. 31. WSO2 Open Banking
  32. 32. WSO2 and Open Banking
  33. 33. Key Features required for Open Banking
  34. 34. Example Open Banking Architecture
  35. 35. 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
  36. 36. https://wso2.com/solutions/financial/open-banking/ Check out WSO2 Open Banking
  37. 37. THANK YOU wso2.com

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