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

1. Head of Financial Solutions, WSO2
Is Your Bank Millennial Friendly Yet?
Seshika Fernando

2. Credits:https://tech.co/millennials-killing-broke-business-sucks-2017-09

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. 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. 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. 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. 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. Consumers Demand their Own Experience
Branches Phone ATM Online Banking Mobile Banking API’s

9. Banking at the
Edge via APIs

10. Open
Banking
Regulation that
promotes innovation

11. Last Year This Time

12. Open Banking is infecting the world

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. Key Features Required for Compliance

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. ● 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. 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. 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. Expanding Distribution Channels
TPP A TPP BBANK

20. Data Driven Digital Products & Services
Consolidated customer
account and payment
info across
multiple banks
Bank A
Bank B
Bank C
Merchant
TPPTPP

21. THANK YOU
wso2.com