[wso2con eu 2017] keynote: digital transformation in the guise of a regulation - psd2 and open...
TRANSCRIPT
Head of Financial Solutions, WSO2
Digital Transformation in the Guise of a Regulation - PSD2 and Open Banking
Seshika Fernando
No One Really Wants To Do Banking
3
4Go on Vacation
5Build that Dream Home
6Educate Children
Banking is the Means to an End
Payment Services Directive 2 EU Directive that applies to all banks operating in the EU that regulates payment services throughout the EU, with a compliance deadline of January 2018
Mandates Banks to - securely expose - customer Account and Payment data - with customer consent - to regulated third parties - via APIs
PSD2 Explained
Bank A
Bank B
Bank C
Now
PSD2 Explained
Bank A
Bank B
Bank C
Merchant
Now
TPPPISP/AISP
PSD2
Bank A
Bank B
Bank C
Merchant
• Competitive dynamics
• Business model and identity
• Customer relationships
• Revenue
Banks’ Worst NightmareFurther Commoditized
‘Consolidated Customer Financials’
Digital Transformation - Market Expansion
Bank A
Bank B
Bank C
Merchant
Consolidated customer account and payment
info across multiple Banks
TPPTPP
Digital Transformation - New Revenue Streams
Consolidated customer account and payment
info across multiple Banks
Bank A
Bank B
Bank C
Merchant
TPP
Becoming a Part
of Customer Lifestyles
• Vision: Regulation vs. Business Opportunity
• People: Concern for Compliance & IT vs. All
• Culture: Take nothing for granted, keep innovating
• Technology
Recipe for Digital TransformationIngredients
Technology
WSO2 Open Banking
● API Manager● API Security + SCA● API Analytics● API Monetization
PSD2 Compliance
● API Integration● Fraud Detection● API Analytics ● Dashboards
TPP Provider
● Web/Mobile App Suite● Insight Sales● Required Integration
Digital Transformation
http://wso2.com/solutions/financial/open-banking/
Seamless Journey to Customer’s End Goal
TPP
????
The Many Guises of Digital Transformation
wso2.com