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HOW OPEN BANKING IS LEADING TO AN “UBER MOMENT” FOR THE BANKING INDUSTRY
John MarxFSI Regional DirectorMarch 16, 2017
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UBER MOMENT
Antony Jenkins, former head of Barclay’s, coined the term “Uber moment” in a speech reported by Reuters in November of 2015.
The concept described a digital disruption that would lead to banks halving the number of employees and traditional branches by 2025.
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DRIVING DIGITAL TRANSFORMATION
2010-13CONSUMERIZATION
2013-16MOBILE-FIRST
2016 +DIGITAL ENTERPRISE
● iOS SUPPORT● EXPERIMENT APPS● POINT SOLUTION● RISK MANAGEMENT
● MULTI-DEVICE● TARGETED APPS● DEV PLATFORM● BUSINESS
ENABLEMENT
● WEARABLES● INTERNET OF THINGS● MOBILE ARCHITECTURE● BUSINESS
TRANSFORMATION
DEVICE-CENTRIC APP-CENTRIC INFORMATION-CENTRIC
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DIRECTIVE ON PAYMENT SERVICES (PSD2)
● Enhance consumer protection and promote development of online and mobile payments
● First step toward Banking-as-a-Platform
● Enable access to APIs by third parties
● Accelerate digital transformation
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OPEN BANKING
The use of open source technology to achieve the
move to open banking
The use of Open APIs that enable third-party developers to build applications and services around the financial institution
Greater financial transparency options for account holders, ranging from open data to
private data
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OPEN API STANDARD
Source: Accenture / Red Hat research
BETTER CUSTOMER OUTCOMES • New value-added
apps• Improved customer
propositions
EXPANDED DISTRIBUTION• Banking app store• Third-party apps,
portals on public app stores
RAPID INNOVATION • In-house innovation• Third-party innovation
WINDOW TO NEW ECOSYSTEMS • Trusted partners• Account information service providers
(AISPs) and payment initiation service providers (PISPs) third-party payment providers (TPPs)
• Fintechs
Benefits and opportunities
MONETIZATION • Third party pays per
use• Indirect monetization
• Risk of displacement by third-party payment providers
• Online debit card transactions and credit card transaction at risk of displacement by third-party payment providers
Revenue impact
Customer impact
• Lower brand affinity• Reduction in cross-sell opportunities• Reduction in available customer insights• Un-bundling of banking services, as customers
exercise their ability to use multiple digital banking products provided by different financial and non-financial institutions
Threat
Revenue impactLikelihood of revenue loss Revenue could be gained
API-ENABLED OPEN BUSINESS DRIVES INNOVATION
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MOBILE OR MOBILITY?
The onset of “ubiquitous computing” will create a tipping point for enterprise application infrastructures, as well as application development platforms.
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“38 percent of total IT spending is outside of the formal IT
organization already, with a disproportionate amount in
digital. By 2017, this number will grow to more than 50%.”
Gartner, Drive Digital Business with Insights from Symposium, Nov 2014
“By 2017, 75% of mobile security breaches will be the result
of mobile application misconfiguration.”
Gartner Predictions, 2014
“85% of companies surveyed noted that they have a mobile backlog of between 1 and 20
apps, with half of those having a backlog of between
10 and 20 apps.”
Opinion Matters survey on behalf of Outsystems – Sept 2014
SECURITY INCIDENTS AND REGULATIONS WILL DRIVE GROWTH IN BUDGETS
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FINANCIAL TECHNOLOGY
Financial technology, also known as FinTech, is an industry comprised of companies that use new technology and innovation with available resources in order to compete in the marketplace of
traditional financial institutions and intermediaries to deliver financial services.
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PSD2
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APP DEVELOPMENT● Templates● Codeless apps● Online/offline workflow● Software development kits (SDKs) and templates● Credentials management
CORE MOBILE APPLICATION PLATFORM
CLOUD DEPLOYMENT
MOBILE BACKEND-AS-A-SERVICE (MBaaS)
● Data sync● Storage● Security
● Authentication● API management● Microservices
● Life-cycle management● Analytics & alerts● Build farm● Private app store
● Git repositories● Node.js modules● User management
PUBLIC, PRIVATE, HYBRID, PaaS
ENTERPRISESYSTEMS CO
LLABO
RATIO
N A
ND LIFE-CYCLE M
AN
AGEM
ENT
FRONT-ENDDEVELOPER
BACK-ENDDEVELOPER
DEVOPS
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RED HAT ENTERPRISE LINUXWindows, UNIX, and other Linux®
Development and tooling
JBoss Developer Studio
Develop, test, debug, refine, deploy
Management and monitoring
JBoss Operations Network + hawtio
Systems and web services metrics, automated discovery,
container status, automatic updates
(Fuse Management Console)
Web services framework
Apache CXF Apache Camel
Integration frameworkWeb services standards, SOAP,
XML/HTTP, RESTful HTTPTransformation, mediation, enterprise
integration patterns
Reliable messaging
Apache ActiveMQ
Container
Apache Karaf + Fabric8 / JBoss EAP / Red Hat OpenShift (Paas)
JMS/STOMP/NMS/MQTT, publishing-subscribe/point-2-point, store and forward
Life-cycle management, resource management, dynamic deployment, security and provisioning
RED HAT JBOSS FUSE
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AGILE AND DEVOPSMODE 2Agility
Agile, kanbanbusiness-centric
Release in days/weeks
MODE 1Reliability
Waterfall, V-modelIT-centric
Release in months/years
Systems of innovation
CHAN
GEGO
VERNAN
CE
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