A Checklist to Kickstart your Open Banking Journey

A checklist to kickstart your open banking journey

Explore WSO2’s framework to help you construct a complete open banking strategy

Based on our experience in the open banking industry starting from well before the PSD2 regulatory project, we have developed a methodology that helps banks build cohesive open banking initiatives tied to their business goals. Its objective is to help banks exploit the open banking opportunity at its optimal to achieve your bank’s unique business goals.

Figure 1

Covering all the bases - A framework for open banking strategists

This methodology is built around the five pillars that are key considerations in any open banking implementation, whether it’s a pure plug-and-play compliance project or a broad consumer-focused digital transformation project.

The step-by-step process below drives banks to start by bringing a clear understanding of the bank’s current business goals to the table when analyzing each pillar of their open banking strategy. You may adapt this process as best suits you, adding more steps (e.g., security) or amending the order in which they are considered.

Step 1

 Align on which business goals of the bank  may be achieved through open banking

Key question:

[✔] Which business goals can we best achieve through open banking?

Figure 2

The above image sets out an illustrative list of business goals that banks may choose from to pursue through open banking. Do you have key business goals from one of these areas? Or are your business goals more specific to targeting a key demographic or product segment for growth?

Step 2

Map out a technology timeline and deployment plan  that aligns with the tasks required to achieve those business goals

Key questions:

[✔] What technologies do we need to deploy?

[✔] What’s the optimum timeline for rolling each out?

Step 3

Map out a strategy on standards  that aligns with the tasks required to achieve those business goals

Key questions:

[✔] What is our strategy to achieve compliance?

[✔] Do we want to get ahead of compliance?

[✔] Do we want to publish voluntary/premium APIs over and above the standards?

Step 4

Map out a programme for cross-functional alignment  on how open banking helps achieve those business goals

Key questions:

[✔] Are our teams set up to make the most of digitization and collaboration?

[✔] How do we create sustainable alignment around our open banking and digital strategy across the bank from the board down?

Step 5

Map out a fintech/external partner engagement plan  that aligns with the tasks required to achieve those business goals

Key questions:

[✔] How do we choose the best partners?

[✔] How do we engage with them?

[✔] How do we ensure we enhance the core competencies of both parties during our collaboration?

Step 6

Map out an innovation programme drawing from  the technology, standards, culture, and fintech/ external partner engagement programmes to explore solving consumer problems in a way that helps achieve those business goals

Key questions:

[✔] Which consumer problems should we solve?

[✔] How do we build solutions, take them to market and scale them efficiently?

Conclusion

We hope this proves to be helpful to the team charged with open banking implementation at your bank. We’d love to hear your feedback!

To learn more about building a comprehensive open banking strategy check out our guide to open banking implementation in Saudi Arabia.

WSO2 Open Banking

WSO2 Open Baning delivers comprehensive technology and strategic consultancy helping banks of all sizes execute standards-compliant, commercially successful open banking initiatives. 

Figure 3

Figure 4

WSO2 provides technology to leading global banks, helping them to deliver more personalized consumer experiences and to meet the needs of modern business.

Figure 5

Our industry-leading technology can help you build future-proof systems to transform your business.

Figure 6

Visit us at wso2.com/open-banking to book a private executive workshop or request a demo.