Open Banking Security 2021

Open Banking provides financial institutions the digital transformation opportunity to be at the center of the privacy and consent discussion with their customers and partners. The central tenet is how to expand business by securely sharing data based on consent for new B2B / B2B2C services such as insurance, investment, mortgage, pension management.  This session will share current challenges, policy management requisites, and control options that enable customer engagement and trust while securing extended service portfolios. Attendee will learn:

• Authorization techniques to control data flow in a partner ecosystem
• Externalizing identity, authorization and consent accelerate secure application development
• How to simplify compliance capabilities to address Open Banking and privacy such as GDPR, CCPA

To promote a healthy, competitive marketplace within the financial services industry, Open Banking empowers consumers and small businesses to access new products and services, greater inclusivity to their financial data and decisions, and control over granting access to their financial data with third parties of their choosing. Enabling consumers to securely share their financial data requires that financial institutions and fintech companies adhere to financial-grade identity standards, user data privacy and consent obligations, and standards-based application development/APIs, and data exchange authorization practices. Attendees will learn:

• Key use cases that Open Banking can unlock for consumers and fintech service providers
• What standards and best practices influence architecting, developing, and securing new products and services
• Which protocols and technologies considerations are core to Open Banking security
• How consumers and institutions are better protected from fraud and financial crime with secure open banking

Secure identity management has evolved to support how customers engage with financial institutions, and how institutions leverage applications and data internally and through their partner ecosystem to drive new business. How do core identity-driven functions enable federated, policy-based access and data privacy? This session will align key IAM and security functions across organizations, customers, and external partners to the core principles of Open Banking. Attendees will learn:

• Open Banking opportunity and breadth of identity controls
• What is strong customer authentication and why it is important
• Where fine grain authorization can be applied in the customer and partner journey

Open Banking is at various planning and implementation phases across the financial services industry – it is the future of consumer financial services and how institutions will remain both relevant and competitive.  This requires institutions to further leverage internal and third-party applications and data in a way that aligns to their business risk profile. This practitioner roundtable offers real-world perspectives towards how organizations are augmenting people, process, and technology to support their Open Banking programs. Attendees will learn:

• What controls and programs typically need to be enhanced to meet OB requirements
• How to prioritize both operational and technology considerations
• How to drive change in your organization and with other stakeholders to reduce OB risks

Open banking is revolutionizing how consumers manage their money. Institutions no longer unilaterally control their customer’s data, and to be agile, will require expanding access to internal and external applications and data pools. The need to bolster API and service management is more crucial than ever. This session explores API and service management best practices to support Open Banking security and compliance. Attendees will learn:

• Best practices for API and service catalog, documentation, monitoring, and security controls
• Securely enabling access to resources and data; internally and via third parties including fintech applications
• Gauging where your organization sits on the API management maturity spectrum
• Open Banking API security management action plan