WSO2 hosts IAM CxO event for banking and financial services leaders

• Highlights critical role of Identity and Access Management in the digital transformation of Sri Lanka’s banking sector

WSO2 Founder and CEO Dr. Sanjiva Weerawarana

Central Bank Senior Deputy Governor T.M.Y.J.P Fernando

WSO2 IAM Vice President and General Manager Geethika Cooray

Identity and Access Management (IAM) is crucial in ensuring security, regulatory compliance, and delivering exceptional customer experience in critical industries such as banking and financial services. Effective IAM solutions protect sensitive customer data, streamline operations, and help financial institutions comply with stringent regulatory requirements. 

Recognising this critical need, WSO2, a leading independent software vendor specialising in open-source API management, integration, and IAM products and internal developer platform technologies, successfully hosted an IAM CxO Breakfast Roundtable at Jetwing Colombo 7. The event brought together key industry leaders to discuss the pivotal role of IAM in the digital transformation of Sri Lanka’s banking sector.

The Central Bank of Sri Lanka (CBSL) has mandated that all banks implement a robust workforce Customer Identity and Access Management (CIAM) solution by January 2025. This directive underscores the importance of securing digital identities in the evolving financial landscape. Recognising the significant effort required to engage individually with numerous banks, WSO2 organised this exclusive roundtable to share expertise and guide organisations in implementing an effective CIAM solution. 

Event highlights and discussions

The event kicked off with a welcome and registration session, followed by insightful presentations and discussions led by industry leaders. WSO2 Founder and CEO Dr. Sanjiva Weerawarana, opened the session with an engaging talk on the pivotal role of IAM in the digital transformation of banks. Dr. Weerawarana emphasised that leading banks must look beyond compliance to proactively digitise operations.

“In today’s competitive landscape, financial institutions, particularly banks, must go beyond mere compliance to proactively digitise operations, enhancing both security and customer experience. In the era of digital transformation, it is not enough to simply meet regulatory requirements; banks must leverage IAM to innovate and streamline their services, ultimately providing a superior customer experience while safeguarding sensitive information.” 

The Chief Guest, Central Bank Senior Deputy Governor T.M.Y.J.P Fernando delivered a keynote address that highlighted the regulatory landscape and the need for robust IAM solutions to meet upcoming compliance requirements.

WSO2 Vice President - Banking and Financial Services Seshika Fernando presented a comprehensive session on “Unified Identity at the Core of a Digital Banking Strategy,” showcasing how a unified IAM strategy can drive customer satisfaction, employee productivity, and overall security.

WSO2 Vice President and General Manager - IAM Geethika Cooray concluded the presentations with an in-depth look at “The WSO2 IAM Suite and Your Digital Banking Strategy,” demonstrating how WSO2’s solutions can be seamlessly integrated to support digital transformation goals and ensure compliance.

Key takeaways included:

Strategic importance of IAM: The discussions underscored the necessity of placing IAM at the centre of digital banking strategies to achieve a seamless, secure, and customer-friendly experience; Regulatory compliance: Attendees gained insights into meeting CBSL’s regulatory requirements and the importance of proactive digitisation and Networking and collaboration: The roundtable provided a platform for CxOs and tech industry leaders to network, share experiences, and explore collaborative opportunities to drive innovation in the banking sector.