The editor of Intelligent Fin.Tech magazine sat down with Asanka Abeysinghe, Senior Vice President and Chief Technology Officer at WSO2, to explore how customer experience, AI integration and paradigm-shifting innovations like algorithmic trading are reshaping the financial landscape—and what CTOs need to know to stay ahead.
With over 20 years in the industry, and having worked in the financial domain, you would have witnessed significant changes in FinTech. What has been the most exciting transformation you have observed?
When algorithmic trading came into the picture it was very interesting because the way we wrote those programs changed with computer science and the mathematical knowledge required. The performance was essential, because time sensitivity is vital in trading and requires real-time data and updates to keep up with these programs scaled, and it took us to a different paradigm of programming, as well as from the hardware and how we were engaging on these programs.
Secondly, I would say the customer experience. I do not go to the bank at all. All my financial activity is online and mobile, even ATMs can feel redundant. I think getting digitised and providing that grade-A experience is increasing. Plenty of banks now don’t require many physical facilities and when customers go to a physical branch, the first question they are asking is: ‘Did you try to log in to your customer portal?’
Initially, the problem people had using digital financial experiences was about security because people are not that comfortable making online transactions and using digital tools has forced banks and financial companies to extend their platforms to the next level, and with this push, most people now trust this digital experience.
Something else that gave me a totally different perspective about the idea of ‘the bank’ is Capital One. They have cafes instead of traditional banks, my kids don’t even believe it’s a bank. They always say: “Oh, it’s a cafe. Why do you call it a bank?” And just like that, the entire experience changed.
What three rules for successful customer experience and customer interface for FinTechs would you never sway from?
- Security
Due to the sensitivity of finance people should feel from the first touch they are touching a secure website because they are very sensitive.
- Interaction
Some domains, like TikTok and Instagram, cater to a specific generation, allowing user experiences to be tailored accordingly. However, banking is different. It serves multiple generations, requiring user experience that accommodates both tech-savvy individuals and those who can use a device but are not as proficient. The system should enable them to complete their tasks independently without needing assistance, ensuring accessibility for all users.
- Support and report systems
Support systems in banking now integrate digital and physical experiences. You can chat online or connect with customer support. If you’re stuck, you may get an automatic call offering help. This experience must evolve continuously through feedback loops. Consumers should provide feedback, and businesses should analyse user behaviour. For example, if users struggle at step four of a seven-step transaction, improvements should be made. Enhancing these experiences ensures smoother interactions and better customer satisfaction.
In your current role, what is the biggest tech challenge you face?
I think the tech challenge we are currently facing is the AI hype and how leaders are jumping into it without a purpose or a reason.
We work to filter the noise and grasp what matters for each and every organisation because depending on their plans, current state and region, it should be brought carefully into that organisation. As a product company, we have done this before and succeeded by bringing the talent and linking it to the existing product architecture.
It is our strength but it’s not the reality in the industry, and it’s really hard to explain this to an external person because their excitement to jump on the bandwagon overrides everything else in terms of consideration and longevity. FOMO is affecting their [leader’s] choices with a sense of getting left behind without knowing what it actually means.
Out of this rapidness is where we have a bigger role. What we do is provide technology for people to build technology on top of. Therefore, if we can simplify the technology and offer the right direction to these organisations, they can do the correct thing for their customers. It’s an interesting challenge but I think we are facing it pretty well.
What key piece of advice would you give to a fellow CTO given the current landscape?
There are no silver bullets when integrating AI into an organisation. The key is defining an AI strategy that considers regulatory requirements, compliance and security standards—rather than copying competitors. It should be tailored to the organisation’s needs, ensuring AI adoption aligns with business value. Simply introducing cool tech isn’t enough; identifying, prioritising and implementing the right solutions at the right time is crucial. I’ll discuss this further in my closing keynote.
Are there any financial services and tools that you are most sceptical about and why?
Some solutions, particularly early Blockchain applications, have now settled and are no longer a major concern. AI is still in its early stages, making predictions difficult, but it’s reassuring to see standardisation efforts and industry-wide collaboration to make AI enterprise-ready. While it’s hard to say what will happen, improvements in user experience, efficiency, audits and data analytics will benefit both financial institutions and consumers. The key is ensuring AI is implemented correctly and responsibly.
