Open Banking and PSD2
The financial services industry is spending billions of pounds (and euros) on preparations for impending regulatory changes which potentially pave the way for the most radical reshaping of consumer financial services in history.
The digital revolution means that the historical stranglehold of the banks on financial services provision is both unnecessary and undesirable, and an ‘Uber of banking’ type transformation is a realistic scenario. This doesn’t necessarily mean doom and gloom for the established banks however; there is a bright future for those that can shift from the historic “prison” paradigm (“people can’t go anywhere else”) to become more of a “hotel” (“people choose to come here because we give a great service”).
In this report, TechMarketView presents its analysis of the current state of PSD2 and the UK’s Open Banking initiatives.