Monday 27 March 2017

** New Research ** Open Banking and PSD2

picThe 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 latest report from our Financial Services research stream, Richard Johnson presents his analysis of the current state of PSD2 and the UK’s Open Banking initiatives. Subscribers to FinancialServicesViews can access the report here.

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Posted by Peter Roe at '10:11' - Tagged: financialservices   payments   banking   regulation