Turn over a new page to profit and unleash the innovative potential of PSD2 and Open Banking.
Turn over a new page to profit and unleash the innovative potential of PSD2.
There are many factors causing the value chain between the customer and their bank to shift. New regulation is leading this change and opening the gate for innovative players who are poised to enter the market, and customers are ready for a more convenient and tailored service.
At the forefront of disruptive regulation is the European revised Payment Services Directive (PSD2) allowing customers to choose from Google, Facebook or any third party to manage their banking needs. At the same time, the UK’s Competition and Markets Authority are enforcing an Open Banking standard which will drive sharing of customer data and enable a more connected financial services ecosystem. These two pieces of regulation are creating significant change for all players, both within the banking industry and to those who are close to it.
Now, organisations need to ask themselves if they aim to comply with regulatory requirements, compete with new players or innovate to extract competitive advantage. To help navigate these decisions, KPMG are taking a leading role engaging with clients in shaping and delivering their futures. This begins with our Readiness Assessment; an in-depth evaluation designed to benchmark your firm against the threats and opportunities of disruptive regulation.