The Revised Payment Services Directive (PSD2) is here.
And it's moving quickly.
Here's how your bank can capitalize on it.
The revised Payment Services Directive (PSD2) and the accompanying age of open banking will create fierce new competition for banks. Fintechs, social media companies, telcos and others want to leverage your customer data when —by law - it becomes available. Companies are scrambling to emerge as preferred Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs), because "owning" the customer is a path to almost unlimited revenue potential.
But the good news for banks is that 67% of consumers prefer sticking with banks over third parties when it comes to managing their money. This is your opportunity. If you can be "first" in providing your customers with the trusted identities they need to conduct financial transactions, PSD2 and open banking will be more about opportunity and less about simple compliance.