PSD2: Problematic or Potential for Profit?
With PSD2 becoming enforceable in January, there is a lot of pressure on banks not only to be PSD2 compliant, but to actually find ways to take advantage of the new open banking landscape. Complying with regulations is already a burden on banks, so the task of also trying to find innovative ways to capitalise on the new landscape can seem like a stretch.
However, PSD2 opens up the payments market to a whole host of new competitors – there is much speculation that big players like Apple, Facebook and Google may pose a significant threat to banks. Furthermore, banks’ more agile competitors are not waiting around and it is clear that they all intend to take advantage of the new landscape by rapidly creating and improving user-friendly ASPs and PISPs. For the first time ever, these competitors will be able to access the customer data which banks have had a monopoly on for so long. In a market which is becoming increasingly data driven, this is a pretty big concern.
As such, whilst banks are only required to make sure they are PSD2 compliant as on January, in order to stay competitive, they need to find innovative ways to generate revenue in light of this new landscape.
Making the most of PSD2 is a key theme running through the EBF: Digital Transformation in Retail Banking 2018 event, with two sessions which focus entirely on this new regulation. On day 2 we have HSBC’s PSD2 Lead and Barclays’ Director of Digital Products each presenting case study from HSBC and Barclays respectively. This is in addition to an interactive Q&A session with both speakers. Earlier in the day there will also be a session which establishes the need for pan-European harmonization across banks in the face of PSD2 from a member of the PSD2 Taskforce of the Berlin Group.
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