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European PSD2 Survey 2018

Voice of the Banks

The revised Payment Services Directive (PSD2) is a key regulatory initiative of the European Union that aims to facilitate innovation and competition by creating a level playing field for banks, emerging FinTechs, and other third parties. In this way, it is designed to improve and broaden the online financial services that are currently available to customers.

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As such, PSD2 is a response to the rapid technological developments that are already affecting banking, ranging from the mobile internet to the proliferation of smartphones, the Application Programming Interface (API) economy, data analytics, and cloud computing. It also introduces an ‘open banking’ regulatory framework that enables the secure sharing of customer data between banks and third parties to the benefit of the customer.

The January 2018 implementation date is approaching fast. So, given the Directive’s clear potential to disrupt the financial services market, we were keen to give our banking clients a tangible overview of how other market participants have been dealing with the challenges and opportunities it offers.

This knowledge would enable them to better assess their own readiness and strategic options. What strategies are other competitors pursuing? Are they planning to use PSD2 aggressively, as a means of gaining market share, or would they rather minimize their investment and do no more than comply? Which types of PSD2-enabled innovative services do banks see as most interesting? To what extent are banks seeking cooperative alliances with FinTechs? Who are the competitors they fear most?