The future of banking lies in open banking. Open banking increases the usability of your accounts and increases its value. Its aim is to make the world of banking more open and accessible - making payments, borrowing money and saving money can all be simplified.
The arrival of PSD2 in the EU means banks need Open Banking Platforms to compete. Some banks chose to develop their own software in house, while others took the faster and easier route of using off the shelf platforms created by innovative FinTech firms.
How do wealth managers innovate today? How are private banks and wealth managers tackling innovation? How are they adapting their business and operating models to the challenges of today’s digital world? Our infographic summarizes interesting insights from a research on international wealth management institutions conducted by the International Data Corporation (IDC).
The Revised Payment Services Directive (PSD2) is unlike most other contemporary regulatory initiatives. The aim of PSD2, it seems, is to force innovation in an industry already beset by disruption and challengers ranging from BigTech, FinTech to digital-only banks.
Accenture has estimated that by 2020, €61 billion or about 7% of all banking revenue in Europe will be associated with Open Banking enabled activities in some shape or form. This trend represents a remarkable opportunity for the fleet-footed to capitalise on the opportunities that it presents.
New PSD2 regulations in the EU offer opportunities for the financial and FinTech sectors and will enhance customer’s payment experience and wealth management options. However, banks will need to redesign payment business models, and TPPs will now need to submit to regulatory supervision.