Published Date : Sep 26, 2016
Albany, NY, Sep 26, 2016: MarketResearchReports.biz has announced the addition of a new market intelligence study to its growing market research repository. The report, titled ‘Preparing For PSD2 And Open Banking,’ examines the impact of the initiation of the EU’s latest directive on payment services (PSD2), aimed at making it easier for Europeans to carry out financial transactions across national borders. The event is a crucial one for Europe’s BFSI sector and significant restructuring may be needed to comply with the new directive.
The EU’s payment directive aims to make it easier for Europeans to make cashless euro payments across national borders and the accompanying financial frameworks without having to change platforms. This calls for a unification of the financial protocols, standards, and infrastructure used across a significant part of Europe, which is a massive task. One of the key takeaways in the report deals with this, recommending players in Europe’s BFSI sector to view the incorporation of PSD2 guidelines as a fundamental model change rather than a mere compliance requirement.
One of the key benefits of open banking, as advocated by the PSD2, is that control of customer data is given over to the customers rather than the banks. This is a crucial update given the current concern about virtual security and the adverse consequences of even a slight slip in the same. On the other hand, PSD2 has the potential to act against customer loyalty by making all banking institutions share the same platform, instruments, and standards.
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Banks that primarily focus on price-based competition may benefit from the initiation of PSD2 protocols, as it will allow them to increase their collaboration avenues with third-party providers. On the other hand, this could also force banks to lose some control over how their customer relationships are handled. Banks that already have incorporated advances in fintech such as incubators and accelerators stand a better chance of making the most of the changes brought about by the PSD2.
The report presents detailed insights into the consumer preference regarding the crucial matter of account aggregation. Consumers are likely to strongly support banks that offer account aggregation services, which has become an influential factor for the BFSI sector in Europe.
The report also offers a comprehensive SWOT reports of both the PSD2 and the concept of open banking. This will help new players figure out their role and potential in the Europe BFSI market in the coming years. The SWOT reports of the PSD2 is crucial in understanding the overall impact of the PSD2 on the retail banking sector in Europe.
The report provides details regarding compliance with the PSD2, which will be vital for players operating in the Europe BFSI market. The ways in which banks can use the new regulations to introduce value-added products and services are also elaborated upon in the report.
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