BFSI

Preparing for PSD2 and Open Banking

  • VER583033
  • 29 Pages
  • May 2016
  • BFSI
Summary

The EU's Directive on Payment Services 2 (PSD2) will accelerate the fragmentation of Europe's retail banking industry following the global financial crisis. The opportunities brought about by PSD2 will energize banks with strong brand awareness and advanced digital offerings into pushing the boundaries of open banking. Increased competition from card issuers and non-bank third-party providers will prompt steady mid-cap players to fundamentally evaluate their strategies. Banks that are competing on price may see a future in collaborating with third parties, but in doing so will relinquish control over their customer relationships. Whichever path is chosen, the opportunity to offer, create, or co-create new products and services much more quickly is a positive change for the industry.

Key Findings

-Banks must ultimately view PSD2 as a business model change, and not simply a compliance issue.

-PSD2 fundamentally rebalances control over customer data in favor of the consumer.

-PSD2 has the potential to undermine customer loyalty by distancing banks from their customers.

-The capping of interchange fees will force card issuers to push aggressively into the personal loans market.

-Consumers show a strong preference for their bank to provide account aggregation services.

-Many banks will be in a position to offer additional apps over and above what is required by PSD2.

-Banks with an established presence in fintech through incubators and accelerators will be in a stronger position to capitalize upon the opportunities brought about by PSD2.

Synopsis

Verdict Financial's Preparing for PSD2 and Open Banking report offers insight into the changing regulatory structure, new competition, and how banks should position themselves in the new market environment.

It offers:

-Insight into consumer preferences on account aggregation using our 2015 Retail Banking Insight Survey.

-SWOT Analysis on PSD2 and open banking.

-Guidance as to how banks can shape their propositions leveraging third-party providers.

ReasonsToBuy

-Understand the impact of PSD2 on retail banking.

-Identify strengths, weaknesses, opportunities, and threats posed by PSD2 and open banking.

-Action key tactical steps to ensure compliance with PSD2 regulation.

-Envisage how banks can provide value-added products and services in an open banking environment.

Please Select Format

Enquiry About Report

Need More Information

Contact us
+ 1-800-910-6452
+1-971-202-1575
+91 20 66346066
--- or ---
help@bigmarketresearch.com

 

UPCOMING MARKET RESEARCH REPORTS

Global Remote deposit capture Market - Size, Share, Trends and Forecast 2012 - 2020

Remote Deposit Capture, also known as Corporate Capture, Merchant Capture, Image Deposits, etc., is a non-physical check deposit service provided by banks. This technology is at its developing phase. The ...

April 2018| $5370 | Pre Book Price:$4699

Global Prepaid credit card Market - Size, share, Trends and Forecast 2012 - 2020

Prepaid credit cards though termed so, are not exactly credit cards, as they provide no credit to the cardholder. The card allows the customers to spend money that they have ...

April 2018| $5370 | Pre Book Price:$4699

Global Neobanking Market - Size, Share, Trends and Forecast 2012 - 2020

Neobanking is a novel banking technology that provides complete online banking solutions to its customers. These banks differ from traditional banks, as they have no physical offices and branches. Neobanking ...

April 2018| $5370 | Pre Book Price:$4699

Global Automated Teller Machine ATM Market - Size, Share, Trends and Forecast 2012 - 2020

Automatic teller machine (ATM) is a telecommunication device enabling the customers (clients of financial institutes) to perform financial transactions without the need of human cashiers or bank tellers. Though ATMs ...

April 2018| $5370 | Pre Book Price:$4699

Global SOHO Mobile Banking Market - Size, Share, Trends and Forecast 2012 - 2020

SOHO mobile banking market refers to mobile banking activities conducted in Small Offices or Home Offices. As per recent findings, one fourth of the SOHO market showed interest in checking ...

April 2018| $5370 | Pre Book Price:$4699

Global Predictive Analytics in Banking Market - Size, Share, Trends and Forecast 2012 - 2020

Data mining is a thing of the past; today, business entities need real-time access to customer and business related information, in order to take early and better decision. Predictive analytics ...

April 2018| $5370 | Pre Book Price:$4699

2019 © Copyright Big Market Research

View Pricing >>