The financial services industry relies more on information technology than any other sector. That makes perfect sense given the high-speed and detail-oriented nature of the industry. Unfortunately, it’s costing a lot more to protect and maintain financial data these days.
For European banks, regulations (GDPR, MiFID II, PSD II, Open Banking) are aligning at a time when they are already warding off digital disruptors intent on wooing customers with convenient, cutting-edge technology-based offerings. Financial institutions that adopt a wait-and-see approach will likely lose ground in a rapidly changing financial landscape, but those who adapt and maximize their formidable advantages will prevail.
Introduced in 2015, PSD2 grants third party providers (TPPs) access to bank customers’ (both consumers and businesses) online account & payment services in a secure and regulated manner.
By John Manning, International Banker In early March, Ulster Bank announced that from October onwards, it will be closing nine…
The traditional business model of investment banks is facing challenges on several fronts simultaneously. Trading commissions are falling as digitally aware customers seek ever lower rates, while the proliferation of electronic platforms has led to low-commission, discount-brokerage models rapidly gaining market share.