The introduction of the European Commission’s banking directive PSD2 both recognises the shift towards Open Banking and helps drive the change; with banks expected to share private financial data with third-party providers at the request of clients, the payments industry is entering a period of radical change. What are the implications for the financial landscape, and how are banks adapting to the revolution?
Shouldn’t customers in Europe be “all in” for Open Banking, which promises to give them control over their data and open the door to much improved financial products and services? Instead, customers have been slow to embrace the Open era, fearing their data may be compromised. Financial services providers have their work cut out to persuade customers to cross this new frontier.