PSD2 promises greater choice and better protection for both consumers and businesses.
The UK’s Open Banking Standard and it’s EU counterpart the Payment Services Directive will create the opportunity to mix and match the bank which you choose to deposit your money, the online platform you want to access to manage your account, and the provider you use to make payments from that account.
The changes will disrupt the high street banks, although they have the customer base and resources to adapt and thrive. As is typical, the innovation is likely to come from challenger banks, start ups and industries on the periphery such as price comparison sites for whom being at the centre of purchasing habits is a huge opportunity.
Our team has worked with companies both within and outside of financial services to imagine the new landscape.
Please get in touch if you think our strategy, creative or technical experts can help.
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