Welcome to our weekly roundup of the best news and opinion on PSD2 from the last week.
PSD2 should give banks the impetus to make changes to how they manage customer data more broadly. Quicker access via APIs and an implementation of an SCV (Single Customer View) to aid their own marketing and customer experience efforts will be key.
Open banking will force banks to provide a transparent view to their customers of the data stored on them – particularly as the ‘right to be forgotten’ becomes law when GDPR becomes active in 2018. This is good for customers, but also good for banks, who might find it gives them a leg up in using their data on customers more effectively.
PSD2: Forget Payments Sector As You Know It – Finance Monthly
PSD2 is good news for customers: transaction information will finally become realtime, and budgeting will start to be built in to banking apps (it’s all part of needing to partner with customers to keep them).
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