Welcome to our regular roundup of the best news and opinion on PSD2.
100 days since PSD2: what’s changed? The dawn of open banking has been slow and fragmented, but there are signs that the pace of change is increasing. Fintechs are continuing to forge ahead with innovative services, while a new set of intermediary service providers is also growing. The pressure on banks to become ‘outside-in’ fast is increasing.
Why banks are lagging on Open Banking – Bobsguide
Open Banking should be a hit with customers – it promises to grant them access to better money management tools and budgeting services, and help them to get a better overall understanding of their finances. But less than ideal customer communications by banks on the topic has left many consumers unsure about the implications and unwilling to embrace the change.
The implementation of Open Banking heralds a significantly enlarged financial supply chain, which could have negative implications for the security of customer data. In particular, the sharing of data with TPPs means there will be more opportunities for hackers – making a more comprehensive security framework essential moving forwards.