Efma and Microsoft have released a new report on the opportunities presented by the Second Payment Services Directive (PSD2).
The European Commission has reviewed and modernized its Payments Services Directive, to a new package of legislative measures on payment services – to drive increased efficiency, competition and security whilst encouraging lower prices for payments. Within this new landscape, PSD2 is acting as a catalyst to incumbents and new entrants as the start of a data revolution – cementing the customer at the heart of everything they do.
In this new report, based on results from a think tank and survey of Efma member financial institutions, we pinpoint the current fears, hopes, expectations and preparedness of banks in relation to PSD2.
The survey found that, while 49% of respondents are not yet technically ready to incorporate the new directive, 95% of respondents said new products will be created and new commercial opportunities will be targeted once the regulation become law.
Greater accessibility to banking data and services and new market entrants will make it essential for banks to consider new approaches to transform products, optimize operations, empower employees and engage customers to stay competitive – and while Europe is forced by regulation to move, the rest of the world will have to follow to maintain parity.
We hope you enjoy reading the report on how PSD2 can act as a catalyst for your digital transformation.