The Second Payment Services Directive (PSD2) is one of the largest regulatory challenges that banks have faced in recent years. Compliance with the new legislation means that financial institutions, at the very least, need to make some significant changes to their processes. However, the new Directive also presents a range of exciting opportunities for those banks that are sufficiently forward-thinking and agile to take advantage of them.
Microsoft therefore approached Efma about conducting a joint study of the current situation in the financial services industry. The aim of this study was to identify the key issues facing banks; to understand the opportunities that PSD2 presents; and to explore how prepared banks are for PSD2 compliance.
This white paper presents details from three online discussions of a Think Tank involving senior banking executives. It also includes the results of a survey of selected Efma members, designed to pinpoint the current fears, hopes, expectations and preparedness of banks in relation to the new Directive.
We hope you enjoy reading the report, which highlights the need for banks to be prepared not only to comply with PSD2 but, wherever possible, to take advantage of the new possibilities that are opening up as a result.
Keywords : Operational excellence/Cost efficiency , Digital/Mobile channels , API/Open banking