Three key areas affected by the new PSD2 rules
Are you clear on your priorities in light of this EU regulation?
Compliance, competition and customer experience. Three key themes which we believe will dominate the implementation of PSD2 on 18 January 2018.
Whilst there are still many unanswered questions about how the EU regulation will be transposed across different countries, one thing is clear - PSD2 will open the market like never before.
New compliance standards will take effect by the 18 January implementation. Organisations have been invited to comment on the FCA consultation paper but data protection is an area of key concern. Organisations will also need to review whether they can assume the role of AISP (Account Information Service Provider), are their current IT systems up to date and will be able to perform against the new standards? Read the up to date guidance from the FCA.
Where banks have had the monopoly on payments and account information in the past, work is needed to understand what the new competition could look like. Paying your bills through Facebook is not an outlandish notion. With user experience shaping the future of banking, organisations need to be able to analyse the current landscape and keep an eye on what will happen in the future in order for them to remain competitive.
Consumers increasingly want to engage with organisations digitally, with ease and in a secure environment. Where start up challenger banks have seen great success is with the traditional product set and account service finding an avenue on-line where consumers can ‘self-serve’ and manage their own banking experience. Organisations need to be able to respond quickly to changing trends and keep up with the latest digital developments in order to delight and retain their customers.
We can help clients plan and prepare for the implementation of the new regulation. We work with numerous financial services and payments organisations supporting a wide range of digital and regulatory programmes.