Fidor Bank: PSD 2 Becomes Law

Sophie Guibaud

VP of European Expansion at Fidor Bank

Views 355

Fidor Bank: PSD 2 Becomes Law

12.01.2018 08:30 am

PSD2 will likely usher in the biggest changes to retail banking we will see for a generation. 

However, with the deadline passing, consumers shouldn’t expect to see immediate changes to how they bank. For example, one part of the regulations, the Regulatory Technical Standards (RTS) on payment security, won't actually come into force until 18 months later. 

The simple fact is that some financial organisations are completely unprepared for PSD2, with research finding that as few as 9% of banks feeling they were ready, as of last month. While some have been ensuring that they are doing the bare minimum to comply with the regulation, most haven’t yet put themselves in a position to really make the most of the opportunities PSD2 brings.

Make no mistake though, PSD2 will change banking forever and for the better too. In the future, thanks to this legislation, consumers will have much more access to innovative online and mobile banking services far beyond what we are currently have. Meanwhile, it will level the playing field for competition amongst financial organisations, given the smaller, innovative operators a much better chance at being successful.

It is a win-win for both consumers and the financial industry.

 

Latest blogs

Katie Macc Juntos Global

How Do Banks Build and Maintain Trust?

Banking Transactions Shifted Channels, but Relationships Didn’t Read more »

Martijn Hohmann Five Degrees

‘Open Banking:’ the new normal

Brand loyalty: a thing of the past Banks need to continually innovate in order to stay relevant to their customers. Brand loyalty is becoming less common among customers across the globe, and the emergence of nimble and flexible challenger offerings Read more »

Breana Patel Bonova Advisory/Risk&Regulatory Advisory

What are the top risks involved in Organizational Restructuring?

With great organizational change comes great responsibility. Therefore, in order to create a sustainable growth, companies must learn strategies on how to manage the risks in restructuring. Such risks involve an impact on ROI that may occur when Read more »

Sven Lindemann Serrala

On Cloud Nine - How Banks Can Master the Challenge of Digitalization

Today, banks are facing many challenges, not just high fees and lack of transparency, but competition from emerging fintech companies who are entering the market with modern applications and innovative solutions. With the industry going through a Read more »

Breana Patel Bonova Advisory/Risk & Regulatory Advisory

Crypto Firms Excel in Technical Expertise But Have Little Understanding of Risk

Crypto Firms have great technologies that address a lot of challenges and open up an entire new world of doing business. In conversation with CoinFi's CEO Timothy Tan about how regulations and risk management will be a competitive advantage for Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App