Producers, Distributors, Aggregators: Mobey Forum Charts Strategic Options for Banks in the Post-PSD2 Age

Producers, Distributors, Aggregators: Mobey Forum Charts Strategic Options for Banks in the Post-PSD2 Age
11.07.2018 09:40 am

Producers, Distributors, Aggregators: Mobey Forum Charts Strategic Options for Banks in the Post-PSD2 Age

Infrastructure

Mobey Forum, the global industry association empowering banks and financial institutions to shape the future of digital services, today publishes a new report, entitled ‘Producers, Distributors, Aggregators: Strategic Options for Banks in the Post-PSD2 Age’. The paper identifies and offers insight into the range of roles that banks can play in the emerging open banking ecosystem following the advent of PSD2.

The Open Banking Expert Group, co-chaired by Jordi Guaus, CaixaBank, Mario Brkić, Erste Group, Luis Rodriguez, Strands and Oscar Sala, Strands, was formed in 2017 to establish best practice in defining an open banking strategy. 

“Some banks may choose to take a straight compliance approach to PSD2 and retain their existing role. There are opportunities, though, to explore new approaches,” comments Brkić. “Banks can choose to be ‘distributors’, leveraging third-party services to enhance their product portfolio. They can also be ‘producers’ and develop their own services to be distributed by third-parties, extending the reach of their core products. Banks can also leverage and capitalise on easier access to data by becoming information ‘aggregators’ or ‘providers’.”

Brkić continues: “Given the various strategic options available to banks, the biggest challenge posed by open banking is not technological or regulatory, but organisational. Business models, commercial strategies and operational practices must evolve. It is difficult, however, to affect instantaneous change across complex organisations.”

“Understanding the organisational challenges posed by PSD2, and identifying effective strategies to combat them, is critical for banks that want to establish early leadership in open banking,” adds Elina Mattila, Executive Director at Mobey Forum. “By clearly identifying potential roles and providing concrete examples of successful implementations, this report will help banks better understand the options available and the approaches they can pursue, enabling them to get ahead in the new API banking economy.”

Related News

Lexmark named a leader in Quocirca MPS Vendor Landscape seventh consecutive year

Lexmark, a global imaging solutions leader, today announced it has been positioned as a leader in managed print services (MPS) by leading European-based industry analyst firm ... Read more »

DLRT Honoured By CYBG As It Secures Two Supplier Awards

DLRT, part of the TALL Group of Companies, the UK leader in the provision of secure paper and electronic payment solutions, is celebrating after the business scooped two... Read more »

Tencent selects HERE as global provider of map and places data

Tencent, one of the world's biggest online service providers, has selected HERE Technologies as their main provider of global map content and places information.

As part... Read more »

Revolut banks on Exasol for enterprise-wide analytics soluti

Digital banking alternative, Revolut, has selected Exasol’s in-memory database as the central data repository for its organisation-wide... Read more »

UK Small Businesses Faced with Long Waiting Times and Funding Rejection from Banks

Three quarters of UK small businesses have been left thwarted by banks when trying to access funding, according to independent research commissioned by FinTech lender Capital... Read more »

Startupbootcamp FinTech in Latin America positions itself as genuine launchpad for regional FinTech startups

Startupbootcamp FinTech in Latin America - a joint venture between Startupbootcamp and Finnovista - celebrated the end of its second batch during Demo Day this week.

In... Read more »

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