For the banking industry, the EU directive with the inconspicuous name “PSD2” is a small revolution. Because: The “Payment Service Directive 2” breaks since last year the monopoly that banks have on the account data of their customers. This allows completely new business models under the slogan “Open Banking” and will completely change the way users manage their accounts.
Banks need to change
Banks need to create interfaces that allow other financial services providers to access a customer’s account transactions, if that customer wants it. What this brings and where “open banking” could lead in the future, that’s what it’s all about on Thursday, March 21, at a discussion evening at the Volksbank’s Vienna headquarters.
“Who is afraid of PSD2?”
“Who is afraid of PSD2,” asks German FinTech expert Peter Rosemann. The access to the lucrative data is also interesting for FinTechs, young, innovative financial startups. Is there a new generation of competition for the traditional banking world or is opening up an opportunity?
Facebook, Amazon and Google… developing their own financial products?
In addition to startups, other companies also want a slice of the pie that has hardly played a role in the financial sector so far. Some experts even warn that IT giants from the US could grab the cake – the talk is from Facebook, Google or Amazon, which develop and offer their own financial products. About “Banking in the Age of Google, Facebook and Co.” speaks Shermin Voshmgir, Director of the Research Institute for Cryptoeconomics at WU Vienna.
Also published on Medium.