Open Banking set out to increase accessibility within the financial services industry by giving consumers more control of how their data is used by organisations. Following this, PSD2 (Payment Service Directive 2) was set up to bring standardisation and put in place protocols to ensure a common and safe framework for parties. It is one of the biggest pieces of regulatory transformation that financial services organisations have faced in recent times.
This new legalisation brings challenges as businesses try to adapt and work out their own strategic response. Some are more advanced than others. However, PSD2 creates significant opportunities for those that operate within the broader ecosystem, with collaboration between parties driving Open Banking forward.
Key questions answered:
- What is the current perception of PSD2 as an opportunity?
- What areas are businesses looking to invest within Open Banking?
- What specific use cases do they see as a priority?
- What risks do they see? How do they plan to access the capabilities needed?
In April and May 2021, Experian conducted an Open Banking Survey involving more than 100 clients from financial services, telecommunications, insurance, and ecommerce sectors, across Spain, Italy, Germany, Norway and Denmark, with the aim of better understanding the needs and priorities of organisations in the context of PSD2.