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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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In the run up to its implementation date on 13 January 2018, the EU’s Second Payment Services Directive (PSD2) – which in the UK is known as ‘Open Banking’ – was widely perceived to be a game changer in retail banking services. In a nutshell, the directive aims to ensure that all payment service providers (PSPs) that operate in the European single...
11 May 2018 /retail
Kunal Patel Product Manager at 1E
There has been a lot written over the past few years about the so-called impact that GAFA (Google, Apple, Facebook & Amazon) will have on banking world in the future. These large tech companies are so intertwined with our lives that it stands to reason that they should look at making a play into banking. Moreover, they have invested significan...
23 April 2018 /retail
Mark Cresswell CEO at LzLabs
The Challenge for Traditional Banks The challenge for many financial organisations, when enhancing digital services, is that the well-established portion of the financial industry, much like the global public sector, remains awash with legacy systems born during the first financial tech revolution of the 1960s and 1970s. These systems continue to ...
22 March 2018 /retail
Anthony Walton CEO at Iliad Solutions
Anyone reading the industry press will undoubtedly have seen opinion pieces on Open Banking. The fact that Open Banking is going to transform the industry isn’t new news. When I read the different opinions there is a lot of talk about the new ways of working and the innovative propositions that individuals believe will give the best commercial ret...
19 March 2018
Hakan Eroglu Advisor at BIS Innovation Hub (all opinions are my own)
On 13th January 2018, the second Payment Services Directive (PSD2) came into force. With it – amongst other rules, banks are will be required to open their systems to third-parties and provide interfaces that would allow them to initiate payments, retrieve account information and a conformation of availability of funds. But the regulation leaves ...
18 March 2018 /payments
Richard Howells Director of Insurance, Wealth, Life & Pensions UK at Experian
The banking landscape is about to change beyond all recognition due to Open Banking and it is arguable these are the biggest changes we have seen in the last 20 years for consumers. However, there’s another market that we should be preparing for with just as much anticipation. In the pensions market, the Government’s Pensions Dashboard project will...
20 February 2018
Vishwanath Thanalapatti Analytics at Temenos
Open banking is catching the imagination of consultants, analysts, commentators and general public. One reads about the benefits from data sharing with third parties, concerns over data privacy and on the technology front-information and electronic security. I thought it best to ask a friend of mine in London, what her views are on open banking an...
08 February 2018
The European Union’s revised Payment Services Directive (PSD2) has paved the way for a new era of Open Banking globally. As a result, it will have huge impacts on business models, security mechanisms and innovation in banking. In my recent conversations with banks, a question that has arisen consistently is how security and innovation can go hand-i...
06 February 2018 /security
Giles Sergant Director at Consultant
You'd be forgiven for thinking this long awaited and highly revered era of 21st Century 'Open banking' that's just been ushered into the UK with a spirited shove-in-the-back by its Competition & Markets Authority (CMA) hasn't exactly captured the public's interest. Open Banking is the central plank of the second most significant payments dire...
02 February 2018 /payments
A recent Moneywise survey in the UK found that 73% of bank account holders would not use Open Banking services. However, this also means 27% of the population would. On the assumption that the survey figures hold true across Europe, I decided to crunch the maths. According to latest European banking data, there are 540 Million European current ac...
01 February 2018 /retail
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