PSD2 explained in 4 minutes - What you need to know about the #fintech trend #PSD2 & open #banking
Channel: Digitalscouting
Date: 2019-02-14

PSD2 is maybe one of the most disruptive development in banking and fintech in this decade. PSD2 - the payment service directive 2 - is a legal framework introduced by the European Union in effect since January 13th 2018 - forcing banks for example to open their customer data (like account information, transactions) to third party providers. 

That maybe sounds boring but enables companies - traditional corporations and start-ups - to use the customer data to provide exciting digital products and service to the customer base of the banks. To sum it up: PSD2 opens the most valuable asset of banks to competitors. Since banks in most cases are not in prepared to compete with tech giants or start-ups this puts a lot of pressure on banks.

Let's hope in the end, the customer will benefit from this new competition.

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