So what is open banking and PSD2? So open banking and PSD2 Force banks to open their historic data and current data of the customer to third party So they're losing actually the advantage they had back in the days so I listen to this I'm scouting digital and tech trends around the world in order to bring it to you And I've helped numerous companies to set up ecosystems of digital products and services and to increase their Reach with attention hacking Well banks hide treasures and save deposit boxes the value of generation lives But the most valuable thing a bank has is not cash or gold It's the data of their customer the deep inside into the total valve allocation and the consumer Behaviors, but why is this so valuable back in the old days a bank manager when he or she saw large something coming in an account of a customer They got the phone and called the customer and tried to sell them a financial product in which she can put his money money in and all other market participants did not even have a chance to offer an alternative Financial product to that or an alternative investment because they did not simply know that Jim Garden Inherence from on Maria and this is why banks Defend this knowledge furiously but the European Commission announced that they want to open the banks and to force banks to actually open Their transactional data of cash accounts to third party providers if the customer actually allows it Well, this sounds complicated, but actually it's not on the one hand you have the customer on the other hand You have the bank and a view as a service provider are able to convince the customer to give you access to his transactional data The European Commission forces the banks to give you the data for example through an app in the middle So if you develop a great digital service or product the customer's love But that need the transactional data of the cash accounts Then the bank needs to provide you this data their special rules with a depot But I'm not going to go into that because that would be really for product nerds So open banking and piece the two force banks to open their historic data and current data of their customer to third party So they're losing actually the advantage they had back in the days when you know Jim saw the big income of an inheritance of And Mary so that they now have not any other advantage to call the customer and sell them a financial product he or she in that situation might need now Also other service provider can offer product and services to the customer with the same knowledge space Well banks are not famous for providing customers an ecosystem of digital products and services that really excite them that win the hearts minds and Home screens no no no no no no no banks are actually more famous to provide customers a lot of Paper and in this situation you have several attackers from the outside Maybe startups or tech companies or other companies expanding their value chain into the banking finance sector Coming into the industry and you have some among them like Amazon Apple and others that are really good at providing Digital products and services to the customer that win their hearts minds and homescreens So this is the reasons why banks are freaking out about open banking and psd2