Insights/Case studies/Newsroom/CareersCareersCareersPartnersConsultantsTechnology innovationCorporateEarly careersSearch Jobs/About us/Contact us Global locations

Search paconsulting.com
  • Phone
  • Contact us
  • Locations
  • Search
  • Menu

Share

  • Add this article to your LinkedIn page
  • Add this article to your Twitter feed
  • Add this article to your Facebook page
  • Email this article
  • View or print a PDF of this page
  • Share further
  • Add this article to your Pinterest board
  • Add this article to your Google page
  • Share this article on Reddit
  • Share this article on StumbleUpon
  • Bookmark this page
.
 
Close this video

PSD2 opens up banking to new entrants, puts squeeze on incumbents

angelica mari | Diginomica | 7 december 2017

Chris O'Driscoll, a financial services expert at PA Consulting Group, is quoted in Diginomica discussing the technological implications for banking IT teams and the EU's new Revised Payment Services Directive (PSD2), with the main compliance deadline set for 13th January. 

As Angelica writes, PSD2 will widen the financial services ecosystem, by bringing in Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs) – who could be considered direct competitors to traditional institutions.

Chris says: "The introduction of PSD2 may force incumbent banks to rethink their delivery models and more importantly their use of new and emerging technologies."

"Being able to capture, store, process and analyze large structured and unstructured datasets will be crucial to sector organizations," says Chris.

Chris adds: "Simpler RPA and artificial intelligence tools are fairly forgiving towards the underlying architecture. However, for high values it will be necessary to orchestrate combinations of automation tools, machine learning, neuro-linguistic programming and data sources."

Chris says: “Change will happen, but not overnight.”

Chris concludes: “The only way to learn how the new possibilities best fit your goals, your culture and your strategy, is to start experimenting with different options and tools and building an organization that can handle the resulting conclusions.”

Find out more about our work in financial services.

Contact the financial services team

By using this website, you accept the use of cookies. For more information on how to manage cookies, please read our privacy policy.

×