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

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.”

Contact the financial services team