This week’s curator, Livio Hughes, shares a blog post looking at the way in which the introduction of the updated Payment Services Directive (PSD2) – affecting UK banks irrespective of Brexit – will force the banking industry to engage with significant digital change requiring more than a narrow, tech-driven response and touching on many areas of each banking organisation’s structure, culture and ways of working; he also picks 5 links for further reading on the topic.
>> see “The Mandated Revolution”
Ready or not, PSD2 is coming and it will drive significant, lasting digital change across the banking industry – effectively mandating the revolution promised by thousands of FinTech startups and digital transformation evangelists in the past few years.
- Internal Market – Payment services – Payment Services Directive – PSD. Directive on Payment Services (PSD) – European Commission | EC.EUROPA.EU
- A package of measures being imposed by the CMA will ensure banks work harder for customers and the benefits of new technology are fully exploited. CMA paves the way for Open Banking revolution – Press releases | WWW.GOV.UK
- The revised Payment Services Directive (PSD2) is not ‘just another regulation’ requiring a mere operational and compliance approach, but an accelerator of the already on-going change in the fabric of the — digitisation prone — financial industry. PSD2: The digital transformation accelerator for banks: Ingenta Connect | WWW.INGENTACONNECT.COM
- Data + services + experience are becoming more important than the underlying hardware in many product categories, and we are seeing the rise of products as platforms, which in some respects requires companies to also become platforms. Lee Bryant | Organisations in the age of algorithms | WWW.YOUTUBE.COM
- Speech by Martin Wheatley, CEO of the Financial Conduct Authority, delivered at the Future of Financial Services event in London. Regulation – supporting vibrant markets – Financial Conduct Authority | WWW.FCA.ORG.UK
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