2018 has the potential to be the most transformative period the banking industry has seen for a lifetime. Both PSD2 (Payment Services Directive 2) and GDPR (General Data Protection regulation) come into effect next year, emphasising the importance of giving the customer control over their data.
Meanwhile open banking makes its way through the industry, reflecting an increasing societal expectation for greater choice and transparency. All the while, underpinning this regulatory change are ever evolving technologies, such as APIs (Application Programming Interfaces) and the cloud.
To outline how different banks may leverage technological and regulatory change to build stronger, trusting relationships with customers, executives from across the industry share their positions.
Regulatory change is now creating business case drivers. There are commercial reasons why organisations might want to not only implement the changes that are stipulated in the regulation, but go above and beyond some of the changes that are required.