Gurgaon, India, May of 2016 Because of the limit placed on interchange fees, card issuers will be required to make aggressive moves into the market for personal loans. •There is a clear desire among customers for their primary financial institution to be the provider of account aggregation services. ken research has just released its most recent paper, which is named “preparing for psd2 and open banking.” This book offers an insight on how the psd2 will effect retail banking by describing the benefits, drawbacks, possibilities, and dangers that are provided by the psd2. It is particularly helpful in planning out the measures that need to be taken to achieve compliance with the PSD2 law and determining how banks may deliver value-added goods and services in an open banking environment. The new Payment Services Directive (psd) will standardize, integrate, and increase efficiency in the payment system used in the European Union (EU). This will result in improved consumer protection, promotion of innovation in the payments arena, and cost savings. It sets out explicit rules on the usage of developing payment methods such as mobile payments, internet payments, and other new and emerging payment services. These norms are included into the legislation. It is claimed that psd2 will standardize prices within the European Union (EU) and enhance payment security. This will be accomplished by leveling the playing field for payment service providers and making it possible for new businesses to enter the payments market. Psd2 will have a significant influence on the banking industry, necessitating significant capital expenditures from the banks in order to meet the necessary technology criteria and providing possibilities for third-party participants, which will lead to increased levels of competition. Because PSD2 is on the horizon and there is a general movement toward more accessible consumer data, banks will need to give serious consideration to the approach they use for open banking. Banks should not consider psd2 solely as a compliance exercise in order to have a competitive advantage and advance. Instead, they should perceive these developments as catalysts for speeding their own digital payment initiatives. This will allow banks to have a competitive edge and progress. The implementation and regulation of third party payment service providers (tpps) may be broken down into two categories: providers of payment initiation services (pisp) and providers of account information services (aisp). The “front-of-wallet” position held by banks will be threatened by pisps, whilst aisps have the potential to increase consumer engagement as well as client acquisition. Psd2 fundamentally rebalances power over customer data in favor of the consumer. This shift has the potential to damage customer loyalty by increasing the distance between clients and their financial institutions (banks). Banks who already have a significant presence in the fintech industry as a result of their participation in incubators and accelerators will be in a better position to benefit on the possibilities presented by PSD2. swot analysis on psd2 and open banking; guidance as to how banks can shape their propositions leveraging third-party providers; how banks can integrate value-added products and services into their offerings; consumer attitudes toward account aggregation; fintech solutions covered in monthly fintrack publication; these are some of the key points that are covered in the report. To read more about this topic, please visit the following link: https://www.kenresearch.com/banking-financial-services-and-insurance/banking/preparing-psd2-open-banking/29318-93.html reports that are comparable: major affluents: perspectives and requirements in the United Kingdom the product holdings and preferences of mass affluents in Hong Kong Ankur Gupta, Head of Marketing and Communications at Ken Research may be reached at query@kenresearch.com or by calling +91-124-4230204.
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