2018 is likely to be a game-changing year for the banking and finance sector. As the General Data Protection Regulation (GDPR) and Revised Payment Service Directive (PSD2) are implemented across the European Union, the exclusive control of banks and other financial institutions on financial data of their customers is about to end. These new regulations will open the door to almost any company interested in claiming a share, particularly the tech giants, such as Amazon, Facebook, Google.
While this may look like a challenge to many, we, as journey science experts, view this as an opportunity for banks to partner with large tech, eCommerce, and FinTech enterprises and leverage their expertise at managing customer experiences to revolutionize customer journeys and offer an improved, more holistic experience to their end-users.
In this article, we have reviewed how implementation of PSD2 and GDPR will transform the banking and finance industry and result in a new wave of partnerships between banks and ecosystem enterprises to create a win-win situation for everyone, including customers, financial institutions, major tech players, such as Google, Amazon, Facebook, eCommerce companies, as well as small FinTech start-ups.
How Upcoming Regulations Will Revolutionise the Banking Industry?
The new regulations will introduce banks to two …