Why the Slow-money Challenge is financial services’ next digital imperative
On January 1, 2018, all banks in the EU will lose a key competitive advantage because of the Payment Services Directive(PSD2). From that date on, they will no longer have proprietary access to data in their customers’ online accounts, including their transaction and balance history. Other regulatory frameworks also pave the way for accelerated competition and an increased digital disruption. Consequently, players within banking, finance and insurance, can’t view their customer relationships as confidently as before. A new Cognizant/ReD Associates study sheds light on what direction financial providers should choose.