After all the hype in the run-up to PSD2, what has actually happened since the new regulation came into effect? This is the question that Chris Ward, Principle Consultant, Suraya Randawa, Head of Research, and Rory Pennington, Lead Analyst, discussed in Mapa’s first Open Banking Webinar, last Thursday.
In Part 1 of this webinar recording, Mapa examines the expectations we had prior to January 13 and the market developments since. While some providers have been updating their offerings (mainly aggregators and challenger banks), most incumbent banks missed their compliance deadline. Looking at other pressures and the complexity of becoming fully compliant, it might have been too optimistic to expect to have fully-serviced Open Banking propositions on the market by now.
The other side of the story is around customer awareness. Communications explaining the changing regulatory environment have been buried in T&C documents and it is clear that more needs to be done to explain how the customer can benefit from an open banking market.
Watch this 16-minute recording to get a clear view of what’s been going on since the introduction of PSD2. See real examples from Bud, Yolt, Plum, Flux, HSBC, Barclays, N26 and more.
It might have been a slow start in this new competitive environment but we expect to see plenty of changes in the next few months, as incumbents become fully compliant with the regulatory requirements. Assessing the Immediate impact of PSD2 & Open Banking was the first in Mapa’s series of Open Banking Webinars. Stay tuned for the next one, in April.
This is Part 1, ‘What’s happened since PSD2 came into effect?’, out of a 53-minute webinar recording. You can also watch Part 2, ‘Building blocks for a great Open Banking platform‘. Part 3, ‘What’s next in Open Banking?’, will be available in the next couple of weeks.