About PSD2 and Open Banking: Opportunities and Challenges

It is no secret that nowadays customers are less and less dependent on one bank for all their financial needs. Many of them use a number of service providers, including Fintech companies, financial planners, mortgage brokers and insurers, all of which require a certain level of access to their personal financial data. Therefore, issues concerning the transfer of consumer data between different market participants come to the forefront of the regulatory authorities' agenda. Among the most important regulatory documents here is the Second EU Payment Services Directive PSD2, laying the foundations of Open banking. Although there are a number of ambiguities and difficulties regarding the actual application of Open Banking, it promises many benefits for both banks and their non-banking competitors, and last but not least - for customers and other key stakeholders.